0001| SENATE BILL 265
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| GLORIA HOWES
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013| SEVERANCE TAX BONDS FOR DISTANCE LEARNING CAPABILITIES AT THE
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0014| GALLUP BRANCH OF THE UNIVERSITY OF NEW MEXICO LOCATED IN
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0015| MCKINLEY COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0016| EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding sixty thousand
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0022| dollars ($60,000) when the board of regents of the university of
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0023| New Mexico certifies the need for the issuance of the bonds.
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0024| The state board of finance shall schedule the issuance and sale
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0025| of the bonds in the most expeditious and economical manner
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0001| possible upon a finding by the board that the project has been
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0002| developed sufficiently to justify the issuance and that the
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0003| project can proceed to contract within a reasonable time. The
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0004| state board of finance shall further take the appropriate steps
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0005| necessary to comply with the Internal Revenue Code of 1986, as
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0006| amended. The proceeds from the sale of the bonds are
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0007| appropriated to the board of regents of the university of New
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0008| Mexico for the purpose of planning, designing and installing
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0009| distance learning capabilities at the Gallup branch of the
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0010| university of New Mexico located in McKinley county. Any
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0011| unexpended or unencumbered balance remaining six months after
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0012| completion of the project shall revert to the severance tax
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0013| bonding fund. If the board of regents of the university of New
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0014| Mexico has not certified the need for the issuance of the bonds
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0015| by the end of fiscal year 1999, the authorization provided in
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0016| this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0019| - 2 -
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0020|
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0021|
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0022| FORTY-SECOND LEGISLATURE
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0023| SECOND SESSION, 1996
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0024|
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0025|
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0001| JANUARY 25, 1996
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0002|
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0003| Mr. President:
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0004|
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0005| Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|
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0007| SENATE BILL 265
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0008|
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0009| has had it under consideration and finds same to be GERMANE, PURSUANT
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0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0011| COMMITTEE.
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0012|
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0013| Respectfully submitted,
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0015|
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0016|
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0017|
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0018| __________________________________
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0019| SENATOR MANNY M. ARAGON, Chairman
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0020|
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0021|
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0022|
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0023| Adopted_______________________ Not Adopted_______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001|
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0002| Date ________________________
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0003|
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0004|
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0005|
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0006| S0265CC1
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