0001| HOUSE BILL 35 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| NICK L. SALAZAR | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO COMPLETE CONSTRUCTION OF A HEALTH CARE | 0013| TRAINING FACILITY AT THE MAIN CAMPUS OF LUNA VOCATIONAL- | 0014| TECHNICAL INSTITUTE IN SAN MIGUEL COUNTY; MAKING AN | 0015| APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may | 0020| issue and sell severance tax bonds in compliance with the | 0021| Severance Tax Bonding Act in an amount not exceeding two | 0022| million seven hundred fifty-four thousand six hundred fourteen | 0023| dollars ($2,754,614) when the board of governors of Luna | 0024| vocational-technical institute certifies the need for the | 0025| issuance of the bonds. The state board of finance shall | 0001| schedule the issuance and sale of the bonds in the most | 0002| expeditious and economical manner possible upon a finding by | 0003| the board that the project has been developed sufficiently to | 0004| justify the issuance and that the project can proceed to | 0005| contract within a reasonable time. The state board of finance | 0006| shall further take the appropriate steps necessary to comply | 0007| with the Internal Revenue Code of 1986, as amended. The | 0008| proceeds from the sale of the bonds are appropriated to the | 0009| board of governors of Luna vocational-technical institute for | 0010| the purpose of completing construction of a health care | 0011| training facility at the main campus of Luna vocational- | 0012| technical institute located in San Miguel county. Any | 0013| unexpended or unencumbered balance remaining at the end of | 0014| fiscal year 2000 shall revert to the severance tax bonding | 0015| fund. If the board of governors of Luna vocational-technical | 0016| institute has not certified the need for the issuance of the | 0017| bonds by the end of fiscal year 1999, the authorization | 0018| provided in this section shall be void. | 0019| Section 2. EMERGENCY.--It is necessary for the public | 0020| peace, health and safety that this act take effect immediately. | 0021|  |