0001| HOUSE BILL 578
|
0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
|
0003| INTRODUCED BY
|
0004| RICHARD T. KNOWLES
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
|
0012| SEVERANCE TAX BONDS FOR CAPITAL IMPROVEMENTS AT THE ROSWELL
|
0013| BRANCH OF EASTERN NEW MEXICO UNIVERSITY AND NEW MEXICO MILITARY
|
0014| INSTITUTE LOCATED IN CHAVES COUNTY; MAKING APPROPRIATIONS;
|
0015| DECLARING AN EMERGENCY.
|
0016|
|
0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
|
0019| APPROPRIATION OF PROCEEDS.--
|
0020| A. The state board of finance may issue and sell
|
0021| severance tax bonds in compliance with the Severance Tax
|
0022| Bonding Act in an amount not to exceed the total of the amounts
|
0023| authorized for purposes specified in Sections 2 and 3 of this
|
0024| act. The state board of finance shall schedule the issuance
|
0025| and sale of the bonds in the most expeditious and economical
|
0001| manner possible upon a finding by the board that the project
|
0002| has been developed sufficiently to justify the issuance and
|
0003| that the project can proceed to contract within a reasonable
|
0004| time. The state board of finance shall further take the
|
0005| appropriate steps necessary to comply with the Internal Revenue
|
0006| Code of 1986, as amended. Proceeds from the sale of the bonds
|
0007| are appropriated for the purposes specified in Sections 2 and 3
|
0008| of this act.
|
0009| B. The agencies named in Sections 2 and 3 of this
|
0010| act shall certify to the state board of finance when the money
|
0011| from the proceeds of the severance tax bonds authorized in this
|
0012| section is needed for the purposes specified in the applicable
|
0013| section of this act.
|
0014| C. If the specified agency has not certified the
|
0015| need for the issuance of the bonds by the end of fiscal year
|
0016| 1999, the authorization provided in this act shall be void.
|
0017| D. Unless otherwise specified in this act, any
|
0018| unexpended or unencumbered balance remaining from the proceeds
|
0019| of severance tax bonds issued pursuant to Sections 2 and 3 of
|
0020| this act at the end of fiscal year 2000 shall revert to the
|
0021| severance tax bonding fund.
|
0022| Section 2. SEVERANCE TAX BONDS--EASTERN NEW MEXICO
|
0023| UNIVERSITY--PURPOSE.--Pursuant to the provisions of Section 1
|
0024| of this act, upon certification by the board of regents of
|
0025| eastern New Mexico university that the need exists for the
|
0001| issuance of the bonds, one million six hundred thousand dollars
|
0002| ($1,600,000) is appropriated to the board of regents of eastern
|
0003| New Mexico university to remodel, construct, equip and furnish
|
0004| an addition to the instructional center at the Roswell branch
|
0005| located in Chaves county.
|
0006| Section 3. SEVERANCE TAX BONDS--NEW MEXICO MILITARY
|
0007| INSTITUTE--PURPOSE.--Pursuant to the provisions of Section 1 of
|
0008| this act, upon certification by the board of regents of New
|
0009| Mexico military institute that the need exists for the issuance
|
0010| of the bonds, one million nine hundred thousand dollars
|
0011| ($1,900,000) is appropriated to the board of regents of New
|
0012| Mexico military institute to renovate and upgrade Wilson hall
|
0013| located in Chaves county.
|
0014| Section 4. EMERGENCY.--It is necessary for the public
|
0015| peace, health and safety that this act take effect immediately.
|
0016|
|