0001| HOUSE BILL 1016
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| GAIL C. BEAM
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012| SEVERANCE TAX BONDS FOR PLANNING AND DESIGN OF A NEW FACILITY
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0013| FOR THE OFFICE OF THE MEDICAL INVESTIGATOR AND STATE CRIME
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0014| LABORATORY LOCATED IN ALBUQUERQUE IN BERNALILLO COUNTY; MAKING
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0015| AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019| -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020| issue and sell severance tax bonds in compliance with the
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0021| Severance Tax Bonding Act in an amount not exceeding two
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0022| hundred thousand dollars ($200,000) when the board of regents
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0023| of the university of New Mexico certifies the need for the
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0024| issuance of the bonds. The state board of finance shall
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0025| schedule the issuance and sale of the bonds in the most
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0001| expeditious and economical manner possible upon a finding by
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0002| the board that the project has been developed sufficiently to
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0003| justify the issuance and that the project can proceed to
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0004| contract within a reasonable time. The state board of finance
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0005| shall further take the appropriate steps necessary to comply
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0006| with the Internal Revenue Code of 1986, as amended. The
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0007| proceeds from the sale of the bonds are appropriated to the
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0008| board of regents of the university of New Mexico for the
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0009| purpose of planning, designing and developing a cost estimate
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0010| for a new facility to house the office of the medical
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0011| investigator and state crime laboratory located at the
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0012| university of New Mexico in Albuquerque located in Bernalillo
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0013| county. Any unexpended or unencumbered balance remaining at
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0014| the end of fiscal year 2000 shall revert to the severance tax
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0015| bonding fund. If the board of regents of the university of New
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0016| Mexico has not certified the need for the issuance of the bonds
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0017| by the end of fiscal year 1999, the authorization provided in
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0018| this section shall be void.
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0019| Section 2. EMERGENCY.--It is necessary for the public
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0020| peace, health and safety that this act take effect immediately.
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