0001| SENATE BILL 474 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| STUART INGLE | 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 EASTERN NEW | 0013| MEXICO UNIVERSITY IN ROOSEVELT COUNTY; MAKING AN APPROPRIATION; | 0014| DECLARING AN EMERGENCY. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED- | 0018| -APPROPRIATION OF PROCEEDS.-- | 0019| A. The state board of finance may issue and sell | 0020| severance tax bonds in compliance with the Severance Tax | 0021| Bonding Act in an amount not exceeding four hundred ninety-four | 0022| thousand five hundred dollars ($494,500) when the board of | 0023| regents of eastern new Mexico university certifies the need for | 0024| the issuance of the bonds. The state board of finance shall | 0025| schedule the issuance and sale of the bonds in the most | 0001| expeditious and economical manner possible upon a finding by | 0002| the board that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to | 0004| contract within a reasonable time. The state board of finance | 0005| shall further take the appropriate steps necessary to comply | 0006| with the Internal Revenue Code of 1986, as amended. The | 0007| proceeds from the sale of the bonds are appropriated to the | 0008| board of regents of eastern New Mexico university in the | 0009| following amounts for the following purposes for projects at | 0010| eastern New Mexico university in Roosevelt county: | 0011| (1) one hundred thousand dollars ($100,000) to | 0012| construct facilities for the women's softball team; | 0013| (2) ninety thousand dollars ($90,000) to equip | 0014| the fitness and exercise room; | 0015| (3) twenty-two thousand five hundred dollars | 0016| ($22,500) for a watering system for three football practice | 0017| fields; | 0018| (4) forty thousand dollars ($40,000) to sand | 0019| and refurbish the Greyhound arena gym floors; | 0020| (5) eighty-five thousand dollars ($85,000) to | 0021| construct the Zia tennis facility, including restrooms, | 0022| dressing rooms, storage rooms for equipment and bleachers for | 0023| spectators; | 0024| (6) nineteen thousand dollars ($19,000) to | 0025| equip the laundry room in the football field house; | 0001| (7) thirty-eight thousand dollars ($38,000) | 0002| for athletic training rehabilitation equipment; | 0003| (8) sixty thousand dollars ($60,000) for a | 0004| twenty-five passenger minibus; and | 0005| (9) forty thousand dollars ($40,000) for a | 0006| Greyhound arena scoreboard. | 0007| B. If the board of regents of eastern New Mexico | 0008| university has not certified the need for the issuance of the | 0009| bonds by the end of fiscal year 1999, the authorization | 0010| provided in this section shall be void. Any unexpended or | 0011| unencumbered balance remaining from the proceeds of severance | 0012| tax bonds issued pursuant to Subsection A of this section at | 0013| the end of fiscal year 2000 shall revert to the severance tax | 0014| bonding fund. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  |