0001|                           SENATE BILL 685
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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|                             STUART INGLE
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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 CAPITAL IMPROVEMENTS TO THE CAMPUS OF
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0013|     EASTERN NEW MEXICO UNIVERSITY IN ROOSEVELT COUNTY; MAKING AN
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0014|     APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding one million fifty-five
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0022|     thousand dollars ($1,055,000) when the board of regents of
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0023|     eastern New Mexico university 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 eastern New Mexico university in Roosevelt
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0009|     county in the following amounts for the following purposes:
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0010|                    (1)  one hundred thousand dollars ($100,000) to
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0011|     re-roof the student health services and post office of Lea
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0012|     hall;
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0013|                    (2)  sixty-five thousand dollars ($65,000) to
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0014|     remove the faulty solar heating roof system from the college of
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0015|     business and modernize the building's heating and cooling
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0016|     system;
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0017|                    (3)  thirty thousand dollars ($30,000) to
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0018|     replace the faulty concrete area of the campus student union
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0019|     student event mall;
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0020|                    (4)  seven hundred fifty thousand dollars
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0021|     ($750,000) to conduct an emergency renovation of the heating
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0022|     and cooling system for DeBaca hall that has been closed since
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0023|     1995 because of critical problems in the building;
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0024|                    (5)  thirty-five thousand dollars ($35,000) to
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0025|     begin replacement of the campus vehicle fleet with the purchase
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0001|     of club carts; and
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0002|                    (6)  seventy-five thousand dollars ($75,000) to
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0003|     convert the reserve officers training corps building into an
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0004|     academic facility and mitigate the firing range lead pollution.
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0005|               B.  If the board of regents of eastern New Mexico
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0006|     university has not certified the need for the issuance of the
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0007|     bonds by the end of fiscal year 1999, the authorization
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0008|     provided in this section shall be void.  Any unexpended or
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0009|     unencumbered balance remaining from the proceeds of severance
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0010|     tax bonds issued pursuant to Subsection A of this section at
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0011|     the end of fiscal year 2000 shall revert to the severance tax
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0012|     bonding fund. 
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0013|          Section 2.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                              
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