0001| SENATE BILL 1013 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| DIANNA J. DURAN | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT AND EQUIP AN ADDITION | 0013| TO THE MULTIPURPOSE FACILITY AT THE ALAMOGORDO BRANCH OF NEW | 0014| MEXICO STATE UNIVERSITY IN OTERO 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 three | 0022| million five hundred thousand dollars ($3,500,000) when the | 0023| board of regents of New Mexico state university certifies the | 0024| need for the issuance of the bonds. The state board of finance | 0025| shall 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 New Mexico state university for the purpose | 0009| of designing, constructing and equipping an addition to the | 0010| multipurpose facility at the Alamogordo branch of New Mexico | 0011| state university located in Otero county. Any unexpended or | 0012| unencumbered balance remaining at the end of fiscal year 2000 | 0013| shall revert to the severance tax bonding fund. If the board | 0014| of regents of New Mexico state university 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 section shall be void. | 0017| Section 2. EMERGENCY.--It is necessary for the public | 0018| peace, health and safety that this act take effect immediately. | 0019|  | 0020| |