46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO PUBLIC BUILDINGS; AUTHORIZING THE ACQUISITION OF UNIVERSITY SPORTS FACILITIES; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. APPROPRIATION.--Eight million dollars ($8,000,000) is appropriated from the state office building bonding fund to the board of regents of New Mexico state university for expenditure in fiscal years 2003 through 2005 for the acquisition of a university sports facility. The appropriation shall not be made unless:

A. all debt service required to service bonds issued pursuant to the State Office Building Acquisition Bonding Act is fulfilled for fiscal years 2003, 2004 and 2005;

B. the appropriation will not impair the bonds to which the state office building bonding fund is dedicated; and

C. New Mexico state university has obtained a loan of at least four million dollars ($4,000,000) from the New Mexico finance authority or provides at least four million dollars ($4,000,000) from other university bonds or other resources to be used for acquisition of a university sports facility.

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.