0001|                            HOUSE BILL 286
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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|                          MARY HELEN GARCIA
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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 AN ALLIED HEALTH FACILITY AT THE DONA
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0013|     ANA BRANCH OF NEW MEXICO STATE UNIVERSITY AND FOR PHASE TWO OF
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0014|     THE BORDER AREA SATELLITE FACILITY OF THE DONA ANA BRANCH OF
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0015|     NEW MEXICO STATE UNIVERSITY IN SUNLAND PARK IN DONA ANA COUNTY;
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0016|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0020|     -APPROPRIATION OF PROCEEDS.--
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0021|               A.  The state board of finance may issue and sell
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0022|     severance tax bonds in compliance with the Severance Tax
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0023|     Bonding Act in an amount not exceeding three million three
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0024|     hundred forty-five thousand dollars ($3,345,000) when the board
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0025|     of regents of New Mexico state university certifies the need
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0001|     for the issuance of the bonds.  The state board of finance
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0002|     shall schedule the issuance and sale of the bonds in the most
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0003|     expeditious and economical manner possible upon a finding by
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0004|     the board that the project has been developed sufficiently to
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0005|     justify the issuance and that the project can proceed to
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0006|     contract within a reasonable time.  The state board of finance
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0007|     shall further take the appropriate steps necessary to comply
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0008|     with the Internal Revenue Code of 1986, as amended.  The
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0009|     proceeds from the sale of the bonds are appropriated to the
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0010|     board of regents of New Mexico state university in the
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0011|     following  amounts for the following purposes:
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0012|                    (1)  two million one hundred eighty-five
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0013|     thousand dollars ($2,185,000) to design, construct and equip an
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0014|     allied health facility at the Dona Ana branch of New Mexico
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0015|     state university located in Dona Ana county; and
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0016|                    (2)  one million one hundred sixty thousand
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0017|     dollars ($1,160,000) to design, construct and equip a
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0018|     classroom, laboratory and administrative offices facility for
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0019|     phase two in the construction of a border area satellite
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0020|     facility for the Dona Ana branch of New Mexico state university
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0021|     in Sunland Park located in Dona Ana county.   
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0022|               B.  If the board of regents of New Mexico state
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0023|     university has not certified the need for the issuance of the
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0024|     bonds by the end of fiscal year 1999, the authorization
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0025|     provided in this section shall be void.  Any unexpended or
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0001|     unencumbered balance remaining from the proceeds of severance
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0002|     tax bonds issued pursuant to Subsection A of this section at
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0003|     the end of fiscal year 2000 shall revert to the severance tax
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0004|     bonding fund. 
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0005|          Section 2.  EMERGENCY.--It is necessary for the public
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0006|     peace, health and safety that this act take effect immediately.
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0007|                            - 3 -
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