0001|                            HOUSE BILL 394
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                         HENRY KIKI SAAVEDRA
    |
0005|     
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|                                AN ACT
    |
0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0012|     SEVERANCE TAX BONDS FOR IMPROVEMENTS TO THE UNIVERSITY OF NEW
    |
0013|     MEXICO CHAMPIONSHIP SOUTH GOLF COURSE LOCATED IN BERNALILLO
    |
0014|     COUNTY; MAKING AN APPROPRIATION; 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.--The state board of finance may
    |
0019|     issue and sell severance tax bonds in compliance with the
    |
0020|     Severance Tax Bonding Act in an amount not exceeding fifty
    |
0021|     thousand dollars ($50,000) when the board of regents of the
    |
0022|     university of New Mexico certifies the need for the issuance of
    |
0023|     the bonds.  The state board of finance shall schedule the
    |
0024|     issuance and sale of the bonds in the most expeditious and
    |
0025|     economical manner possible upon a finding by the board that the
    |
0001|     project has been developed sufficiently to justify the issuance
    |
0002|     and that the project can proceed to contract within a
    |
0003|     reasonable time.  The state board of finance shall further take
    |
0004|     the appropriate steps necessary to comply with the Internal
    |
0005|     Revenue Code of 1986, as amended.  The proceeds from the sale
    |
0006|     of the bonds are appropriated to the board of regents of the u
    |
0007|     niversity of New Mexico for the purpose of making improvements
    |
0008|     to the university of New Mexico championship south golf course
    |
0009|     located in Bernalillo county.  Any unexpended or unencumbered
    |
0010|     balance remaining at the end of fiscal year 2000 shall revert
    |
0011|     to the severance tax bonding fund.  If the board of regents of
    |
0012|     the university of New Mexico has not certified the need for the
    |
0013|     issuance of the bonds by the end of fiscal year 1999, the
    |
0014|     authorization provided in this section shall be void.
    |
0015|          Section 2.  EMERGENCY.--It is necessary for the public
    |
0016|     peace, health and safety that this act take effect immediately.
    |
0017|                              
    |