0001|                            HOUSE BILL 519
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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|                              RON GENTRY
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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 PLANNING, DESIGNING AND CONSTRUCTING A
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0013|     NEW COMMUNITY AND STUDENT CENTER ON THE VALENCIA CAMPUS OF THE
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0014|     UNIVERSITY OF NEW MEXICO IN LOS LUNAS IN VALENCIA COUNTY;
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0015|     MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0019|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0020|     issue and sell severance tax bonds in compliance with the
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0021|     Severance Tax Bonding Act in an amount not exceeding three
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0022|     hundred thousand dollars ($300,000) when the board of regents
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0023|     of the university of New Mexico 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 the university of New Mexico for the
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0009|     purpose of planning, designing and constructing a new community
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0010|     and student center on the Valencia campus of the university of
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0011|     New Mexico in Los Lunas located in Valencia county.  Any
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0012|     unexpended or unencumbered balance remaining at the end of
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0013|     fiscal year 2000 shall revert to the severance tax bonding
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0014|     fund.  If the board of regents of the university of New Mexico
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0015|     has not certified the need for the issuance of the bonds by the
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0016|     end of fiscal year 1999, the authorization provided in this
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0017|     section shall be void.
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0018|          Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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