0001|                            HOUSE BILL 663
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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|                          JEANNETTE WALLACE
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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 A STUDENT SERVICES BUILDING ADDITION AT
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0013|     THE LOS ALAMOS BRANCH OF THE UNIVERSITY OF NEW MEXICO IN LOS
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0014|     ALAMOS COUNTY; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding four
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0021|     hundred eighty-seven thousand five hundred dollars
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0022|     ($487,500) when the board of regents of the university of New
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0023|     Mexico certifies the need for the issuance of the bonds.  The
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0024|     state board of finance shall schedule the issuance and sale of
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0025|     the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the board of regents of the university of New
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0008|     Mexico for the purpose of planning, designing, constructing,
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0009|     equipping and furnishing an addition to the student services
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0010|     building at the Los Alamos branch of the university of New
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0011|     Mexico located in Los Alamos county.  Any unexpended or
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0012|     unencumbered balance remaining at the end of fiscal year 2000
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0013|     shall revert to the severance tax bonding fund.  If the board
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0014|     of regents of the university of New Mexico has not certified
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0015|     the need for the issuance of the bonds by the end of fiscal
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0016|     year 1999, the authorization provided in this section shall be
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0017|     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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