0001| HOUSE BILL 685 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RAYMOND G. SANCHEZ | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0012| SEVERANCE TAX BONDS FOR INFRASTRUCTURE RENOVATION AND EXPANSION | 0013| OF AGING CENTRALIZED SYSTEMS ON THE CAMPUSES OF STATE COLLEGES | 0014| AND UNIVERSITIES; MAKING APPROPRIATIONS; DECLARING AN | 0015| EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- | 0019| APPROPRIATION OF PROCEEDS.-- | 0020| A. The state board of finance may issue and sell | 0021| severance tax bonds in compliance with the Severance Tax | 0022| Bonding Act in an amount not to exceed the total of the amounts | 0023| authorized for purposes specified in Sections 2 through 10 of | 0024| this act. The state board of finance shall schedule the | 0025| issuance and sale of the bonds in the most expeditious and | 0001| economical manner possible upon a finding by the board that the | 0002| project has been developed sufficiently to justify the issuance | 0003| and that the project can proceed to contract within a | 0004| reasonable time. The state board of finance shall further take | 0005| the appropriate steps necessary to comply with the Internal | 0006| Revenue Code of 1986, as amended. Proceeds from the sale of | 0007| the bonds are appropriated for the purposes specified in | 0008| Sections 2 through 10 of this act. | 0009| B. The agencies named in Sections 2 through 10 of | 0010| this act shall certify to the state board of finance when the | 0011| money from the proceeds of the severance tax bonds authorized | 0012| in this section is needed for the purposes specified in the | 0013| applicable section of this act. | 0014| C. If the specified agency has not certified the | 0015| need for the issuance of the bonds by the end of fiscal year | 0016| 1999, the authorization provided in this act shall be void. | 0017| D. Unless otherwise specified in this act, any | 0018| unexpended or unencumbered balance remaining from the proceeds | 0019| of severance tax bonds issued pursuant to Sections 2 through 10 | 0020| of this act at the end of fiscal year 2000 shall revert to the | 0021| severance tax bonding fund. | 0022| Section 2. SEVERANCE TAX BONDS--BOARD OF REGENTS OF THE | 0023| UNIVERSITY OF NEW MEXICO--PURPOSE.--Pursuant to the provisions | 0024| of Section 1 of this act, upon certification by the board of | 0025| regents of the university of New Mexico that the need exists | 0001| for the issuance of the bonds, two million nine hundred | 0002| thousand dollars ($2,900,000) is appropriated to the board of | 0003| regents of the university of New Mexico for the purpose of | 0004| funding infrastructure renovation and expansion of aging | 0005| centralized systems on the campus of the university of New | 0006| Mexico located in Bernalillo county. | 0007| Section 3. SEVERANCE TAX BONDS--BOARD OF REGENTS OF | 0008| EASTERN NEW MEXICO UNIVERSITY--PURPOSE.--Pursuant to the | 0009| provisions of Section 1 of this act, upon certification by the | 0010| board of regents of eastern New Mexico university that the need | 0011| exists for the issuance of the bonds, one million two hundred | 0012| fifty thousand dollars ($1,250,000) is appropriated to the | 0013| board of regents of eastern New Mexico university for the | 0014| purpose of funding infrastructure renovation and expansion of | 0015| aging centralized systems on the eastern New Mexico university | 0016| campus located in Roosevelt county. | 0017| Section 4. SEVERANCE TAX BONDS--BOARD OF REGENTS OF NEW | 0018| MEXICO HIGHLANDS UNIVERSITY--PURPOSE.--Pursuant to the | 0019| provisions of Section 1 of this act, upon certification by the | 0020| board of regents of New Mexico highlands university that the | 0021| need exists for the issuance of the bonds, five hundred | 0022| thousand dollars ($500,000) is appropriated to the board of | 0023| regents of New Mexico highlands university for the purpose of | 0024| funding infrastructure renovation and expansion of aging | 0025| centralized systems on the campus of New Mexico highlands | 0001| university located in San Miguel county. | 0002| Section 5. SEVERANCE TAX BONDS--BOARD OF REGENTS OF THE | 0003| NEW MEXICO INSTITUTE OF MINING AND TECHNOLOGY--PURPOSE.-- | 0004| Pursuant to the provisions of Section 1 of this act, upon | 0005| certification by the board of regents of the New Mexico | 0006| institute of mining and technology that the need exists for the | 0007| issuance of the bonds, eight hundred thousand dollars | 0008| ($800,000) is appropriated to the board of regents of the New | 0009| Mexico institute of mining and technology for the purpose of | 0010| funding infrastructure renovation and expansion of aging | 0011| centralized systems on the campus of the New Mexico institute | 0012| of mining and technology located in Socorro county. | 0013| Section 6. SEVERANCE TAX BONDS--BOARD OF REGENTS OF NEW | 0014| MEXICO STATE UNIVERSITY--PURPOSES.--Pursuant to the provisions | 0015| of Section 1 of this act, upon certification by the board of | 0016| regents of New Mexico state university that the need exists for | 0017| the issuance of the bonds, the following amounts are | 0018| appropriated to the board of regents of New Mexico state | 0019| university for the following purposes: | 0020| A. two million dollars ($2,000,000) for the purpose | 0021| of funding infrastructure renovation and expansion of aging | 0022| centralized systems on the main campus of New Mexico state | 0023| university located in Dona Ana county; | 0024| B. one hundred thousand dollars ($100,000) for the | 0025| purpose of funding infrastructure renovation and expansion of | 0001| aging centralized systems on the Alamogordo campus of New | 0002| Mexico state university located in Otero county; and | 0003| C. two hundred twenty-five thousand dollars | 0004| ($225,000) for the purpose of funding infrastructure renovation | 0005| and expansion of aging centralized systems on the Dona Ana | 0006| campus of New Mexico state university located in Dona Ana | 0007| county. | 0008| Section 7. SEVERANCE TAX BONDS--BOARD OF REGENTS OF | 0009| WESTERN NEW MEXICO UNIVERSITY--PURPOSE.--Pursuant to the | 0010| provisions of Section 1 of this act, upon certification by the | 0011| board of regents of western New Mexico university that the need | 0012| exists for the issuance of the bonds, eight hundred thousand | 0013| dollars ($800,000) is appropriated to the board of regents of | 0014| western New Mexico university for the purpose of funding | 0015| infrastructure renovation and expansion of aging centralized | 0016| systems on the western New Mexico university campus located in | 0017| Grant county. | 0018| Section 8. SEVERANCE TAX BONDS--BOARD OF REGENTS OF THE | 0019| NORTHERN NEW MEXICO STATE SCHOOL--PURPOSE.--Pursuant to the | 0020| provisions of Section 1 of this act, upon certification by the | 0021| board of regents of the northern New Mexico state school that | 0022| the need exists for the issuance of the bonds, five hundred | 0023| ninety-seven thousand dollars ($597,000) is appropriated to the | 0024| board of regents of the northern New Mexico state school for | 0025| the purpose of funding infrastructure renovation and expansion | 0001| of aging centralized systems on the northern New Mexico state | 0002| school campus located in Rio Arriba county. | 0003| Section 9. SEVERANCE TAX BONDS--GOVERNING BOARD OF CLOVIS | 0004| COMMUNITY COLLEGE--PURPOSE.--Pursuant to the provisions of | 0005| Section 1 of this act, upon certification by the governing | 0006| board of Clovis community college that the need exists for the | 0007| issuance of the bonds, three hundred ninety-two thousand five | 0008| hundred dollars ($392,500) is appropriated to the governing | 0009| board of Clovis community college for the purpose of funding | 0010| infrastructure renovation and expansion of aging centralized | 0011| systems on the Clovis community college campus located in Curry | 0012| county. | 0013| Section 10. SEVERANCE TAX BONDS--GOVERNING BOARD OF | 0014| NEW MEXICO JUNIOR COLLEGE--PURPOSE.--Pursuant to the provisions | 0015| of Section 1 of this act, upon certification by the governing | 0016| board of New Mexico junior college that the need exists for the | 0017| issuance of the bonds, two hundred fifty thousand dollars | 0018| ($250,000) is appropriated to the governing board of New Mexico | 0019| junior college for the purpose of funding infrastructure | 0020| renovation and expansion of aging centralized systems on the | 0021| campus of New Mexico junior college located in Lea county. | 0022| Section 11. EMERGENCY.--It is necessary for the public | 0023| peace, health and safety that this act take effect immediately. | 0024|  | 0025| State of New Mexico | 0001| House of Representatives | 0002| | 0003| FORTY-THIRD LEGISLATURE | 0004| FIRST SESSION, 1997 | 0005| | 0006| | 0007| February 24, 1997 | 0008| | 0009| | 0010| Mr. Speaker: | 0011| | 0012| Your EDUCATION COMMITTEE, to whom has been referred | 0013| | 0014| HOUSE BILL 685 | 0015| | 0016| has had it under consideration and reports same with | 0017| recommendation that it DO PASS, and thence referred to the | 0018| TAXATION AND REVENUE COMMITTEE. | 0019| | 0020| Respectfully submitted, | 0021| | 0022| | 0023| | 0024| | 0025| | 0001| Samuel F. Vigil, Chairman | 0002| | 0003| | 0004| Adopted Not Adopted | 0005| | 0006| (Chief Clerk) (Chief Clerk) | 0007| | 0008| Date | 0009| | 0010| The roll call vote was 10 For 0 Against | 0011| Yes: 10 | 0012| Excused: Beam, Nicely, S.M. Williams | 0013| Absent: None | 0014| | 0015| | 0016| C:\OFFICE\WPWIN\WPDOCS\H0685EC1.WPD |