0001|                           HOUSE BILL 1163
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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|                             GAIL C. BEAM
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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 CAPITAL PROJECTS AT THE UNIVERSITY OF
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0013|     NEW MEXICO IN BERNALILLO COUNTY; MAKING AN APPROPRIATION;
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0014|     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--PURPOSES FOR WHICH
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0019|               A.  The state board of finance may issue and sell
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0020|     severance tax bonds in compliance with the Severance Tax
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0021|     Bonding Act in an amount not exceeding three million three
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0022|     hundred seventy-five thousand dollars ($3,375,000) when the
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0023|     board of regents of the university of New Mexico certifies the
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0024|     need for the issuance of the bonds.  The state board of finance
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0025|     shall 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 in the
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0009|     following amounts for the following purposes at the university
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0010|     of New Mexico in Bernalillo county:
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0011|                    (1)  two million dollars ($2,000,000) for
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0012|     instructional and student services facilities upgrades; 
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0013|                    (2)  one million one hundred twenty-five
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0014|     thousand dollars ($1,125,000) for renovations and improvements
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0015|     for the purpose of complying with requirements of the Americans
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0016|     with Disabilities Act of 1990; and
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0017|                    (3)  two hundred fifty thousand dollars
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0018|     ($250,000) to plan an administrative services building.
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0019|               B.  If the board of regents of the university of New
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0020|     Mexico has not certified the need for the issuance of the bonds
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0021|     by the end of fiscal year 1999, the authorization provided in
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0022|     this section shall be void.  Any unexpended or unencumbered
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0023|     balance remaining from the proceeds of severance tax bonds
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0024|     issued pursuant to Subsection A of this section at the end of
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0025|     fiscal year 2000 shall revert to the severance tax bonding
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0001|     fund. 
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0002|          Section 2.  EMERGENCY.--It is necessary for the public
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0003|     peace, health and safety that this act take effect immediately.
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0004|                              
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