0001|                           SENATE BILL 234
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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|                             CYNTHIA NAVA
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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 PHASE TWO OF THE BORDER AREA SATELLITE
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0013|     FACILITY OF THE DONA ANA BRANCH OF NEW MEXICO STATE UNIVERSITY
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0014|     IN SUNLAND PARK IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
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0015|     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 one
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0022|     million one hundred sixty thousand dollars ($1,160,000) when
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0023|     the board of regents of New Mexico state university certifies
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0024|     the need for the issuance of the bonds.  The state board of
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0025|     finance shall schedule the issuance and sale of the bonds in
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0001|     the most expeditious and economical manner possible upon a
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0002|     finding by the board that the project has been developed
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0003|     sufficiently to justify the issuance and that the project can
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0004|     proceed to contract within a reasonable time.  The state board
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0005|     of finance shall further take the appropriate steps necessary
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0006|     to comply with the Internal Revenue Code of 1986, as amended. 
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0007|     The proceeds from the sale of the bonds are appropriated to the
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0008|     board of regents of New Mexico state university for the purpose
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0009|     of designing, constructing and equipping a classroom,
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0010|     laboratory and administrative offices facility for phase two in
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0011|     the construction of a border area satellite facility of the
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0012|     Dona Ana branch of New Mexico state university in Sunland Park
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0013|     located in Dona Ana county.  Any unexpended or unencumbered
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0014|     balance remaining at the end of fiscal year 2000 shall revert
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0015|     to the severance tax bonding fund.  If the board of regents of
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0016|     New Mexico state university has not certified the need for the
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0017|     issuance of the bonds by the end of fiscal year 1999, the
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0018|     authorization provided in this section shall be void.
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0019|          Section 2.  EMERGENCY.--It is necessary for the public
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0020|     peace, health and safety that this act take effect immediately.
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0021|                                  
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0022|       
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0023|   
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0024|                      FORTY-THIRD LEGISLATURE
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0025|                        FIRST SESSION, 1997
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0001|   
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0002|   
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0003|                                               February 11, 1997
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0004|   
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0005|   Mr. President:
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0006|   
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0007|       Your EDUCATION COMMITTEE, to whom has been referred
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0008|   
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0009|                          SENATE BILL 234
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0010|   
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0011|   has had it under consideration and reports same with
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0012|   recommendation that it DO PASS, and thence referred to the
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0013|   FINANCE COMMITTEE.
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0014|   
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0015|                                Respectfully submitted,
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0016|   
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0017|   
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0018|   
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0019|                                
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0020|   __________________________________
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0021|                                Cynthia Nava, Chairman 
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0022|   

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0023|   
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0024|   
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0025|   Adopted_______________________   Not
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0001|   Adopted_______________________
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0002|             (Chief Clerk)                          (Chief Clerk)
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0003|   
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0004|   
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0005|                     Date ________________________
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0006|   
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0007|   
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0008|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0009|           Yes:    7
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0010|           No:     0
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0011|                Excused:     Duran, Gorham, Pinto
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0012|           Absent: None
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0013|   
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0014|   
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0015|   S0234ED1
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0016|   
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