0001|                           SENATE 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|                          BILLY J. MCKIBBEN
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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 CANCER TREATMENT AND PATIENT CARE
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0013|     EQUIPMENT AND PLANNING AND DESIGN AT THE UNIVERSITY OF NEW
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0014|     MEXICO HEALTH SCIENCES CENTER IN BERNALILLO COUNTY; MAKING AN
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0015|     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.--
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0020|               A.  The state board of finance may issue and sell
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0021|     severance tax bonds in compliance with the Severance Tax
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0022|     Bonding Act in an amount not exceeding three million two
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0023|     hundred fifty thousand dollars ($3,250,000) when the board of
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0024|     regents of the university of New Mexico certifies the need for
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0025|     the issuance of the bonds.  The state board of finance shall
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0001|     schedule the issuance and sale of the bonds in the most
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0002|     expeditious and economical manner possible upon a finding by
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0003|     the board that the project has been developed sufficiently to
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0004|     justify the issuance and that the project can proceed to
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0005|     contract within a reasonable time.  The state board of finance
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0006|     shall further take the appropriate steps necessary to comply
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0007|     with the Internal Revenue Code of 1986, as amended.  The
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0008|     proceeds from the sale of the bonds are appropriated to the
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0009|     board of regents of the university of New Mexico in Bernalillo
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0010|     county in the following amounts for the following purposes:
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0011|                    (1)  one million dollars ($1,000,000) to
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0012|     purchase radiation therapy equipment for the cancer research
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0013|     and treatment center;
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0014|                    (2)  two million dollars ($2,000,000) to
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0015|     purchase patient care equipment for the health sciences center;
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0016|     and
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0017|                    (3)  two hundred fifty thousand dollars
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0018|     ($250,000) to plan and design a health sciences center
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0019|     education building.
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0020|               B.  If the board of regents of the university of New
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0021|     Mexico has not certified the need for the issuance of the bonds
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0022|     by the end of fiscal year 1999, the authorization provided in
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0023|     this section shall be void.  Any unexpended or unencumbered
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0024|     balance remaining from the proceeds of severance tax bonds
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0025|     issued pursuant to Subsection A of this section at the end of
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0001|     fiscal year 2000 shall revert to the severance tax bonding
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0002|     fund. 
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0003|          Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately.
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0005|                              
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