0001| .                       HOUSE BILL 176
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                     BARBARA A. PEREA CASEY
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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|     
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0011|                             AN ACT
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0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0013|     SEVERANCE TAX BONDS TO DESIGN, CONSTRUCT AND EQUIP THE ROSWELL
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0014|     J.O.Y. SENIOR CENTER IN CHAVES 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--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding one million two
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0021|     hundred thousand dollars ($1,200,000) when the state agency on
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0022|     aging certifies the need for the issuance of the bonds.  The
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0023|     state board of finance shall schedule the issuance and sale of
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0024|     the bonds in the most expeditious and economical manner possible
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0025|     upon a finding by the board that the project has been developed
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0001|     sufficiently to justify the issuance and that the project can
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0002|     proceed to contract within a reasonable time.  The state board
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0003|     of finance shall further take the appropriate steps necessary to
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0004|     comply with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     state agency on aging for the purpose of designing, constructing
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0007|     and equipping the Roswell J.O.Y. senior center located in Chaves
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0008|     county.  Any unexpended or unencumbered balance remaining at the
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0009|     end of fiscal year 1999 shall revert to the severance tax
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0010|     bonding fund.  If the state agency on aging has not certified
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0011|     the need for the issuance of the bonds by the end of fiscal year
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0012|     1998, the authorization provided in this section shall be void.
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0013|       Section 2.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                              
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