0001|                        SENATE BILL 407
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                        ANNA MARIE CROOK
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO PLAN, DESIGN AND CONSTRUCT AN EXPANSION
    |
0014|     OF THE DINING AND ACTIVITY AREA OF THE NORTHSIDE SENIOR CENTER
    |
0015|     IN THE CITY OF GALLUP LOCATED IN MCKINLEY COUNTY; MAKING AN
    |
0016|     APPROPRIATION; DECLARING AN EMERGENCY.
    |
0017|     
    |
0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0019|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0020|     and sell severance tax bonds in compliance with the Severance
    |
0021|     Tax Bonding Act in an amount not exceeding seventy-five thousand
    |
0022|     dollars ($75,000) when the state agency on aging certifies the
    |
0023|     need for the issuance of the bonds.  The state board of finance
    |
0024|     shall schedule the issuance and sale of the bonds in the most
    |
0025|     expeditious and economical manner possible upon a finding by the
    |
0001|     board that the project has been developed sufficiently to
    |
0002|     justify the issuance and that the project can proceed to
    |
0003|     contract within a reasonable time.  The state board of finance
    |
0004|     shall further take the appropriate steps necessary to comply
    |
0005|     with the Internal Revenue Code of 1986, as amended.  The
    |
0006|     proceeds from the sale of the bonds are appropriated to the
    |
0007|     state agency on aging for the purpose of planning, designing and
    |
0008|     constructing an expansion of the dining and activity area of the
    |
0009|     Northside senior center in the city of Gallup located in
    |
0010|     McKinley county.  Any unexpended or unencumbered balance
    |
0011|     remaining at the end of fiscal year 1999 shall revert to the
    |
0012|     severance tax bonding fund.  If the state agency on aging has
    |
0013|     not certified the need for the issuance of the bonds by the end
    |
0014|     of fiscal year 1998, the authorization provided in this section
    |
0015|     shall be void.
    |
0016|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0017|     peace, health and safety that this act take effect immediately.
    |
0018|                              
    |
0019|                              State of New Mexico
    |
0020|                    House of Representatives
    |
0021|   
    |
0022|                    FORTY-SECOND LEGISLATURE
    |
0023|                      SECOND SESSION, 1996
    |
0024|   
    |
0025|   
    |
0001|                                              February 2, 1996
    |
0002|   
    |
0003|   
    |
0004|   Mr. Speaker:
    |
0005|   
    |
0006|       Your JUDICIARY COMMITTEE, to whom has been referred
    |
0007|   
    |
0008|                         HOUSE BILL 407
    |
0009|                                
    |
0010|                                 has had it under consideration and reports same with
    |
0011|   recommendation that it DO PASS, and thence referred to the
    |
0012|   APPROPRIATIONS AND FINANCE COMMITTEE.
    |
0013|                           Respectfully submitted,
    |
0014|   
    |
0015|   
    |
0016|   
    |
0017|                                <u>                                 
</u>    |
<u></u>0018| <u>  </u>                            R. David Pederson, Vice Chairman
    |
0019|   
    |
0020|   
    |
0021|   Adopted <u>                    </u>    Not Adopted <u>                     
</u>    |
<u></u>0022| <u>  </u>
    |
0023|            (Chief Clerk)                       (Chief Clerk)
    |
0024|   
    |
0025|                      Date <u>            </u>
    |
0001|   
    |
0002|   The roll call vote was<u> 10 </u> For<u> 0 </u> Against
    |
0003|   Yes:          10
    |
0004|   Excused: King, Perls, Sanchez, R.G.
    |
0005|   Absent:  None
    |
0006|   
    |
0007|   
    |
0008|   
    |
0009|                                                              
    |
0010|   H0407JC1
    |