0001| SENATE BILL 525
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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| JOHN ARTHUR SMITH
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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 PLAN, DESIGN AND CONSTRUCT A REGIONAL
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0014| JUVENILE DETENTION CENTER TO HOUSE PRE-ADJUDICATED JUVENILES FOR
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0015| LUNA, HIDALGO AND OTHER COUNTIES; MAKING AN APPROPRIATION;
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0016| DECLARING AN EMERGENCY.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding six hundred twenty-five thousand dollars ($625,000) when the children, youth and
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0022| families department certifies the need for the issuance of the
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0023| bonds. The state board of finance shall schedule the issuance
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0024| and sale of the bonds in the most expeditious and economical
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0025| manner possible upon a finding by the board that the project has
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0001| been developed sufficiently to justify the issuance and that the
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0002| project can proceed to contract within a reasonable time. The
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0003| state board of finance shall further take the appropriate steps
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0004| necessary to comply with the Internal Revenue Code of 1986, as
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0005| amended. The proceeds from the sale of the bonds are
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0006| appropriated to the children, youth and families department for
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0007| the purpose of planning, designing and constructing a regional
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0008| juvenile detention center to house pre-adjudicated juveniles for
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0009| Luna, Hidalgo and other counties as needed and at reasonable
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0010| rates. Luna county will pay the costs of operation and
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0011| construction costs above six hundred twenty-five thousand
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0012| dollars ($625,000). Any unexpended or unencumbered balance
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0013| remaining at the end of fiscal year 1999 shall revert to the
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0014| severance tax bonding fund. If the children, youth and families
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0015| department has not certified the need for the issuance of the
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0016| bonds by the end of fiscal year 1998, the authorization provided
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0017| in this section shall be void.
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0018| Section 2. EMERGENCY.--It is necessary for the public
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0019| peace, health and safety that this act take effect immediately.
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0020|
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0021|
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0022|
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0023| FORTY-SECOND LEGISLATURE
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0024| SECOND SESSION, 1996
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0025|
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0001|
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0002| JANUARY 30, 1996
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0003|
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0004| Mr. President:
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0005|
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0006| Your COMMITTEES' COMMITTEE, to whom has been referred
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0007|
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0008| SENATE BILL 525
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0009|
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0010| has had it under consideration and finds same to be GERMANE, PURSUANT
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0011| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0012| COMMITTEE.
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0013|
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0014| 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| SENATOR MANNY M. ARAGON, Chairman
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0021|
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0022|
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0023|
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0024| Adopted_______________________ Not Adopted_______________________
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0025| (Chief Clerk) (Chief Clerk)
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0001|
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0002|
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0003| Date ________________________
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0005|
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0006|
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0007| SO525CC1
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