0001| HOUSE BILL 925
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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| JIMMIE GARNENEZ, SR.
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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 CUDEII SENIOR CENTER CAPITAL OUTLAY
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0013| PROJECTS IN SAN JUAN COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014| AN EMERGENCY.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018| -APPROPRIATION OF PROCEEDS.--
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0019| A. The state board of finance may issue and sell
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0020| severance tax bonds in compliance with the Severance Tax
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0021| Bonding Act in an amount not exceeding three hundred sixty-five
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0022| thousand three hundred fifty dollars ($365,350) when the state
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0023| agency on aging certifies the need for the issuance of the
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0024| bonds. The state board of finance shall schedule the issuance
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0025| and sale of the bonds in the most expeditious and economical
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0001| manner possible upon a finding by the board that the project
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0002| has been developed sufficiently to justify the issuance and
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0003| that the project can proceed to contract within a reasonable
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0004| time. The state board of finance shall further take the
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0005| appropriate steps necessary to comply with the Internal Revenue
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0006| Code of 1986, as amended. The proceeds from the sale of the
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0007| bonds are appropriated to the state agency on aging in the
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0008| following amounts for the following purposes:
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0009| (1) three hundred forty thousand dollars
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0010| ($340,000) to purchase and install a modular building for the
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0011| Cudeii senior center in San Juan county;
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0012| (2) eight thousand eight hundred fifty dollars
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0013| ($8,850) to purchase equipment for the Cudeii senior center in
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0014| San Juan county; and
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0015| (3) sixteen thousand five hundred dollars
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0016| ($16,500) to purchase a four-wheel-drive vehicle for the Cudeii
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0017| senior center in San Juan county.
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0018| B. If the state agency on aging has not certified
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0019| the need for the issuance of the bonds by the end of fiscal
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0020| year 1999, the authorization provided in this section shall be
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0021| void. Any unexpended or unencumbered balance remaining from
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0022| the proceeds of severance tax bonds issued pursuant to
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0023| Subsection A of this section at the end of fiscal year 2000
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0024| shall revert to the severance tax bonding fund.
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0025| Section 2. EMERGENCY.--It is necessary for the public
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0001| peace, health and safety that this act take effect immediately.
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