0001| HOUSE BILL 1109
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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| FRED LUNA
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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 TO RENOVATE A VOCATIONAL PROGRAM FACILITY
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0013| IN BELEN IN VALENCIA 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.--The state board of finance may
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0019| issue and sell severance tax bonds in compliance with the
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0020| Severance Tax Bonding Act in an amount not exceeding three
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0021| hundred thousand dollars ($300,000) when the department of
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0022| health 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
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0025| possible upon a finding by the board that the project has been
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0001| 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 department of health for the purpose of
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0007| renovating a facility for a vocational program for
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0008| developmentally disabled adults in Belen located in Valencia
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0009| county. Any unexpended or unencumbered balance remaining at
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0010| the end of fiscal year 2000 shall revert to the severance tax
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0011| bonding fund. If the department of health has not certified
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0012| the need for the issuance of the bonds by the end of fiscal
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0013| year 1999, the authorization provided in this section shall be
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0014| void.
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0015| Section 2. EMERGENCY.--It is necessary for the public
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0016| peace, health and safety that this act take effect immediately.
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