0001|                           SENATE BILL 318
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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|                             GLORIA HOWES
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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 TO CONTINUE THE CONSTRUCTION OF, FURNISH OR
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0013|     EQUIP THE SENIOR CITIZEN CENTER AT ZUNI IN MCKINLEY COUNTY;
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0014|     MAKING AN APPROPRIATION; DECLARING 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 five
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0021|     hundred nine thousand dollars ($509,000) when the state agency
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0022|     on 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
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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 state agency on aging for the purpose of
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0007|     continuing the construction of, to furnish or equip the Zuni
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0008|     senior citizen center located in McKinley county.  Any
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0009|     unexpended or unencumbered balance remaining at the end of
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0010|     fiscal year 2000 shall revert to the severance tax bonding
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0011|     fund.  If the state agency on aging has not certified the need
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0012|     for the issuance of the bonds by the end of fiscal year 1999,
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0013|     the authorization provided in this section shall be void.
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0014|          Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect immediately.
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0016|                                  
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0017|       
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0018|   
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0019|                      FORTY-THIRD LEGISLATURE
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0020|                        FIRST SESSION, 1997
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0021|   
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0022|   
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0023|                                               February 11, 1997
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0024|   
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0025|   Mr. President:
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0001|   
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0002|       Your INDIAN & CULTURAL AFFAIRS COMMITTEE, to whom has
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0003|   been referred
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0004|   
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0005|                          SENATE BILL 318
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0006|   
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0007|   has had it under consideration and reports same with recommendation
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0008|   that it DO PASS, and thence referred to the FINANCE
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0009|   COMMITTEE.
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0010|   
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0011|                                Respectfully submitted,
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0012|   
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0013|   
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0014|   
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0015|                                __________________________________
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0016|                                John Pinto, Chairman 
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0017|   
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0018|   
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0019|   
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0020|   Adopted_______________________   Not Adopted_______________________
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0021|             (Chief Clerk)                          (Chief Clerk)
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0022|   
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0023|   
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0024|                     Date ________________________
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0025|   
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0001|   
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0002|   The roll call vote was <u> 9 </u> For <u> 0 </u> Against
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0003|           Yes:    9
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0004|           No:     0
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0005|                Excused:     None
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0006|           Absent: None
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0007|   
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0008|   
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0009|   S0318IC1
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0010|   
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