0001|                        SENATE BILL 179
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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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0006|     
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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 FOR PLANNING, DESIGNING AND CONSTRUCTING AN
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0014|     ALL-WEATHER TRACK AND FIELD HOUSE AND EXPANSION OF THE SENIOR
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0015|     CENTER IN THE CITY OF DEMING LOCATED IN LUNA COUNTY; MAKING
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0016|     APPROPRIATIONS; 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--AUTHORIZATIONS--
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0020|     APPROPRIATION OF PROCEEDS.--
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0021|            A.  The state board of finance may issue and sell
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0022|     severance tax bonds in compliance with the Severance Tax Bonding
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0023|     Act in an amount not to exceed the total of the amounts
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0024|     authorized for purposes specified in Sections 2 and 3 of this
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0025|     act.  The state board of finance shall schedule the issuance and
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0001|     sale of the bonds in the most expeditious and economical manner
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0002|     possible upon a finding by the board that the project has been
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0003|     developed sufficiently to justify the issuance and that the
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0004|     project can proceed to contract within a reasonable time.  The
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0005|     state board of finance shall further take the appropriate steps
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0006|     necessary to comply with the Internal Revenue Code of 1986, as
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0007|     amended.  Proceeds from the sale of the bonds are appropriated
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0008|     for the purposes specified in Sections 2 and 3 of this act.
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0009|            B.  The agencies named in Sections 2 and 3 of this
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0010|     act shall certify to the state board of finance when the money
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0011|     from the proceeds of the severance tax bonds authorized in this
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0012|     section is needed for the purposes specified in the applicable
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0013|     section of this act.
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0014|            C.  If the specified agency has not certified the
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0015|     need for the issuance of the bonds by the end of fiscal year
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0016|     1998, the authorization provided in this act shall be void.
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0017|            D.  Unless otherwise specified in this act, any
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0018|     unexpended or unencumbered balance remaining from the proceeds
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0019|     of severance tax bonds issued pursuant to Sections 2 and 3 of
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0020|     this act at the end of fiscal year 1999 shall revert to the
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0021|     severance tax bonding fund.
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0022|       Section 2.  SEVERANCE TAX BONDS--STATE DEPARTMENT OF PUBLIC
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0023|     EDUCATION--PURPOSE.--Pursuant to the provisions of Section 1 of
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0024|     this act, upon certification by the state department of public
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0025|     education that the need exists for the issuance of the bonds,
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0001|     five hundred thousand dollars ($500,000) is appropriated to the
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0002|     state department of public education to plan, design and
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0003|     construct an all-weather track and field house for the Deming
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0004|     secondary schools located in Luna county.
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0005|       Section 3.  SEVERANCE TAX BONDS--STATE AGENCY ON AGING--PURPOSE.--Pursuant to the provisions of Section 1 of this act,
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0006|     upon certification by the state agency on aging that the need
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0007|     exists for the issuance of the bonds, one hundred fifty thousand
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0008|     dollars ($150,000) is appropriated to the state agency on aging
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0009|     to plan, design and expand the senior center in the city of
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0010|     Deming located in Luna county.
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0011|       Section 4.  EMERGENCY.--It is necessary for the public
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0012|     peace, health and safety that this act take effect immediately.
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0013|                              
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0014|             
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0015|   
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0016|                    FORTY-SECOND LEGISLATURE
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0017|                      SECOND SESSION, 1996
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0018|   
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0019|   
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0020|                                              JANUARY 24, 1996
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0021|   
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0022|   Mr. President:
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0023|   
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0024|     Your C0MMITTEES' COMMITTEE, to whom has been referred
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0025|   
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0001|                           SENATE BILL 179
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0002|   
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0003|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0004|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0005|   COMMITTEE.
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0006|   
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0007|                              Respectfully submitted,
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0008|   
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0009|   

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0010|   
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0011|   
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0012|                              __________________________________
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0013|                              SENATOR MANNY M. ARAGON, Chairman 
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0014|   
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0015|   
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0016|   
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0017|   Adopted_______________________ Not Adopted_______________________
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0018|             (Chief Clerk)                        (Chief Clerk)
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0019|   
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0020|   
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0021|                     Date ________________________
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0022|   
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0023|   
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0024|   
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0025|   S0179CC1
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