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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0002|                              
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