0001| . HOUSE BILL 176
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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| BARBARA A. PEREA CASEY
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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 TO DESIGN, CONSTRUCT AND EQUIP THE ROSWELL
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0014| J.O.Y. SENIOR CENTER IN CHAVES COUNTY; MAKING AN APPROPRIATION;
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0015| DECLARING AN EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0019| and sell severance tax bonds in compliance with the Severance
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0020| Tax Bonding Act in an amount not exceeding one million two
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0021| hundred thousand dollars ($1,200,000) when the state agency on
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0022| 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 possible
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0025| upon a finding by the board that the project has been developed
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0001| sufficiently to justify the issuance and that the project can
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0002| proceed to contract within a reasonable time. The state board
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0003| of finance shall further take the appropriate steps necessary to
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0004| comply with the Internal Revenue Code of 1986, as amended. The
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0005| proceeds from the sale of the bonds are appropriated to the
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0006| state agency on aging for the purpose of designing, constructing
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0007| and equipping the Roswell J.O.Y. senior center located in Chaves
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0008| county. Any unexpended or unencumbered balance remaining at the
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0009| end of fiscal year 1999 shall revert to the severance tax
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0010| bonding fund. If the state agency on aging has not certified
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0011| the need for the issuance of the bonds by the end of fiscal year
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0012| 1998, the authorization provided in this section shall be void.
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0013| Section 2. EMERGENCY.--It is necessary for the public
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0014| peace, health and safety that this act take effect immediately.
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0015|
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