0001| HOUSE BILL 280 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| HENRY KIKI SAAVEDRA | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS TO PURCHASE RECREATION EQUIPMENT FOR THE RIO | 0014| BRAVO SENIOR CENTER IN ALBUQUERQUE LOCATED IN BERNALILLO COUNTY; | 0015| MAKING AN APPROPRIATION; DECLARING AN EMERGENCY. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0019| and sell severance tax bonds in compliance with the Severance | 0020| Tax Bonding Act in an amount not exceeding thirty thousand | 0021| dollars ($30,000) when the state agency on aging certifies the | 0022| need for the issuance of the bonds. The state board of finance | 0023| shall schedule the issuance and sale of the bonds in the most | 0024| expeditious and economical manner possible upon a finding by the | 0025| board that the project has been developed sufficiently to | 0001| justify the issuance and that the project can proceed to | 0002| contract within a reasonable time. The state board of finance | 0003| shall further take the appropriate steps necessary to comply | 0004| with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the | 0006| state agency on aging for the purpose of purchasing recreation | 0007| equipment for the Rio Bravo senior center in Albuquerque located | 0008| in Bernalillo county. Any unexpended or unencumbered balance | 0009| remaining at the end of fiscal year 1999 shall revert to the | 0010| severance tax bonding fund. If the state agency on aging has | 0011| not certified the need for the issuance of the bonds by the end | 0012| of fiscal year 1998, the authorization provided in this section | 0013| shall be void. | 0014| Section 2. EMERGENCY.--It is necessary for the public | 0015| peace, health and safety that this act take effect immediately. | 0016|  |