0001| HOUSE BILL 427
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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| MICHAEL OLGUIN
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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 FUND THE SOCORRO CITY AND COUNTY SENIOR
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0014| CITIZEN PROGRAM; MAKING AN APPROPRIATION; DECLARING AN
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0015| 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.--
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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 Bonding
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0021| Act in an amount not exceeding six hundred eight thousand
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0022| dollars ($608,000) when the state agency on aging certifies the
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0023| need for the issuance of the bonds. The state board of finance
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0024| shall schedule the issuance and sale of the bonds in the most
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0025| expeditious and economical manner possible upon a finding by the
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0001| board that the project has been developed sufficiently to
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0002| justify the issuance and that the project can proceed to
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0003| contract within a reasonable time. The state board of finance
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0004| shall further take the appropriate steps necessary to comply
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0005| with the Internal Revenue Code of 1986, as amended. The
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0006| proceeds from the sale of the bonds are appropriated to the
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0007| state agency on aging in the following amounts for the following
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0008| purposes:
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0009| (1) five hundred thousand dollars ($500,000) to
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0010| design, construct and equip a multipurpose community center for
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0011| senior citizens in northern Socorro county;
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0012| (2) fifty thousand dollars ($50,000) to
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0013| purchase two multipurpose vehicles for the Socorro city and
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0014| county senior citizen program located in Socorro county;
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0015| (3) thirty-seven thousand five hundred dollars
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0016| ($37,500) to design, construct and equip a new office addition
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0017| to the Socorro senior citizen center located in Socorro county;
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0018| (4) twelve thousand dollars ($12,000) to pave
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0019| the parking lot at the Socorro senior citizen center located in
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0020| Socorro county;
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0021| (5) seven thousand dollars ($7,000) to pave the
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0022| Magdalena senior citizen center located in Socorro county; and
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0023| (6) one thousand five hundred dollars ($1,500)
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0024| to install a fire extinguisher system at the Magdalena senior
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0025| citizen center located in Socorro county.
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0001| B. If the state agency on aging has not certified
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0002| the need for the issuance of the bonds by the end of fiscal year
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0003| 1998, the authorization provided in this section shall be void.
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0004| Any unexpended or unencumbered balance remaining from the
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0005| proceeds of severance tax bonds issued pursuant to Subsection A
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0006| of this section at the end of fiscal year 1999 shall revert to
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0007| the severance tax bonding fund.
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0008| Section 2. EMERGENCY.--It is necessary for the public
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0009| peace, health and safety that this act take effect immediately.
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