0001| SENATE BILL 11
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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| PHILLIP J. MALOOF
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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 CONSTRUCTION OF A DAYCARE FACILITY,
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0014| ADULT DAYCARE FACILITY AND MULTIPURPOSE CLASSROOM AT THE LOS
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0015| VOLCANES SENIOR CENTER IN BERNALILLO COUNTY; MAKING AN
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0016| APPROPRIATION; 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--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
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0020| and sell severance tax bonds in compliance with the Severance
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0021| Tax Bonding Act in an amount not exceeding one hundred fifty
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0022| thousand dollars ($150,000) when the state agency on aging
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0023| certifies the need for the issuance of the bonds. The state
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0024| board of finance shall schedule the issuance and sale of the
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0025| bonds in the most expeditious and economical manner possible
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0001| upon a finding by the board that the project has been developed
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0002| sufficiently to justify the issuance and that the project can
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0003| proceed to contract within a reasonable time. The state board
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0004| of finance shall further take the appropriate steps necessary to
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0005| comply 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 for the purpose of designing, developing,
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0008| improving the site for, constructing, equipping and furnishing a
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0009| children's daycare facility, an adult daycare facility and a
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0010| multipurpose classroom at the Los Volcanes senior center located
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0011| in Bernalillo county. Any unexpended or unencumbered balance
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0012| remaining from the proceeds from the bonds at the end of fiscal
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0013| year 1999 shall revert to the severance tax bonding fund. If
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0014| the state agency on aging has not certified the need for the
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0015| issuance of the bonds by the end of fiscal year 1998, the
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0016| authorization provided in this section shall be void.
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0017| Section 2. EMERGENCY.--It is necessary for the public
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0018| peace, health and safety that this act take effect immediately.
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0019|
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0020|
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0021|
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0022| FORTY-SECOND LEGISLATURE
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0023| SECOND SESSION, 1996
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0024|
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0025|
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0001| JANUARY 18, 1996
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0002|
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0003| Mr. President:
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0004|
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0005| Your COMMITTEES' COMMITTEE, to whom has been referred
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0006|
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0007| SENATE BILL 11
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0008|
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0009| has had it under consideration and finds same to be GERMANE, PURSUANT
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0010| TO CONSTITUTIONAL PROVISIONS, and thence referred to the SENATE
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0011| FINANCE COMMITTEE.
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0012|
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0013| Respectfully submitted,
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0015|
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0016|
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0017|
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0018| __________________________________
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0019| SENATOR MANNY M. ARAGON, Chairman
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0020|
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0021|
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0022|
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0023| Adopted_______________________ Not Adopted_______________________
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0024| (Chief Clerk) (Chief Clerk)
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0025|
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0001|
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0002| Date ________________________
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0003|
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0004|
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0005|
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0006| The roll call vote was For Against
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0007| Yes:
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0008| No:
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0009| Excused:
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0010| Absent:
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0011|
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0012|
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0013| SOO10CC1
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