0001|                            SENATE BILL 78
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                              John Pinto
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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 CONSTRUCTION OF A SENIOR CENTER IN
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0013|     HOGBACK 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
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0018|     ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance
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0019|     may issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding two
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0021|     hundred thousand dollars ($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
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0025|     possible upon a finding by the board that the project has been
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0001|     developed sufficiently to justify the issuance and that the
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0002|     project can proceed to contract within a reasonable time.  The
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0003|     state board of finance shall further take the appropriate
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0004|     steps necessary to comply with the Internal Revenue Code of
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0005|     1986, as amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the state agency on aging for the purpose of
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0007|     designing, planning, constructing, equipping or furnishing a
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0008|     senior center located in San Juan county.  Any unexpended or
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0009|     unencumbered balance remaining at the end of fiscal year 2002
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0010|     shall revert to the severance tax bonding fund.  If the state
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0011|     agency on aging has not certified the need for the issuance of
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0012|     the bonds by the end of fiscal year 1999, the authorization
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0013|     provided in this section shall be void.
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0014|          Section 2.  EMERGENCY.--It is necessary for the public
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0015|     peace, health and safety that this act take effect
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0016|     immediately.
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0017|                                  
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