0001| HOUSE BILL 11 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| WALLACE CHARLEY | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR DESIGNING, PLANNING AND CONSTRUCTING A | 0014| NEW SENIOR CENTER AT BURNHAM CHAPTER IN SAN JUAN COUNTY; MAKING | 0015| 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 two hundred fifty | 0021| thousand dollars ($250,000) when the New Mexico office of Indian | 0022| affairs certifies the need for the issuance of the bonds. The | 0023| state board of finance shall schedule the issuance and sale of | 0024| the bonds in the most expeditious and economical manner possible | 0025| upon a finding by the board that the project has been developed | 0001| sufficiently to justify the issuance and that the project can | 0002| proceed to contract within a reasonable time. The state board | 0003| of finance shall further take the appropriate steps necessary to | 0004| comply with the Internal Revenue Code of 1986, as amended. The | 0005| proceeds from the sale of the bonds are appropriated to the New | 0006| Mexico office of Indian affairs for the purpose of designing, | 0007| planning and constructing a new senior center at the Burnham | 0008| chapter located in San Juan county. Any unexpended or | 0009| unencumbered balance remaining at the end of fiscal year 1999 | 0010| shall revert to the severance tax bonding fund. If the New | 0011| Mexico office of Indian affairs has not certified the need for | 0012| the issuance of the bonds by the end of fiscal year 1998, the | 0013| authorization provided in this section 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|  |