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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0010|                              
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