0001| SENATE BILL 259 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| ELIZABETH T. STEFANICS | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF | 0013| SEVERANCE TAX BONDS FOR CONSTRUCTION AND ARCHAEOLOGICAL SITE | 0014| MITIGATION OF A SENIOR CITIZEN CENTER AT SAN MIGUEL DEL VADO IN | 0015| SAN MIGUEL COUNTY; MAKING AN APPROPRIATION; DECLARING AN | 0016| EMERGENCY. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue | 0020| and sell severance tax bonds in compliance with the Severance | 0021| Tax Bonding Act in an amount not exceeding one hundred thirty | 0022| thousand dollars ($130,000) when the state agency on aging | 0023| certifies the need for the issuance of the bonds. The state | 0024| board of finance shall schedule the issuance and sale of the | 0025| bonds in the most expeditious and economical manner possible | 0001| upon a finding by the board that the project has been developed | 0002| sufficiently to justify the issuance and that the project can | 0003| proceed to contract within a reasonable time. The state board | 0004| of finance shall further take the appropriate steps necessary to | 0005| comply with the Internal Revenue Code of 1986, as amended. The | 0006| proceeds from the sale of the bonds are appropriated to the | 0007| state agency on aging for the purpose of completing | 0008| construction, including archaeological site mitigation, of a | 0009| senior citizen center at San Miguel del Vado located in San | 0010| Miguel county. Any unexpended or unencumbered balance remaining | 0011| at the end of fiscal year 1999 shall revert to the severance tax | 0012| bonding fund. If the state agency on aging has not certified | 0013| the need for the issuance of the bonds by the end of fiscal year | 0014| 1998, the authorization provided in this section shall be void. | 0015| Section 2. EMERGENCY.--It is necessary for the public | 0016| peace, health and safety that this act take effect immediately. | 0017|  | 0018| | 0019| FORTY-SECOND LEGISLATURE | 0020| SECOND SESSION, 1996 | 0021| | 0022| | 0023| JANUARY 25, 1996 | 0024| | 0025| Mr. President: | 0001| | 0002| Your COMMITTEES' COMMITTEE, to whom has been referred | 0003| | 0004| SENATE BILL 259 | 0005| | 0006| has had it under consideration and finds same to be GERMANE, PURSUANT | 0007| TO CONSTITUIONAL PROVISIONS, and thence referred to the FINANCE | 0008| COMMITTEE. | 0009| | 0010| Respectfully submitted, | 0011| | 0012| | 0013| | 0014| | 0015| __________________________________ | 0016| SENATOR MANNY M. ARAGON, Chairman | 0017| | 0018| | 0019| | 0020| Adopted_______________________ Not Adopted_______________________ | 0021| (Chief Clerk) (Chief Clerk) | 0022| | 0023| | 0024| Date ________________________ | 0025| | 0001| | 0002| | 0003| S0259CC1 |