0001|                        SENATE BILL 525
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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|                       JOHN ARTHUR SMITH
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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 PLAN, DESIGN AND CONSTRUCT A REGIONAL
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0014|     JUVENILE DETENTION CENTER TO HOUSE PRE-ADJUDICATED JUVENILES FOR
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0015|     LUNA, HIDALGO AND OTHER COUNTIES; MAKING AN APPROPRIATION;
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0016|     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 six hundred twenty-five thousand dollars ($625,000) when the children, youth and
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0022|     families department certifies the need for the issuance of the
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0023|     bonds.  The state board of finance shall schedule the issuance
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0024|     and sale of the bonds in the most expeditious and economical
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0025|     manner possible upon a finding by the board that the project has
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0001|     been 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 steps
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0004|     necessary to comply with the Internal Revenue Code of 1986, as
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0005|     amended.  The proceeds from the sale of the bonds are
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0006|     appropriated to the children, youth and families department for
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0007|     the purpose of planning, designing and constructing a regional
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0008|     juvenile detention center to house pre-adjudicated juveniles for
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0009|     Luna, Hidalgo and other counties as needed and at reasonable
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0010|     rates.  Luna county will pay the costs of operation and
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0011|     construction costs above six hundred twenty-five thousand
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0012|     dollars ($625,000).  Any unexpended or unencumbered balance
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0013|     remaining at the end of fiscal year 1999 shall revert to the
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0014|     severance tax bonding fund.  If the children, youth and families
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0015|     department has not certified the need for the issuance of the
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0016|     bonds by the end of fiscal year 1998, the authorization provided
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0017|     in this section shall be void.
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0018|       Section 2.  EMERGENCY.--It is necessary for the public
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0019|     peace, health and safety that this act take effect immediately.
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0020|                              
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0021|             
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0022|   
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0023|                    FORTY-SECOND LEGISLATURE
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0024|                      SECOND SESSION, 1996
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0025|   
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0001|   
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0002|                                              JANUARY 30, 1996
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0003|   
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0004|   Mr. President:
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0005|   
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0006|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0007|   
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0008|                           SENATE BILL 525
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0009|   
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0010|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0011|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0012|   COMMITTEE.
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0013|   
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0014|                              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|                              __________________________________
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0020|                              SENATOR MANNY M. ARAGON, Chairman 
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0021|   
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0022|   
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0023|   
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0024|   Adopted_______________________ Not Adopted_______________________
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0025|             (Chief Clerk)                        (Chief Clerk)
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   
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0007|   SO525CC1
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