0001|                        SENATE BILL 536
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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 PURCHASE A HANDICAPPED EQUIPPED VAN FOR
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0014|     THE DEMING SENIOR CENTER LOCATED IN LUNA COUNTY; MAKING AN
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0015|     APPROPRIATION; DECLARING AN 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.--The state board of finance may issue
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0019|     and sell severance tax bonds in compliance with the Severance
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0020|     Tax Bonding Act in an amount not exceeding fifty thousand
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0021|     dollars ($50,000) when the state agency on aging certifies the
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0022|     need for the issuance of the bonds.  The state board of finance
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0023|     shall schedule the issuance and sale of the bonds in the most
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0024|     expeditious and economical manner possible upon a finding by the
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0025|     board that the project has been developed sufficiently to
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0001|     justify the issuance and that the project can proceed to
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0002|     contract within a reasonable time.  The state board of finance
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0003|     shall further take the appropriate steps necessary to comply
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0004|     with the Internal Revenue Code of 1986, as amended.  The
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0005|     proceeds from the sale of the bonds are appropriated to the
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0006|     state agency on aging for the purpose of purchasing a
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0007|     handicapped equipped van for the Deming senior center located in
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0008|     Luna county.  Any unexpended or unencumbered balance remaining
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0009|     at the end of fiscal year 1999 shall revert to the severance tax
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0010|     bonding fund.  If the state agency on aging has not certified
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0011|     the need for the issuance of the bonds by the end of fiscal year
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0012|     1998, the authorization provided in this section shall be void.
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0013|       Section 2.  EMERGENCY.--It is necessary for the public
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0014|     peace, health and safety that this act take effect immediately.
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0015|                                      
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0016|   
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0017|                    FORTY-SECOND LEGISLATURE
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0018|                      SECOND SESSION, 1996
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0019|   
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0020|   
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0021|                                              JANUARY 30, 1996
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0022|   
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0023|   Mr. President:
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0024|   
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0025|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0001|   
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0002|                           SENATE BILL 536
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0003|   
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0004|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0005|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0006|   COMMITTEE.
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0007|   
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0008|                              Respectfully submitted,
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0009|   
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0010|   
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0011|   
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0012|   
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0013|                              __________________________________
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0014|                              SENATOR MANNY M. ARAGON, Chairman 
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0015|   
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0016|   
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0017|   
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0018|   Adopted_______________________ Not Adopted_______________________
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0019|             (Chief Clerk)                        (Chief Clerk)
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0020|   
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0021|   
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0022|                     Date ________________________
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0023|   
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0024|   
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0025|   
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0001|   S0536CC1
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