0001|                           HOUSE BILL 1109
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              FRED LUNA
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0005|     
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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|                                AN ACT
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0011|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
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0012|     SEVERANCE TAX BONDS TO RENOVATE A VOCATIONAL PROGRAM FACILITY
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0013|     IN BELEN IN VALENCIA COUNTY; MAKING AN APPROPRIATION; DECLARING
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0014|     AN EMERGENCY.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED-
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0018|     -APPROPRIATION OF PROCEEDS.--The state board of finance may
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0019|     issue and sell severance tax bonds in compliance with the
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0020|     Severance Tax Bonding Act in an amount not exceeding three
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0021|     hundred thousand dollars ($300,000) when the department of
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0022|     health certifies the need for the issuance of the bonds.  The
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0023|     state board of finance shall schedule the issuance and sale of
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0024|     the bonds in the most expeditious and economical manner
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0025|     possible upon a finding by the board that the project has been
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0001|     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 department of health for the purpose of
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0007|     renovating a facility for a vocational program for
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0008|     developmentally disabled adults in Belen located in Valencia
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0009|     county.  Any unexpended or unencumbered balance remaining at
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0010|     the end of fiscal year 2000 shall revert to the severance tax
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0011|     bonding fund.  If the department of health has not certified
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0012|     the need for the issuance of the bonds by the end of fiscal
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0013|     year 1999, the authorization provided in this section shall be
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0014|     void.
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0015|          Section 2.  EMERGENCY.--It is necessary for the public
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0016|     peace, health and safety that this act take effect immediately.
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0017|                                  
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