0001|                           SENATE BILL 314
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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|                            PHIL A. GRIEGO
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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 FOR PECOS SENIOR CENTER CAPITAL OUTLAY
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0013|     PROJECTS LOCATED IN SAN MIGUEL COUNTY; MAKING AN APPROPRIATION;
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0014|     DECLARING 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.--
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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
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0021|     Bonding Act in an amount not exceeding ninety-four thousand
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0022|     dollars ($94,000) 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
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0001|     the 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
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0008|     following purposes:
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0009|                    (1)  thirty-four thousand four hundred dollars
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0010|     ($34,400) to design and construct a roof for the Pecos senior
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0011|     center located in San Miguel county;
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0012|                    (2)  forty-five thousand dollars ($45,000) to
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0013|     purchase a four-wheel-drive van with a side lift for the Pecos
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0014|     senior center located in San Miguel county;
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0015|                    (3)  ten thousand dollars ($10,000) to design,
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0016|     construct and equip renovations for the heating system at the
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0017|     Pecos senior center located in San Miguel county; and
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0018|                    (4)  five thousand dollars ($5,000) to purchase
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0019|     and install equipment for the Pecos senior center located in
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0020|     San Miguel county. 
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0021|               B.  If the state agency on aging has not certified
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0022|     the need for the issuance of the bonds by the end of fiscal
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0023|     year 1999, the authorization provided in this section shall be
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0024|     void.  Any unexpended or unencumbered balance remaining from
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0025|     the proceeds of severance tax bonds issued pursuant to
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0001|     Subsection A of this section at the end of fiscal year 2000
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0002|     shall revert to the severance tax bonding fund. 
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0003|          Section 2.  EMERGENCY.--It is necessary for the public
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0004|     peace, health and safety that this act take effect immediately.
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0005|                                  
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