0001|                           SENATE BILL 888
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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|                              ROD ADAIR
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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 VARIOUS SENIOR CITIZEN CENTER PROJECTS
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0013|     IN CHAVES COUNTY; MAKING AN APPROPRIATION; DECLARING AN
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0014|     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 six hundred thirty-seven
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0022|     thousand two hundred dollars ($637,200) when the state agency
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0023|     on aging certifies the need for the issuance of the bonds.  The
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0024|     state board of finance shall schedule the issuance and sale of
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0025|     the bonds in the most expeditious and economical manner
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0001|     possible upon a finding by the board that the project has been
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0002|     developed sufficiently to justify the issuance and that the
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0003|     project can proceed to contract within a reasonable time.  The
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0004|     state board of finance shall further take the appropriate steps
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0005|     necessary to comply with the Internal Revenue Code of 1986, as
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0006|     amended.  The proceeds from the sale of the bonds are
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0007|     appropriated to the state agency on aging in the following
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0008|     amounts for the following purposes:
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0009|                    (1)  four hundred ninety-one thousand two
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0010|     hundred dollars ($491,200) for designing, planning,
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0011|     constructing and equipping, including parking, paving and
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0012|     kitchen equipment purchase and installation, for a senior
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0013|     center in Roswell in Chaves county;
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0014|                    (2)  ninety-one thousand dollars ($91,000) for
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0015|     purchasing and equipping transportation vans for a senior
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0016|     center in Roswell in Chaves county; and
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0017|                    (3)  fifty-five thousand dollars ($55,000) for
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0018|     completion of the new senior center, including fencing,
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0019|     installation of a canopy and storage shed, parking lot paving
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0020|     and curbing and an irrigation sprinkler system, at a senior
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0021|     center in Lake Arthur in Chaves county.
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0022|               B.  If the state agency on aging has not certified
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0023|     the need for the issuance of the bonds by the end of fiscal
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0024|     year 1999, the authorization provided in this section shall be
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0025|     void.  Any unexpended or unencumbered balance remaining from
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0001|     the proceeds of severance tax bonds issued pursuant to
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0002|     Subsection A of this section at the end of fiscal year 2000
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0003|     shall revert to the severance tax bonding fund. 
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0004|          Section 2.  EMERGENCY.--It is necessary for the public
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0005|     peace, health and safety that this act take effect immediately.
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0006|                              
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