Energy transition bonds issued pursuant to the Energy Transition Act shall not constitute a debt or a pledge of the faith and credit or taxing power of this state or of any county, municipality or any other political subdivision of this state. Bondholders shall have no right to have taxes levied by the legislature or the taxing authority of any county, municipality or other political subdivision of this state for the payment of the principal of or interest on energy transition bonds. The issuance of energy transition bonds does not obligate the state or a political subdivision of the state to levy any tax or make any appropriation for payment of the principal of or interest on the bonds.
History: Laws 2019, ch. 65, § 17.
Effective dates. — Laws 2019, ch. 65 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2019, 90 days after the adjournment of the legislature.
Structure New Mexico Statutes
Chapter 62 - Electric, Gas and Water Utilities
Article 18 - Energy Transition
Section 62-18-1 - Short title.
Section 62-18-2 - Definitions.
Section 62-18-3 - Location of resource development after abandonment.
Section 62-18-4 - Financing order; application contents; pending applications.
Section 62-18-7 - Financing order; irrevocability; amendments.
Section 62-18-8 - Aggrieved parties; request for rehearing; judicial review.
Section 62-18-10 - Qualifying utility duties.
Section 62-18-11 - Commission treatment of energy transition bonds.
Section 62-18-12 - Energy transition property; energy transition revenues.
Section 62-18-15 - Fee assessments.
Section 62-18-17 - Energy transition bonds not public debt.
Section 62-18-18 - Energy transition bonds as legal investments.
Section 62-18-19 - State pledge not to impair.
Section 62-18-20 - Choice of law.