A. The state board of finance is authorized to issue and sell severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell severance tax bonds.
B. The state board of finance may issue and sell supplemental severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell supplemental severance tax bonds. As a temporary measure for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars ($181,800,000) of supplemental severance tax bonds or notes.
History: 1953 Comp., § 72-18-35, enacted by Laws 1961, ch. 5, § 8; 1999 (1st S.S.), ch. 6, § 4; 2019, ch. 273, § 1.
The 2019 amendment, effective June 14, 2019, provided that for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars of supplemental severance tax bonds or notes; and in Subsection B, added "As a temporary measure for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars ($181,800,000) of supplemental severance tax bonds or notes".
The 1999 amendment, effective July 1, 1999, added the Subsection A designation, added Subsection B, and made a minor stylistic change.
Structure New Mexico Statutes
Article 27 - Severance Tax Bonding Act
Section 7-27-2 - Severance tax bonding fund created.
Section 7-27-3 - Severance tax permanent fund created.
Section 7-27-3.1 - Transfer of investment powers.
Section 7-27-3.2 - Definition.
Section 7-27-3.3 - Severance tax permanent fund; annual distributions.
Section 7-27-5 - Investment of severance tax permanent fund.
Section 7-27-5.3 - Conventional mortgage pass-through securities.
Section 7-27-5.4 - New Mexico business investments.
Section 7-27-5.5 - Educational loan notes.
Section 7-27-5.13 - Educational institution research and development facilities revenue bonds.
Section 7-27-5.14 - Findings and purpose.
Section 7-27-5.15 - New Mexico private equity funds and New Mexico business investments.
Section 7-27-5.17 - Employers mutual company revenue bonds.
Section 7-27-5.19 - Deposits in New Mexico financial institutions; limitations.
Section 7-27-5.20 - Deposits in New Mexico credit unions.
Section 7-27-5.21 - New Mexico lottery revenue bonds.
Section 7-27-5.26 - Investment in films to be produced in New Mexico.
Section 7-27-5.27 - Local government emergency economic relief.
Section 7-27-6 - Severance tax bonding fund pledged.
Section 7-27-7 - Special income to retire bonds.
Section 7-27-8 - Transfer of money to severance tax permanent fund.
Section 7-27-9 - Bonds to be known as severance tax bonds and supplemental severance tax bonds.
Section 7-27-10 - State board of finance shall issue bonds.
Section 7-27-11 - Authority to refund bonds.
Section 7-27-12 - When severance tax bonds to be issued.
Section 7-27-12.1 - Severance tax bonds; purpose for which issued; appropriation of proceeds.
Section 7-27-14 - Amount of tax; security for bonds.
Section 7-27-15 - Majority approval necessary for board action.
Section 7-27-16 - Form of bonds.
Section 7-27-17 - Execution of bonds.
Section 7-27-18 - Procedure for sale of bonds.
Section 7-27-19 - Severance tax bonds and supplemental severance tax bonds legal investments.
Section 7-27-20 - Expenses paid from severance tax bonding fund.
Section 7-27-21 - Treasurer to make bond payments and keep records.
Section 7-27-22 - Severance tax bonding act to be full authority for issuance of bonds.
Section 7-27-23 - Suit may be brought to compel performance of officers.
Section 7-27-24 - Bonds tax free.
Section 7-27-25 - No impairment of obligation of contract.
Section 7-27-26 - Severance tax bonding fund continued.
Section 7-27-27 - Purpose and intent.
Section 7-27-31 - Severance tax income bond retirement fund created.
Section 7-27-32 - Severance tax income bond retirement fund pledged.
Section 7-27-42 - Severance tax income bonds; legal investments.
Section 7-27-43 - Expenses paid from severance tax income bond retirement fund.
Section 7-27-44 - Treasurer to make bond payments and keep records.
Section 7-27-46 - Suit may be brought to compel performance of officers.
Section 7-27-47 - Bonds tax-free.
Section 7-27-48 - Temporary provision; no impairment of obligation of contract.