No more than ten percent of the book value of the severance tax permanent fund may be invested in educational institution revenue bonds described in this section.
A. The revenue bonds shall have been issued by one of the following educational institutions:
(1) the university of New Mexico;
(2) the New Mexico state university;
(3) the New Mexico highlands university;
(4) the western New Mexico university;
(5) the eastern New Mexico university; and
(6) the New Mexico institute of mining and technology.
B. The revenue bonds shall have been issued under the authority of Chapter 6, Article 17 NMSA 1978.
C. The revenue bonds shall have been issued to provide funds for the construction, furnishing and equipping of a research or development facility, including any infrastructure improvements necessary to the construction of the facility. The facility shall be one that will:
(1) provide space for operations of an already funded research or development project;
(2) be income-producing when completed and occupied; and
(3) provide both the local community in which it is located and the state generally with economic benefits including, but not limited to, employment for students of post-secondary educational institutions.
History: 1978 Comp., § 7-27-5.13, enacted by Laws 1989, ch. 265, § 3.
Emergency clauses. — Laws 1989, ch. 265, § 4 contained an emergency clause and was approved April 5, 1989.
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.