The severance tax permanent fund may be invested in deposits in New Mexico credit unions, provided each deposit is insured by an agency of the United States and the credit union offers interest on such deposits at least equal to that offered to its members for similar deposits. Such deposits may be invested for a term of maturity of eight years or less at an interest rate to be set by the council. Such deposits shall be made and administered by the council and state investment officer in accordance with the law governing deposits of public money, including, but not limited to, Sections 6-10-10, 6-10-16, 6-10-24.1 and 6-10-29 NMSA 1978. As used in this section, "deposit" includes share, share certificate and share draft.
History: Laws 1993, ch. 267, § 3.
Effective dates. — Laws 1993, ch. 267, § 6 made Laws 1993, ch. 267, § 3 effective July 1, 1993.
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.