New Mexico § 7-27-12 When severance tax bonds to be issued

New Mexico Statutes

§ 7-27-12 — When severance tax bonds to be issued

New Mexico § 7-27-12

Ch. 7Taxation

Art. 27Severance Tax Bonding Act

This text of New Mexico § 7-27-12 (When severance tax bonds to be issued) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 7-27-12 (2026).

Text

A.The state board of finance shall issue and sell all severance tax bonds when authorized to do so by any law that sets out the amount of the issue and the recipient of the money.

B.The state board of finance shall also issue and sell severance tax bonds authorized by Sections 72-14-36 through 72-14-42 NMSA 1978, and such authority as has been given to the interstate stream commission to issue and sell such bonds is transferred to the state board of finance. The state board of finance shall issue and sell all severance tax bonds only when so instructed by resolution of the governing body or by written direction from an authorized officer of the recipient of the bond money.

C.Except as provided in Subsection D of this section, proceeds from supplemental severance tax bonds shall be used

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A. The state board of finance shall issue and sell all severance tax bonds when authorized to do so by any law that sets out the amount of the issue and the recipient of the money. B. The state board of finance shall also issue and sell severance tax bonds authorized by Sections 72-14-36 through 72-14-42 NMSA 1978, and such authority as has been given to the interstate stream commission to issue and sell such bonds is transferred to the state board of finance. The state board of finance shall issue and sell all severance tax bonds only when so instructed by resolution of the governing body or by written direction from an authorized officer of the recipient of the bond money. C. Except as provided in Subsection D of this section, proceeds from supplemental severance tax bonds shall be used only for public school capital outlay projects pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978] or the Public School Capital Improvements Act [Chapter 22, Article 25 NMSA 1978] or education technology infrastructure projects pursuant to the Broadband Access and Expansion Act [Chapter 63, Article 9J NMSA 1978]. D. Proceeds from supplemental severance tax bonds issued pursuant to Paragraph (2) of Subsection A of Section 19 of Chapter 6 of Laws 1999 (1st S.S.) and Laws 2017 (1st S.S.), Chapter 1, Section 1 shall be used for the purposes specified in those provisions. E. Except as provided in Subsection F of this section, the state board of finance shall issue and sell all supplemental severance tax bonds when so instructed by resolution of the public school capital outlay council pursuant to Section 7-27-12.2 NMSA 1978 or by certification by the director of the office of broadband access and expansion pursuant to Section 7-27-12.6 NMSA 1978. F. The state board of finance shall issue and sell the supplemental severance tax bonds authorized by: (1) Paragraph (2) of Subsection A of Section 19 of Chapter 6 of Laws 1999 (1st S.S.) when so instructed by resolution of the commission on higher education; and (2) Laws 2017 (1st S.S.), Chapter 1, Section 1 upon certification by the secretary of finance and administration of the need to use proceeds from those bonds as outlined in that section.