us-nm/stat
NMSA 1978, § 7-1-6.38 — Distribution; governmental gross receipts tax
A.
A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made in amounts
equal to the following percentages of the net receipts attributable to the governmental
gross receipts tax, less the net receipts attributable to a hospital licensed by the
department of health:
(1) seventy-five percent to the public project revolving fund administered by
the New Mexico finance authority;
(2) twenty-four percent to the energy, minerals and natural resources
department; provided that forty-one and two-thirds percent of the distribution is
appropriated to the energy, minerals and natural resources department to implement
the provisions of the New Mexico Youth Conservation Corps Act [9-5B-1 to 9-5B-11
NMSA 1978] and fifty-eight and one-third percent of the distribution is appropriated to
the energy, minerals and natural resources department for state park and recreation
area capital improvements, including the costs of planning, engineering, design,
construction, renovation, repair, equipment and furnishings; and
(3) one percent to the cultural affairs department for capital improvements at
state museums and monuments administered by the cultural affairs department.
B.
The state pledges to and agrees with the holders of any bonds or notes issued
by the New Mexico finance authority or by the energy, minerals and natural resources
department and payable from the net receipts attributable to the governmental gross
receipts tax distributed to the New Mexico finance authority or the energy, minerals and
natural resources department pursuant to this section that the state will not limit, reduce
or alter the distribution of the net receipts attributable to the governmental gross receipts
tax to the New Mexico finance authority or the energy, minerals and natural resources
department or limit, reduce or alter the rate of imposition of the governmental gross
receipts tax until the bonds or notes together with the interest thereon are fully met and
discharged. The New Mexico finance authority and the energy, minerals and natural
resources department are authorized to include this pledge and agreement of the state
in any agreement with the holders of the bonds or notes.
Source: official text