NMSA 1978, § 7-1-6.42 — 7-1-6.42

Distribution; state building bonding fund; gross receipts
tax.
A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state
building bonding fund in the amount of five hundred thirty thousand dollars ($530,000)
from the net receipts attributable to the gross receipts tax imposed by the Gross
Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978]. The distribution
shall be made:

# A.

after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;

# B.

contemporaneously with other distributions of net receipts attributable to
the gross receipts tax for payment of debt service on outstanding bonds or to a fund
dedicated for that purpose; and

# C.

prior to any other distribution of net receipts attributable to the gross
receipts tax.