NMSA 1978, § 7-27-12.3 — 7-27-12.3

Administration of certain bond proceeds appropriated to
the public school capital outlay fund.
Proceeds of severance tax bonds and supplemental severance tax bonds previously
or hereafter issued by the state board of finance that are appropriated to the public
school capital outlay fund for the purpose of carrying out the provisions of the Public
School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978] shall, except to the
extent that the proceeds are derived from any bonds the interest on which is excluded
from federal income tax, be transferred by the state board of finance immediately upon
receipt to the public school capital outlay fund. All money so transferred shall be
administered for disbursement purposes by the public school capital outlay council
consistent with the requirements of the Public School Capital Outlay Act.