NMSA 1978, § 7-27-12.7 — 7-27-12.7

Supplemental severance tax bonds; university of New
Mexico school of medicine.

# A.

The state board of finance shall issue and sell supplemental severance tax
bonds in an amount not exceeding a total of two hundred eighty million dollars
($280,000,000) in fiscal years 2026 through 2029 when the board of regents of the
university of New Mexico certifies the need for the issuance of bonds to plan, design,
construct, equip, furnish and landscape a new school of medicine; provided that the
total issuance of supplemental severance tax bonds in fiscal years 2026 through 2029
shall not exceed the debt service limitations provided for in Subsection D of Section 7-
27-14 NMSA 1978. The proceeds from the sales of the bonds are appropriated to the
board of regents of the university of New Mexico for the purposes enumerated in this
subsection.

# B.

The state board of finance shall schedule the issuance and sale of the bonds in
the most expeditious and economical manner possible upon a finding of the board that
the project has been developed sufficiently to justify the issuance and that the project
can proceed to contract and completion within a reasonable time. The state board of
finance shall further take appropriate steps necessary to comply with the Internal
Revenue Code of 1986, as applicable.