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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-27-12

When severance tax bonds to be issued

Official textnmonesource.comlast amended

# 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 Section 73 [7-27-12.7 NMSA 1978] of this 2026 act, 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 for education technology infrastructure projects pursuant to the Broadband Access and Expansion Act [Chapter 63, Article 9J NMSA 1978].

# D.

Except as provided in Section 73 of this 2026 act, the state board of finance shall issue and sell 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.

Amendment history

1953 Comp., § 72-18-37, enacted by Laws 1961, ch. 5, § 10; 1984, ch. 4, § 2; 1999 (1st S.S.), ch. 6, § 6; 2001, ch. 37, § 1; 2001, ch. 338, § 1; 2017 (1st S.S.), ch. 1, § 5; 2025, ch. 82, § 1; 2026, ch. 71, § 74.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-27-5.17 · Employers mutual company revenue bonds
  2. 7-27-5.18 · Purpose
  3. 7-27-5.19 · Deposits in New Mexico financial institutions; limitations
  4. 7-27-5.20 · Deposits in New Mexico credit unions
  5. 7-27-5.21 · New Mexico lottery revenue bonds
  6. 7-27-5.22 · 7-27-5.22
  7. 7-27-5.23 · Repealed
  8. 7-27-5.24 · 7-27-5.24
  9. 7-27-5.25 · Repealed
  10. 7-27-5.26 · Investment in films to be produced in New Mexico
  11. 7-27-5.27 · Local government emergency economic relief
  12. 7-27-6 · Severance tax bonding fund pledged
  13. 7-27-7 · Special income to retire bonds
  14. 7-27-8 · Transfer of money to severance tax permanent fund
  15. 7-27-9 · 7-27-9
  16. 7-27-10 · State board of finance shall issue bonds
  17. 7-27-10.1 · 7-27-10.1
  18. 7-27-10.2 · 7-27-10.2
  19. 7-27-11 · Authority to refund bonds
  20. 7-27-11.1 · Repealed
  21. 7-27-12 · When severance tax bonds to be issued
  22. 7-27-12.1 · 7-27-12.1
  23. 7-27-12.2 · 7-27-12.2
  24. 7-27-12.3 · 7-27-12.3
  25. 7-27-12.4 · 7-27-12.4
  26. 7-27-12.5 · 7-27-12.5
  27. 7-27-12.6 · 7-27-12.6
  28. 7-27-12.7 · 7-27-12.7
  29. 7-27-13 · Reserved
  30. 7-27-14 · Amount of tax; security for bonds
  31. 7-27-15 · Majority approval necessary for board action
  32. 7-27-16 · Form of bonds
  33. 7-27-17 · Execution of bonds
  34. 7-27-18 · Procedure for sale of bonds
  35. 7-27-19 · 7-27-19
  36. 7-27-20 · Expenses paid from severance tax bonding fund
  37. 7-27-21 · Treasurer to make bond payments and keep records
  38. 7-27-22 · 7-27-22
  39. 7-27-23 · Suit may be brought to compel performance of officers
  40. 7-27-24 · Bonds tax free
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