NMSA 1978, § 7-27-5.5 — Educational loan notes

The severance tax permanent fund may be invested in educational loan notes
issued pursuant to the Educational Assistance Act [Chapter 21, Article 21A NMSA
1978]; provided that in no event shall the principal amount of such notes purchased in
any twelve-month period exceed ten million dollars ($10,000,000), and in no event shall
the total amount of such notes held by the severance tax permanent fund exceed ten
percent of the book value of the severance tax permanent fund. If any educational loan
note is sold by the severance tax permanent fund, the sale shall be without recourse to
the fund or the state.