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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-27-52

7-27-52

Official textnmonesource.comlast amended

Authorization for severance tax bonds; priority for projects funded by the capital development program fund.

# A.

After the annual estimate of severance tax bonding capacity pursuant to
Subsection B of Section 7-27-10.1 NMSA 1978, the board of finance division of the department of finance and administration shall allocate an amount equal to the difference between the estimated average annual principal and interest to be repaid from the amount estimated pursuant to Paragraph (1) of Subsection B of Section 7-27-10.1 NMSA 1978 for the term of an issuance less the estimated average annual principal and interest to be repaid from the amount estimated pursuant to Paragraph (2) of Subsection B of Section 7-27-10.1 NMSA 1978; provided that the difference is greater than zero. The division shall not issue debt with a term greater than one year for the allocated amount.

# B.

The legislature authorizes the state board of finance to issue severance tax bonds in the amount allocated pursuant to Subsection A of this section for projects funded by the capital development program fund. The state board of finance may issue and sell the bonds in the same manner as other severance tax bonds in an amount not to exceed the authorized amount provided for in this subsection. If necessary, the state board of finance shall take the appropriate steps to comply with the federal Internal Revenue Code of 1986, as amended. Proceeds from the sale of the bonds are appropriated to the capital development and reserve fund.

# C.

Money from the severance tax bonds provided for in this section shall not be used to pay indirect project costs.

Amendment history

Laws 2024, ch. 56, § 5.

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

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In this article (40 sections)
  1. 7-27-13 · Reserved
  2. 7-27-14 · Amount of tax; security for bonds
  3. 7-27-15 · Majority approval necessary for board action
  4. 7-27-16 · Form of bonds
  5. 7-27-17 · Execution of bonds
  6. 7-27-18 · Procedure for sale of bonds
  7. 7-27-19 · 7-27-19
  8. 7-27-20 · Expenses paid from severance tax bonding fund
  9. 7-27-21 · Treasurer to make bond payments and keep records
  10. 7-27-22 · 7-27-22
  11. 7-27-23 · Suit may be brought to compel performance of officers
  12. 7-27-24 · Bonds tax free
  13. 7-27-25 · No impairment of obligation of contract
  14. 7-27-26 · Severance tax bonding fund continued
  15. 7-27-27 · Purpose and intent
  16. 7-27-28 · Repealed
  17. 7-27-29 · Repealed
  18. 7-27-30 · Repealed
  19. 7-27-31 · Severance tax income bond retirement fund created
  20. 7-27-32 · Severance tax income bond retirement fund pledged
  21. 7-27-33 · Repealed
  22. 7-27-34 · Repealed
  23. 7-27-35 · Repealed
  24. 7-27-36 · Repealed
  25. 7-27-37 · Repealed
  26. 7-27-38 · Repealed
  27. 7-27-39 · Repealed
  28. 7-27-40 · Repealed
  29. 7-27-41 · Repealed
  30. 7-27-42 · Severance tax income bonds; legal investments
  31. 7-27-43 · 7-27-43
  32. 7-27-44 · Treasurer to make bond payments and keep records
  33. 7-27-45 · Repealed
  34. 7-27-46 · Suit may be brought to compel performance of officers
  35. 7-27-47 · Bonds tax-free
  36. 7-27-48 · 7-27-48
  37. 7-27-49 · 7-27-49
  38. 7-27-50 · Capital development and reserve fund
  39. 7-27-51 · Capital development program fund
  40. 7-27-52 · 7-27-52
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