Authorized Severance Tax Bonds Appx., Art. 27 The New Mexico Legislature has, since 1968, authorized issuance of the following severance tax bonds: Laws 1993, ch. 367, §§ 1 to 38, as amended by Laws 1996, ch. 14, § 32, and Laws 2003, ch. 429, § 92 various amounts for various capital improvements. Laws 1994, ch. […]
Sections 7-27-1 through 7-27-27 NMSA 1978 may be cited as the “Severance Tax Bonding Act”. History: 1953 Comp., § 72-18-29, enacted by Laws 1961, ch. 5, § 2; 2000, ch. 97, § 1. ANNOTATIONS The 2000 amendment, effective May 17, 2000, substituted “Sections 7-27-1 through 7-27-27 NMSA 1978” for “This act”. Law reviews. — For […]
A. The state board of finance is authorized to issue and sell severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell severance tax bonds. B. The state board of finance may issue and sell supplemental severance tax bonds within […]
A. On December 31 of each year from 2019 through 2028, the division shall transfer twenty-three million six hundred ninety thousand dollars ($23,690,000) from the severance tax bonding fund to the severance tax permanent fund, unless the state board of finance determines that a lesser transfer amount is necessary pursuant to Section 7-27-8 NMSA 1978 […]
A. The state board of finance may issue and sell at public or private sale severance tax bonds to refund outstanding severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding bonds, or any combination thereof when, in its opinion, such […]
ANNOTATIONS Repeals. — Laws 1999 (1st S.S.), ch. 6, § 20 repealed 7-27-11.1 NMSA 1978, as enacted by Laws 1985 (1st S.S.), ch. 15, § 15, relating to declaration of legislative intent in enacting 7-27-11 NMSA 1978, effective July 1, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com.
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 […]
The state board of finance may issue and sell severance tax bonds in fiscal years 2001 through 2010 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of twenty million dollars ($20,000,000) when the local government division of the department of finance and administration certifies the need for the […]
A. The public school capital outlay council is authorized to certify by resolution that proceeds of supplemental severance tax bonds are needed for expenditures relating to public school capital outlay projects pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978] or for the state distribution for public school capital improvements […]
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 […]
A. The state board of finance may issue and sell severance tax bonds in fiscal years 2007 through 2009 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of one hundred fifty million dollars ($150,000,000) when the department of transportation certifies the need for the issuance of the bonds; […]
A. After the annual estimate of severance tax bonding capacity pursuant to Subsection A of Section 7-27-10.1 NMSA 1978, the board of finance division of the department of finance and administration shall allocate the following percentages of the estimated bonding capacity for colonias infrastructure projects: (1) in 2016, six and one-half percent; and (2) in […]
A. The legislature shall provide for the continued assessment, levy, collection and deposit into the severance tax bonding fund of the tax or taxes upon natural resource products severed and saved from the soil of the state that, together with such other income as may be deposited to the fund, will be sufficient to produce […]
Any action taken hereunder by the state board of finance must be approved by a majority of its members. History: 1953 Comp., § 72-18-39, enacted by Laws 1961, ch. 5, § 12. ANNOTATIONS Emergency clauses. — Laws 1961, ch. 5, § 28 contained an emergency clause and was approved February 17, 1961.
A. The state board of finance, except as otherwise specifically provided in the Severance Tax Bonding Act, shall determine at its discretion the terms, covenants and conditions of severance tax bonds and supplemental severance tax bonds, including but not limited to: date of issue, denominations, maturities, rate or rates of interest, call features, call premiums, […]
Severance tax bonds and supplemental severance tax bonds shall be signed and attested by the state treasurer and shall be executed with the facsimile signature of the governor and the facsimile seal of the state, except for bonds issued in book entry or similar form without the delivery of physical securities. Any interest coupons attached […]
A. Severance tax bonds and supplemental severance tax bonds shall be sold by the state board of finance at such times and in such manner as the board may elect, consistent with the need of the board, commission or agency that is the recipient of the bond money, to the highest bidder for cash at […]
Severance tax bonds and supplemental severance tax bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money. History: 1953 Comp., § 72-18-43, enacted by Laws 1961, ch. 5, § 16; 1999 (1st S.S.), ch. 6, § 11. […]
There is created the “severance tax bonding fund” into which shall be distributed, in accordance with the Tax Administration Act [Chapter 7, Article 1 NMSA 1978], the net receipts from taxes levied upon natural resource products severed and saved from the soil in accordance with the provisions of the Severance Tax Act [7-26-1 to 7-26-8 […]
The expense incurred in the issuance of severance tax bonds and supplemental severance tax bonds shall be paid from the severance tax bonding fund. History: 1953 Comp., § 72-18-44, enacted by Laws 1961, ch. 5, § 17; 1999 (1st S.S.), ch. 6, § 12. ANNOTATIONS The 1999 amendment, effective July 1, 1999, inserted “and supplemental […]
