Severance tax bonds and supplemental severance tax bonds payable from the severance tax bonding fund shall be paid by the state treasurer who shall keep a complete bond register showing severance tax bonds and supplemental severance tax bonds, coupons paid and outstanding on the bonds and such other records as the state board of finance […]
The Severance Tax Bonding Act shall, without reference to any other act of the legislature, be full authority for the issuance and sale of severance tax bonds and supplemental severance tax bonds, which bonds and the coupons attached thereto shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA […]
Any holder of severance tax bonds or supplemental severance tax bonds or any person or officer being a party in interest may sue to enforce and compel the performance of the provisions of the Severance Tax Bonding Act. History: 1953 Comp., § 72-18-47, enacted by Laws 1961, ch. 5, § 20; 1999 (1st S.S.), ch. […]
All severance tax bonds and supplemental severance tax bonds shall be exempt from taxation by the state or any of its political subdivisions. History: 1953 Comp., § 72-18-48, enacted by Laws 1961, ch. 5, § 21; 1999 (1st S.S.), ch. 6, § 16. ANNOTATIONS The 1999 amendment, effective July 1, 1999, inserted “and supplemental severance […]
Nothing in this Severance Tax Bonding Act shall be construed as impairing or authorizing the impairment of the contract between the state and the holders of the outstanding Building and Institution Severance Tax Bonds, Series July 1, 1955. History: 1953 Comp., § 72-18-49, enacted by Laws 1961, ch. 5, § 25. ANNOTATIONS Emergency clauses. — […]
The severance tax bonding fund created by Laws 1959, Chapter 323 is hereby continued as the severance tax bonding fund created by and referred to in the Severance Tax Bonding Act. History: 1953 Comp., § 72-18-50, enacted by Laws 1961, ch. 5, § 26; 1986, ch. 20, § 95. ANNOTATIONS Compiler’s notes. — Laws 1959, […]
The purpose of the Severance Tax Bonding Act is to establish the authority who shall issue and sell all severance tax bonds for financing specific projects authorized by the legislature and all supplemental severance tax bonds pursuant to Section 7-27-12.2 NMSA 1978 and to guarantee redemption of such bonds by revenue derived from the receipts […]
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-28 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 1, relating to the short title of the Severance Tax Income Bonding Act, effective May 21, 1986.
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-29 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 2, relating to the purpose of the Severance Tax Income Bonding Act, effective May 21, 1986.
There is created in the state treasury the “severance tax permanent fund”. History: 1953 Comp., § 72-18-30.1, enacted by Laws 1973, ch. 294, § 2; 1996, ch. 3, § 1. ANNOTATIONS The 1996 amendment, effective upon certification by the secretary of state that the proposed amendments to art. 8, § 10 and art. 12, §§ […]
The functions, powers and duties vested by law relating to the investment or reinvestment of money and the purchase, sale or exchange of investments or securities of the severance tax permanent fund are transferred to the council. The state treasurer shall maintain custody of the severance tax permanent fund but shall at all times render […]
As used in Sections 7-27-1 through 7-27-48 NMSA 1978, “council” means the state investment council. History: 1978 Comp., § 7-27-3.2, enacted by Laws 1983, ch. 306, § 6. ANNOTATIONS Effective dates. — Laws 1983, ch. 306, § 14 made Laws 1983, ch. 306, § 6 effective July 1, 1983.
The secretary of finance and administration shall make annual distributions from the severance tax permanent fund in the amount authorized by and calculated pursuant to the provisions of Article 8, Section 10 of the constitution of New Mexico. One-twelfth of the amount authorized to be distributed in a fiscal year shall be distributed each month […]
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-30 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 3, relating to a transition provision of the Severance Tax Income Bonding Act, effective May 21, 1986.
There is created the “severance tax income bond retirement fund.” Transfers from the severance tax income fund shall be made monthly to the severance tax income bond retirement fund in an amount sufficient, when added to the balance in the fund, to meet all principal and interest payments on bonds payable from the severance tax […]
The money in the severance tax income bond retirement fund is pledged for the principal and interest on all severance tax income bonds issued after the effective date of the Severance Tax Income Bonding Act. History: Laws 1981 (1st S.S.), ch. 9, § 5. ANNOTATIONS Compiler’s notes. — Pursuant to Laws 1981 (1st S.S.), ch. […]
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-33 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 6, relating to special income to retire bonds, effective May 21, 1986.
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-34 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 7, relating to severance tax income bonds, effective May 21, 1986.
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-35 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 8, relating to state board of finance issuance of bonds, effective May 21, 1986.
ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-36 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 9, relating to authority to refund bonds, effective May 21, 1986.
