HTRC/HB 16
Page 1
AN ACT
RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
SEVERANCE TAX BONDS; REAUTHORIZING BALANCES; CHANGING THE
PURPOSES AND AGENCIES OF CERTAIN SEVERANCE TAX BOND
AUTHORIZATIONS; EXTENDING EXPENDITURE PERIODS; CHANGING
CERTAIN GENERAL FUND APPROPRIATIONS; CLARIFYING CONDITIONS FOR
THE ISSUANCE OF BONDS; ESTABLISHING CONDITIONS FOR THE
EXPENDITURE OF SEVERANCE TAX BOND PROCEEDS; REVERTING CERTAIN
UNEXPENDED BALANCES OF PRIOR SEVERANCE TAX AND GENERAL
OBLIGATION BOND ISSUANCES AND GENERAL FUND AND OTHER
APPROPRIATIONS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. SEVERANCE TAX BONDS--AUTHORIZATIONS--
APPROPRIATION OF PROCEEDS.--
A. The state board of finance may issue and sell
severance tax bonds in compliance with the Severance Tax
Bonding Act in an amount not to exceed the total of the
amounts authorized for purposes specified in this act. The
state board of finance shall schedule the issuance and sale of
the bonds in the most expeditious and economical manner
possible upon a finding by the board that the project has been
developed sufficiently to justify the issuance and that the
project can proceed to contract within a reasonable time. The
state board of finance shall further take the appropriate