SFC/SB 167
Page 1
AN ACT
RELATING TO PUBLIC SCHOOLS; PROVIDING CRITERIA AND PROCEDURES
FOR FUNDING PUBLIC SCHOOL CAPITAL OUTLAY PROJECTS FOR PUBLIC
SCHOOL BUILDINGS, INCLUDING CAPITAL OUTLAY FOR KINDERGARTEN
CLASSROOMS; AUTHORIZING THE ISSUANCE OF SUPPLEMENTAL
SEVERANCE TAX BONDS; AUTHORIZING THE ISSUANCE OF SEVERANCE
TAX BONDS; CREATING A DEFICIENCIES CORRECTION UNIT AS PART OF
THE PUBLIC SCHOOL CAPITAL OUTLAY COUNCIL; CREATING THE PUBLIC
SCHOOL CAPITAL OUTLAY TASK FORCE; MAKING APPROPRIATIONS;
DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 7-27-12 NMSA 1978 (being Laws 1961,
Chapter 5, Section 10, as amended) is amended to read:
"7-27-12. WHEN SEVERANCE TAX BONDS TO BE ISSUED.--
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 72-14-42 NMSA 1978, and such authority as has been
given to the interstate stream commission to issue and sell
such bonds is transferred to the state board of finance. The
state board of finance shall issue and sell all severance tax