HTRC/HB 622
Page 1
AN ACT
RELATING TO THE EXPENDITURE OF PUBLIC MONEY; PROVIDING FOR
CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF SEVERANCE
TAX BONDS; AUTHORIZING EXPENDITURES FROM CERTAIN FUNDS AND
BALANCES; CLARIFYING CONDITIONS FOR THE ISSUANCE OF BONDS;
ESTABLISHING CONDITIONS FOR THE EXPENDITURE OF SEVERANCE TAX
BOND PROCEEDS; REAUTHORIZING BALANCES; CHANGING THE PURPOSE OF
A SEVERANCE TAX BOND APPROPRIATION; ESTABLISHING CONDITIONS
FOR THE REVERSION OF UNEXPENDED BALANCES; PROVIDING FOR
OPERATING EXPENSES AND OTHER EXPENDITURES; 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