SFC/SB 827
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AN ACT
RELATING TO 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; ESTABLISHING CONDITIONS FOR THE
REVERSION OF UNEXPENDED BALANCES; MAKING APPROPRIATIONS;
REAUTHORIZING BALANCES; CHANGING THE PURPOSE OF PRIOR
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
steps necessary to comply with the Internal Revenue Code of
1986, as amended. Proceeds from the sale of the bonds are