SFL/SB 352
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AN ACT
RELATING TO EXPENDITURE OF PUBLIC MONEY; REAUTHORIZING OR
REAPPROPRIATING BALANCES, EXPANDING OR CHANGING PURPOSES,
EXTENDING EXPENDITURE PERIODS, CHANGING AGENCIES AND
ESTABLISHING CONDITIONS FOR THE REVERSION OF UNEXPENDED
BALANCES OF APPROPRIATIONS MADE BY THE LEGISLATURE IN PRIOR
YEARS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. SEVERANCE TAX BONDS--REVERSION OF
PROCEEDS.--
A. Except as otherwise provided in another section
of this act:
(1) the unexpended balance from the proceeds
of severance tax bonds issued for a project that has been
reauthorized in this act shall revert to the severance tax
bonding fund:
(a) at the end of the expenditure
period as set forth in this act, if the expenditure period is
changed in this act; or
(b) if the expenditure period is not
changed in this act, pursuant to the time frame set forth in
the law that originally authorized the severance tax bonds or
the time frame set forth in any law that has previously
reauthorized the expenditure of the proceeds, whichever is