FIFTY-SIXTH LEGISLATURE

SECOND SESSION, 2024

 

February 5, 2024

 

 

 

Mr. Speaker:

 

    Your APPROPRIATIONS & FINANCE COMMITTEE, to whom has been referred

 

HOUSE BILL 253

 

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

 

1. On page 1, line 11, after the semicolon, insert

"AUTHORIZING A CERTAIN AMOUNT OF SEVERANCE TAX BONDS THAT MAY BE

ISSUED IN FISCAL YEAR 2024;".

 

     2. On page 1, between lines 17 and 18, insert:

 

     "SECTION 1. Section 7-27-10 NMSA 1978 (being Laws 1961,

Chapter 5, Section 8, as amended) is amended to read:

 

     "7-27-10. STATE BOARD OF FINANCE SHALL ISSUE BONDS.--

 

          A. The state board of finance is authorized to issue and

sell severance tax bonds within the provisions of the Severance Tax

Bonding Act, and no other agency of the state is authorized to issue

or sell severance tax bonds.

 

          B. For fiscal year 2024, the state board of finance is

authorized to issue and sell up to five hundred million dollars

($500,000,000) of severance tax bonds or notes in addition to all

other authorized issuances. The actual amount shall be determined

by the state board of finance after all other authorized issuances

are made. Proceeds from the sale of these bonds or notes shall be

deposited in the capital development and reserve fund.

 

          [B.] C. The state board of finance may issue and sell

supplemental severance tax bonds within the provisions of the

Severance Tax Bonding Act, and no other agency of the state is

authorized to issue or sell supplemental severance tax bonds. [As a

temporary measure for fiscal year 2023, the state board of finance

shall not issue and sell more than six hundred eighty-two million

two hundred thousand dollars ($682,200,000) of supplemental

severance tax bonds or notes.]"".

 

     3. Renumber succeeding sections accordingly.

 

     4. On page 5, line 19, after the first occurrence of "in",

insert "Subsections E through F of".

 

     5. On page 6, line 8, strike "July" and insert in lieu thereof

"January", on line 11, before "year-end", insert "fiscal", on line

13, strike "calendar" and insert in lieu thereof "fiscal" and strike

"July" and insert in lieu thereof "January", on line 15, strike

"calendar" and insert in lieu thereof "fiscal", on line 16, before

"year-end", insert "fiscal" and on line 18, strike "calendar" and

insert in lieu thereof "fiscal".

 

     6. On page 6, line 20, after the subsection designation "E.",

strike the remainder of the line and strike line 21 through "money"

and insert in lieu thereof:

"Money in the fund is subject to appropriation by the legislature

for capital projects or for transfer to the severance tax permanent

fund.

 

          F. Money".

     7. On page 7, line 7, strike "in the state treasury" and

insert in lieu thereof "as a subaccount of the severance tax bonding

fund".

 

     8. On page 7, line 18, after the period, insert:

 

"Any unexpended or unencumbered balance of an appropriation for a

capital project remaining after two years following the date of the

appropriation shall revert to the severance tax permanent fund.".

 

                             

                             Respectfully submitted,

 

 

 

                                                                 

Nathan Small, Chair

 

 

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

 

Date

 

 

The roll call vote was 12 For 0 Against

Yes:      12

No:       0

Excused:  Chatfield, Garratt, Lujan, Montoya, Pettigrew, Sariñana

Absent:   None

 

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HB0253AF1.wpd