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 bonds only when so instructed by resolution of the governing body or by written direction from an authorized officer of the recipient of the bond money.

C. Except as provided in Subsection D of this section, proceeds from supplemental severance tax bonds shall be used only for public school capital outlay projects pursuant to the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978] or the Public School Capital Improvements Act [Chapter 22, Article 25 NMSA 1978].

D. Proceeds from supplemental severance tax bonds issued pursuant to Paragraph (2) of Subsection A of Section 19 of Chapter 6 of Laws 1999 (1st S.S.) and Section 1 of this 2017 act shall be used for the purposes specified in those provisions.

E. Except as provided in Subsection F of this section, the state board of finance shall issue and sell all supplemental severance tax bonds when so instructed by resolution of the public school capital outlay council pursuant to Section 7-27-12.2 NMSA 1978.

F. The state board of finance shall issue and sell the supplemental severance tax bonds authorized by:

(1) Paragraph (2) of Subsection A of Section 19 of Chapter 6 of Laws 1999 (1st S.S.) when so instructed by resolution of the commission on higher education; and

(2) Section 1 of this 2017 act upon certification by the secretary of finance and administration of the need to use proceeds from those bonds as outlined in that section.

History: 1953 Comp., § 72-18-37, enacted by Laws 1961, ch. 5, § 10; 1984, ch. 4, § 2; 1999 (1st S.S.), ch. 6, § 6; 2001, ch. 37, § 1; 2001, ch. 338, § 1; 2017 (1st S.S.), ch. 1, § 5.

Cross references. — For laws authorizing severance tax bond issues, see the appendix to this article.

For state board of finance, see 6-1-1 NMSA 1978.

For commission on higher education, see 21-1-26 NMSA 1978.

For public school capital outlay council, see 22-24-6 NMSA 1978.

For interstate stream commission, see 72-14-1 NMSA 1978.

The 2017 (1st S.S.) amendment, effective May 26, 2017, authorized the board of finance division of the department of finance and administration to transfer proceeds from supplemental severance tax bonds to the general fund for use by the department in fiscal year 2017 to restore certain allotments from the general fund; in Subsection D, after "(1st S.S.)", added "and Section 1 of this 2017 act", and after "specified in", deleted "that paragraph" and added "those provisions"; and in Subsection F, after "authorized by", added paragraph designation "(1)", and at the end of Paragraph (1), added "and", and added Paragraph (2).

2001 Multiple Amendments. — Laws 2001, ch. 338, § 1, effective April 5, 2001, substituted "by written direction from an authorized officer" for "executive head" at the end of Subsection B; in Subsection C, inserted the exception to the beginning of the subsection, deleted "critical" preceding "capital outlay", substituted "the Public School Capital Improvements Act" for language concerning post-secondary infrastructure renovation and expansion needs; deleted former Subsection D; and added current Subsections D, E and F.

Laws 2001, ch. 37, § 1, effective June 15, 2001, in Subsection B, deleted "executive head" and added "by written direction from an authorized officer"; and in Subsection D, after the second occurrence of "commission higher education", deleted "pursuant to certification by the governing bodies of the appropriate educational institutions".

The 1999 amendment, effective July 1, 1999, added the Subsection A and B designations and added Subsection C; inserted "or executive head" in the second sentence in Subsection B; and made minor stylistic changes.