The purpose of the Severance Tax Bonding Act is to establish the authority who shall issue and sell all severance tax bonds for financing specific projects authorized by the legislature and all supplemental severance tax bonds pursuant to Section 7-27-12.2 NMSA 1978 and to guarantee redemption of such bonds by revenue derived from the receipts from taxes levied upon natural resource products severed and saved from the soil and such other money as the legislature may from time to time determine. It is intended that projects to be financed from the fund shall include the construction of public school buildings, other buildings for state institutions and water resource projects; and it is further intended that the income from water resource projects in excess of the amount required for operation and maintenance of the project shall be used to repay the severance tax bonding fund.
History: 1953 Comp., § 72-18-51, enacted by Laws 1961, ch. 5, § 27; 1986, ch. 20, § 96; 1999 (1st S.S.), ch. 6, § 17; 2001, ch. 338, § 3.
The 2001 amendment, effective April 5, 2001, deleted "and supplemental severance tax bonds" preceding "for financing specific projects authorized by the legislature" and inserted, following that same language, "and all supplemental severance tax bonds pursuant to Section 7-27-12.2 NMSA 1978"; deleted "but not limited to" following "shall include"; and inserted "public school buildings, other" preceding "buildings for state institutions".
The 1999 amendment, effective July 1, 1999, inserted "and supplemental severance tax bonds" in the first sentence.
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