1. 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.
2. 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.
3. 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.

History: 1953 Comp., § 72-18-35, enacted by Laws 1961, ch. 5, § 8; 1999 (1st S.S.), ch. 6, § 4; 2019, ch. 273, § 1; 2023, ch. 124, § 1; 2024, ch. 56, § 1.

ANNOTATIONS

The 2024 amendment, effective May 15, 2024, authorized the issuance of up to five hundred million dollars of severance tax bonds in addition to all other authorized issuances in fiscal year 2024; added a new Subsection B and redesignated former Subsection B as Subsection C; and in Subsection C, deleted "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."

The 2023 amendment, effective June 16, 2023, limited the amount of supplemental severance tax bonds or notes issued in 2023; and in Subsection B, after "fiscal year", changed "2019" to "2023", and after "sell more than", deleted "one hundred eighty-one million eight hundred thousand dollars ($181,800,000)" and added "six hundred eighty-two million two hundred thousand dollars ($682,200,000)".

The 2019 amendment, effective June 14, 2019, provided that for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars of supplemental severance tax bonds or notes; and in Subsection B, added "As a temporary measure for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars ($181,800,000) of supplemental severance tax bonds or notes".

The 1999 amendment, effective July 1, 1999, added the Subsection A designation, added Subsection B, and made a minor stylistic change.