1. 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.
2. 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.
3. C. Except as provided in Section 73 [7-27-12.7 NMSA 1978] of this 2026 act, 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] or for education technology infrastructure projects pursuant to the Broadband Access and Expansion Act [Chapter 63, Article 9J NMSA 1978].
4. D. Except as provided in Section 73 of this 2026 act, the state board of finance shall issue and sell 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 or by certification by the director of the office of broadband access and expansion pursuant to Section 7-27-12.6 NMSA 1978.

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; 2025, ch. 82, § 1; 2026, ch. 71, § 74.

ANNOTATIONS

Cross references. — 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 2026 amendment, effective March 11, 2026, provided an exception to a provision that required supplemental severance tax bonds to be used only for public school capital outlay projects pursuant to the Public School Capital Outlay Act or the Public School Capital Improvements Act or for education technology infrastructure projects pursuant to the Broadband Access and Expansion Act, and removed certain outdated language; in Subsection C, after “Except as provided in” deleted “Subsection D of this section” and added “Section 73 of this 2026 act”; deleted former Subsection D and redesignated former Subsection E as Subsection D; in Subsection D, after the subsection designation, deleted “Except as provided in Subsection F of this section” and added “Except as provided in Section 73 of this 2026 act”; and deleted former Subsection F.

The 2025 amendment, effective July 1, 2025, made education technology infrastructure projects pursuant to the Broadband Access and Expansion Act eligible for severance tax proceeds for public school capital outlay projects, and required the state board of finance to issue and sell all supplemental severance tax bonds when so instructed by certification of the director of the office of broadband access and expansion; in Subsection C, after "Public School Capital Improvements Act" added "or education technology infrastructure projects pursuant to the Broadband Access and Expansion Act"; and in Subsection E, after "Section 7-27-12.2 NMSA 1978," added "or by certification by the director of the office of broadband access and expansion pursuant to Section 7-27-12.6 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 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.