reglab/housing_qa huggingface dataset:
NM Stat § 7-27-5.24 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-5.24 - Severance tax permanent fund; investment in obligations issued for state capitol buildings and renovations.

Subject to the approval of the state investment council, the severance tax permanent fund may be invested in revenue bonds issued by the New Mexico finance authority for state capitol buildings and relocation-associated renovations in the state capitol. The amount invested shall not exceed ten million one hundred fifty-five thousand dollars ($10,155,000). History: 1978 Comp., § 7-27-5.24, enacted by Laws 1997, ch. 178, § 3. ANNOTATIONSEffective dates. — Laws 1997, ch. 178 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 1997, 90 days after the adjournment of the legislature.
NM Stat § 7-27-5.25 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-5.25 - Repealed.

History: Laws 2000, ch. 5, § 4; repealed by Laws 2005, ch. 240, § 7.ANNOTATIONSRepeals. — Laws 2005, ch. 240, § 7 repealed 7-27-5.25 NMSA 1978, as enacted by Laws 2000, ch. 5, § 4, relating to revenue bonds issued for parking facility, effective July 1, 2005. For provisions of former section, see the 2004 NMSA 1978 on NMOneSource.com.
NM Stat § 7-27-6 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-6 - Severance tax bonding fund pledged.

A. The money in the severance tax bonding fund is first pledged for the payment of principal and interest on all severance tax bonds issued after the enactment of the Severance Tax Bonding Act. B. The money in the severance tax bonding fund is second pledged, on a basis subordinate to any severance tax bonds then or thereafter outstanding, for the payment of principal and interest on all supplemental severance tax bonds issued after the enactment of the Severance Tax Bonding Act. History: 1953 Comp., § 72-18-31, enacted by Laws 1961, ch. 5, § 4; 1999 (1st S.S.), ch. 6, § 1. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, deleted the former first sentence, relating to the first pledging of the severance tax bonding fund moneys, added the Subsection A designation, substituted "first" for "further" and made a minor stylistic change, and added Subsection B.
NM Stat § 7-27-7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-7 - Special income to retire bonds.

When a law authorizing a severance tax bond issue or supplemental severance tax bond issue contemplates the income of money for the retirement of the bond issue other than or in addition to the money in the severance tax bonding fund, then the money derived from such income shall be paid to the state treasurer and be credited to the specific bond issue account and deposited in the severance tax bonding fund. History: 1953 Comp., § 72-18-32, enacted by Laws 1961, ch. 5, § 5; 1999 (1st S.S.), ch. 6, § 2. ANNOTATIONSCross references. — For laws authorizing severance tax bond issues, see appendix to this article. The 1999 amendment, effective July 1, 1999, inserted "or supplemental severance tax bond issue" and substituted "state treasurer" for "state board of finance".
NM Stat § 7-27-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-8 - Transfer of money to severance tax permanent fund.

On each December 31 and each June 30 the state treasurer shall transfer to the severance tax permanent fund all money in the severance tax bonding fund except the amount necessary to meet all principal and interest payments on bonds payable from the severance tax bonding fund on the next two ensuing semiannual payment dates. History: 1953 Comp., § 72-18-33, enacted by Laws 1961, ch. 5, § 6; 1973, ch. 294, § 3.
NM Stat § 7-27-9 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-9 - Bonds to be known as severance tax bonds and supplemental severance tax bonds.

A. Prior to July 1, 1999, all bonds issued wherein the money in the severance tax bonding fund is pledged for their retirement shall be known as "New Mexico severance tax bonds". B. After July 1, 1999, there shall be two categories of bonds issued by the state board of finance wherein the money in the severance tax bonding fund is pledged for their retirement. Those bonds shall be known as "New Mexico severance tax bonds" and as "New Mexico supplemental severance tax bonds". History: 1953 Comp., § 72-18-34, enacted by Laws 1961, ch. 5, § 7; 1999 (1st S.S.), ch. 6, § 3. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, added "and supplemental severance tax bonds" to the catchline; added the Subsection A designation, added "Prior to July 1, 1999" to the beginning, and made a stylistic change; and added Subsection B.
NM Stat § 7-27-10 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 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. 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 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. History: 1953 Comp., § 72-18-35, enacted by Laws 1961, ch. 5, § 8; 1999 (1st S.S.), ch. 6, § 4; 2019, ch. 273, § 1. ANNOTATIONSThe 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.
NM Stat § 7-27-11 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-11 - Authority to refund bonds.

A. The state board of finance may issue and sell at public or private sale severance tax bonds to refund outstanding severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding bonds, or any combination thereof when, in its opinion, such action will be beneficial to the state. B. The state board of finance may issue and sell at public or private sale supplemental severance tax bonds to refund outstanding supplemental severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding supplemental severance tax bonds, or any combination thereof when, in its opinion, such action will be beneficial to the state. History: 1953 Comp., § 72-18-36, enacted by Laws 1961, ch. 5, § 9; 1985 (1st S.S.), ch. 15, § 13; 1999 (1st S.S.), ch. 6, § 5. ANNOTATIONSCross references. — For the state board of finance, see 6-1-1 NMSA 1978. The 1999 amendment, effective July 1, 1999, deleted "and other bonds payable from the severance tax bonding fund" preceding "by exchange" near the middle of Subsection A; deleted former Subsections B and C, relating to use of the level savings method of advance refunding and prohibiting issuance of certain bonds to refund outstanding severance tax bonds; and added present Subsection B.
NM Stat § 7-27-11.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-11.1 - Repealed.

ANNOTATIONSRepeals. — Laws 1999 (1st S.S.), ch. 6, § 20 repealed 7-27-11.1 NMSA 1978, as enacted by Laws 1985 (1st S.S.), ch. 15, § 15, relating to declaration of legislative intent in enacting 7-27-11 NMSA 1978, effective July 1, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com.
NM Stat § 7-27-12.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-12.1 - Severance tax bonds; purpose for which issued; appropriation of proceeds.

The state board of finance may issue and sell severance tax bonds in fiscal years 2001 through 2010 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of twenty million dollars ($20,000,000) when the local government division of the department of finance and administration certifies the need for the issuance of the bonds; provided that no more than four million dollars ($4,000,000) may be issued in fiscal year 2001 and no more than two million dollars ($2,000,000) may be issued in any one fiscal year thereafter. The state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible upon a finding by the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. The state board of finance shall further take the appropriate steps necessary to comply with the Internal Revenue Code of 1986, as amended. The proceeds from the sale of the bonds are appropriated to the local government division of the department of finance and administration for the purpose of financing water and sewer distribution and collection systems in the developed and underserved areas of Bernalillo county, including areas in the city of Albuquerque. The certification and issuance of bonds for any fiscal year is contingent upon the secretary of finance and administration receiving certification from the governing body of the city of Albuquerque and the board of county commissioners of Bernalillo county that funding in an amount equal to one and one-half times the amount of bonds issued pursuant to this section, including the amount of bonds proposed to be issued for that fiscal year, has been secured from federal, city and county sources to construct the water and sewer distribution and collection systems. Any funding from federal, city and county sources in excess of the amount required for certification in any fiscal year may be carried forward and credited against the amount required in subsequent fiscal years. Any unexpended or unencumbered balance remaining at the end of fiscal year 2012 shall revert to the severance tax bonding fund. If the local government division of the department of finance and administration has not certified the need for the issuance of the bonds by the end of fiscal year 2010, the authorization provided in this section shall expire. History: Laws 1999 (1st S.S.), ch. 5, § 1; 2000 (2nd S.S.), ch. 18, § 1; 2002, ch. 66, § 1. ANNOTATIONSCross references. — For the Internal Revenue Code of 1986, see 26 U.S.C. § 1 et seq. The 2002 amendment, effective May 15, 2002, substituted "one and one-half" for "four and one-half" in the fifth sentence. The 2000 amendment, effective April 12, 2000, inserted "four million dollars ($4,000,000) may be issued in fiscal year 2001 and no more than" preceding "two million dollars" and inserted the fifth sentence.
NM Stat § 7-27-12.3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-12.3 - Administration of certain bond proceeds appropriated to the public school capital outlay fund.

Proceeds of severance tax bonds and supplemental severance tax bonds previously or hereafter issued by the state board of finance that are appropriated to the public school capital outlay fund for the purpose of carrying out the provisions of the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978] shall, except to the extent that the proceeds are derived from any bonds the interest on which is excluded from federal income tax, be transferred by the state board of finance immediately upon receipt to the public school capital outlay fund. All money so transferred shall be administered for disbursement purposes by the public school capital outlay council consistent with the requirements of the Public School Capital Outlay Act. History: Laws 2005, ch. 274, § 1. ANNOTATIONSEffective dates. — Laws 2005, ch. 274, § 20 made Laws 2005, ch. 274, § 1 effective April 6, 2005.
NM Stat § 7-27-15 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-15 - Majority approval necessary for board action.

Any action taken hereunder by the state board of finance must be approved by a majority of its members. History: 1953 Comp., § 72-18-39, enacted by Laws 1961, ch. 5, § 12. ANNOTATIONSEmergency clauses. — Laws 1961, ch. 5, § 28 contained an emergency clause and was approved February 17, 1961.
NM Stat § 7-27-16 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-16 - Form of bonds.

A. The state board of finance, except as otherwise specifically provided in the Severance Tax Bonding Act, shall determine at its discretion the terms, covenants and conditions of severance tax bonds and supplemental severance tax bonds, including but not limited to: date of issue, denominations, maturities, rate or rates of interest, call features, call premiums, registration, refundability and other covenants covering the general and technical aspects of the issuance of the bonds. B. The bonds shall be in such form as the state board of finance may determine, and successive issues shall be identified by alphabetical, numerical or other proper series designation. History: 1953, Comp., § 72-18-40, enacted by Laws 1961, ch. 5, § 13; 1983, ch. 265, § 31; 1999 (1st S.S.), ch. 6, § 8. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, added the subsection designations and inserted "and supplemental severance tax bonds" near the middle of Subsection A.
NM Stat § 7-27-17 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-17 - Execution of bonds.

Severance tax bonds and supplemental severance tax bonds shall be signed and attested by the state treasurer and shall be executed with the facsimile signature of the governor and the facsimile seal of the state, except for bonds issued in book entry or similar form without the delivery of physical securities. Any interest coupons attached to the bonds shall bear the facsimile signature of the state treasurer, which officer, by the execution of the bonds, shall adopt as his own signature the facsimile thereof appearing on the coupons. Except for bonds issued in book entry or similar form without the delivery of physical securities, the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978] shall apply, and the state board of finance shall determine the manual signature to be affixed on the bonds. History: 1953 Comp., § 72-18-41, enacted by Laws 1961, ch. 5, § 14; 1961, ch. 79, § 1; 1969, ch. 63, § 1; 1983, ch. 265, § 32; 1984, ch. 4, § 3; 1999 (1st S.S.), ch. 6, § 9. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, inserted "and supplemental severance tax bonds" near the beginning of the first sentence.
NM Stat § 7-27-19 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-19 - Severance tax bonds and supplemental severance tax bonds legal investments.

Severance tax bonds and supplemental severance tax bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money. History: 1953 Comp., § 72-18-43, enacted by Laws 1961, ch. 5, § 16; 1999 (1st S.S.), ch. 6, § 11. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, inserted "and supplemental severance tax bonds" in the catchline and near the beginning of the section.
NM Stat § 7-27-20 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-20 - Expenses paid from severance tax bonding fund.

The expense incurred in the issuance of severance tax bonds and supplemental severance tax bonds shall be paid from the severance tax bonding fund. History: 1953 Comp., § 72-18-44, enacted by Laws 1961, ch. 5, § 17; 1999 (1st S.S.), ch. 6, § 12. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, inserted "and supplemental severance tax bonds".
NM Stat § 7-27-21 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-21 - Treasurer to make bond payments and keep records.

Severance tax bonds and supplemental severance tax bonds payable from the severance tax bonding fund shall be paid by the state treasurer who shall keep a complete bond register showing severance tax bonds and supplemental severance tax bonds, coupons paid and outstanding on the bonds and such other records as the state board of finance shall require. History: 1953 Comp., § 72-18-45, enacted by Laws 1961, ch. 5, § 18; 1999 (1st S.S.), ch. 6, § 13. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, inserted "severance tax" and "and supplemental severance tax bonds", each in two places, and inserted "on the bonds" near the end.
NM Stat § 7-27-22 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-22 - Severance tax bonding act to be full authority for issuance of bonds.

The Severance Tax Bonding Act shall, without reference to any other act of the legislature, be full authority for the issuance and sale of severance tax bonds and supplemental severance tax bonds, which bonds and the coupons attached thereto shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders thereof for value. History: 1953 Comp., § 72-18-46, enacted by Laws 1961, ch. 5, § 19; 1961, ch. 79, § 2; 1984, ch. 4, § 4; 1999 (1st S.S.), ch. 6, § 14. ANNOTATIONSCross references. — For investment securities under the Uniform Commercial Code, see 55-8-1 NMSA 1978 et seq. The 1999 amendment, effective July 1, 1999, inserted "and supplemental severance tax bonds" near the middle.
NM Stat § 7-27-23 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-23 - Suit may be brought to compel performance of officers.

Any holder of severance tax bonds or supplemental severance tax bonds or any person or officer being a party in interest may sue to enforce and compel the performance of the provisions of the Severance Tax Bonding Act. History: 1953 Comp., § 72-18-47, enacted by Laws 1961, ch. 5, § 20; 1999 (1st S.S.), ch. 6, § 15. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, inserted "or supplemental severance tax bonds" and made a minor stylistic change.
NM Stat § 7-27-24 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-24 - Bonds tax free.

All severance tax bonds and supplemental severance tax bonds shall be exempt from taxation by the state or any of its political subdivisions. History: 1953 Comp., § 72-18-48, enacted by Laws 1961, ch. 5, § 21; 1999 (1st S.S.), ch. 6, § 16. ANNOTATIONSThe 1999 amendment, effective July 1, 1999, inserted "and supplemental severance tax bonds".
NM Stat § 7-27-25 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-25 - No impairment of obligation of contract.

Nothing in this Severance Tax Bonding Act shall be construed as impairing or authorizing the impairment of the contract between the state and the holders of the outstanding Building and Institution Severance Tax Bonds, Series July 1, 1955. History: 1953 Comp., § 72-18-49, enacted by Laws 1961, ch. 5, § 25. ANNOTATIONSEmergency clauses. — Laws 1961, ch. 5, § 28 contained an emergency clause and was approved February 17, 1961.
NM Stat § 7-27-26 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-26 - Severance tax bonding fund continued.

The severance tax bonding fund created by Laws 1959, Chapter 323 is hereby continued as the severance tax bonding fund created by and referred to in the Severance Tax Bonding Act. History: 1953 Comp., § 72-18-50, enacted by Laws 1961, ch. 5, § 26; 1986, ch. 20, § 95. ANNOTATIONSCompiler's notes. — Laws 1959, ch. 323, §§ 1, 2 and 5 to 21, were repealed by Laws 1961, ch. 5, § 1. Laws 1959, ch. 323, § 3, was repealed by Laws 1971, ch. 65, § 7. Laws 1959, ch. 323, § 4, was repealed by Laws 1985, ch. 65, § 46.
NM Stat § 7-27-27 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-27 - Purpose and intent.

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. ANNOTATIONSThe 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.
NM Stat § 7-27-28 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-28 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-28 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 1, relating to the short title of the Severance Tax Income Bonding Act, effective May 21, 1986.
NM Stat § 7-27-29 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-29 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-29 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 2, relating to the purpose of the Severance Tax Income Bonding Act, effective May 21, 1986.
NM Stat § 7-27-30 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-30 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-30 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 3, relating to a transition provision of the Severance Tax Income Bonding Act, effective May 21, 1986.