On December 31 of each year from 2023 through 2033, the board of finance division of the department of finance and administration shall transfer ninety-two million dollars ($92,000,000) from the severance tax bonding fund to the severance tax permanent fund, unless the state board of finance determines that a lesser transfer amount is necessary pursuant to Section 7-27-8 NMSA 1978 to avoid a potential shortfall in debt service obligations.
§ 7-27-10.2 NMSA 1978
Transfer to severance tax permanent fund before determining bonding capacity
Known as the Severance Tax Bonding Act
The act spans §§ 7–7 (92 sections).
1978 Comp., § 7-27-10.2, enacted by Laws 2023, ch. 124, § 2.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.