A. The director of the office of broadband access and expansion may certify that up to ten million dollars ($10,000,000) of proceeds of supplemental severance tax bonds per fiscal year are needed for expenditures relating to education technology infrastructure pursuant to the Broadband Access and Expansion Act [Chapter 63, Article 9J NMSA 1978]. The certification shall specify the total amount needed.
B. The state board of finance may issue and sell supplemental severance tax bonds in compliance with the Severance Tax Bonding Act when the director of the office of broadband access and expansion certifies the need for the issuance of the bonds pursuant to the Broadband Access and Expansion Act. The amount of the bonds sold at each sale shall not exceed the lesser of:
(1) the total of the amounts certified by the director of the office of broadband access and expansion; or
(2) the amount that may be issued pursuant to the restrictions of Section 7-27-14 NMSA 1978.
C. The state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible.
D. The proceeds from the sale of the bonds are appropriated to the education technology infrastructure fund for the purposes of the fund.
E. The provisions of this section shall be repealed effective July 1, 2030.