The secretary of finance and administration shall make annual distributions from the severance tax permanent fund in the amount authorized by and calculated pursuant to the provisions of Article 8, Section 10 of the constitution of New Mexico. One-twelfth of the amount authorized to be distributed in a fiscal year shall be distributed each month to the general fund.
§ 7-27-3.3 NMSA 1978
Severance tax permanent fund; annual distributions
Known as the Severance Tax Bonding Act
The act spans §§ 7–7 (92 sections).
Laws 1999, ch. 88, § 1.
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.