There is created the "severance tax income bond retirement fund." Transfers from the severance tax income fund shall be made monthly to the severance tax income bond retirement fund in an amount sufficient, when added to the balance in the fund, to meet all principal and interest payments on bonds payable from the severance tax income bond retirement fund during the next twelve months.
§ 7-27-31 NMSA 1978
Severance tax income bond retirement fund created
Known as the Severance Tax Bonding Act
The act spans §§ 7–7 (92 sections).
Laws 1981 (1st S.S.), ch. 9, § 4.
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.