Chapter 7 — Chapter 7
1,736 sections in this chapter.
NMSA 1978, § 7-27-15 Majority approval necessary for board action
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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.
NMSA 1978, § 7-27-16 Form of bonds
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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 issu…
NMSA 1978, § 7-27-17 Execution of bonds
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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 d…
NMSA 1978, § 7-27-18 Procedure for sale of bonds
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A. Severance tax bonds and supplemental severance tax bonds shall be sold by the state board of finance at such times and in such manner as the board may elect, consistent with the need of the board, commission or agency that is the recipient of the bond money, to the highest bid…
NMSA 1978, § 7-27-19 Severance tax bonds and supplemental severance tax
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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…
NMSA 1978, § 7-27-2 Severance tax bonding fund created
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There is created the "severance tax bonding fund" into which shall be distributed, in accordance with the Tax Administration Act [Chapter 7, Article 1 NMSA 1978], the net receipts from taxes levied upon natural resource products severed and saved from the soil in accordance with …
NMSA 1978, § 7-27-20 Expenses paid from severance tax bonding fund
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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.
NMSA 1978, § 7-27-21 Treasurer to make bond payments and keep records
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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 …
NMSA 1978, § 7-27-22 Severance tax bonding act to be full authority for issuance
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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…
NMSA 1978, § 7-27-23 Suit may be brought to compel performance of officers
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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,…
NMSA 1978, § 7-27-24 Bonds tax free
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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.
NMSA 1978, § 7-27-25 No impairment of obligation of contract
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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…
NMSA 1978, § 7-27-26 Severance tax bonding fund continued
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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.
NMSA 1978, § 7-27-27 Purpose and intent
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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 guaran…
NMSA 1978, § 7-27-28 Repealed
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ANNOTATIONS Repeals. — 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.
NMSA 1978, § 7-27-29 Repealed
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ANNOTATIONS Repeals. — 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.
NMSA 1978, § 7-27-3 Severance tax permanent fund created
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There is created in the state treasury the "severance tax permanent fund". History: 1953 Comp., § 72-18-30.1, enacted by Laws 1973, ch. 294, § 2; 1996, ch. 3, § 1.
NMSA 1978, § 7-27-3.1 Transfer of investment powers
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The functions, powers and duties vested by law relating to the investment or reinvestment of money and the purchase, sale or exchange of investments or securities of the severance tax permanent fund are transferred to the council. The state treasurer shall maintain custody of the…
NMSA 1978, § 7-27-3.2 Definition
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As used in Sections 7-27-1 through 7-27-48 NMSA 1978, "council" means the state investment council. History: 1978 Comp., § 7-27-3.2, enacted by Laws 1983, ch. 306, § 6.
NMSA 1978, § 7-27-3.3 Severance tax permanent fund; annual distributions
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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…
NMSA 1978, § 7-27-30 Repealed
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ANNOTATIONS Repeals. — 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.
NMSA 1978, § 7-27-31 Severance tax income bond retirement fund created
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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…
NMSA 1978, § 7-27-32 Severance tax income bond retirement fund pledged
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The money in the severance tax income bond retirement fund is pledged for the principal and interest on all severance tax income bonds issued after the effective date of the Severance Tax Income Bonding Act. History: Laws 1981 (1st S.S.), ch. 9, § 5.
NMSA 1978, § 7-27-33 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-33 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 6, relating to special income to retire bonds, effective May 21, 1986.
NMSA 1978, § 7-27-34 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-34 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 7, relating to severance tax income bonds, effective May 21, 1986.
NMSA 1978, § 7-27-35 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-35 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 8, relating to state board of finance issuance of bonds, effective May 21, 1986.
NMSA 1978, § 7-27-36 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-36 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 9, relating to authority to refund bonds, effective May 21, 1986.
NMSA 1978, § 7-27-37 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-37 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 10, relating to security for bonds, effective May 21, 1986.
NMSA 1978, § 7-27-38 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-38 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 11, relating to majority approval necessary for board action, effective May 21, 1986.
NMSA 1978, § 7-27-39 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-39 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 12, relating to form of bonds, effective May 21, 1986.
NMSA 1978, § 7-27-4 Repealed
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ANNOTATIONS Repeals. — Laws 1996, ch. 3, § 3, repealed 7-27-4 NMSA 1978, as enacted by Laws 1973, ch. 294, § 4, relating to disposition of income from the severance tax permanent fund, effective upon certification by the secretary of state that the proposed amendments to art. 8, …
NMSA 1978, § 7-27-40 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-40 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 13, relating to execution of bonds and coupons, effective May 21, 1986.
NMSA 1978, § 7-27-41 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-41 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 14, relating to procedure for sale of bonds, effective May 21, 1986.
NMSA 1978, § 7-27-42 Severance tax income bonds; legal investments
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Severance tax income 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: Laws 1981 (1st S.S.), ch. 9, § 15.
NMSA 1978, § 7-27-43 Expenses paid from severance tax income bond retirement
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fund. The expense incurred in the issuance of severance tax income bonds shall be paid from the severance tax income bond retirement fund. History: Laws 1981 (1st S.S.), ch. 9, § 16.
NMSA 1978, § 7-27-44 Treasurer to make bond payments and keep records
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Bonds payable from the severance tax income bond retirement fund shall be paid by the state treasurer who shall keep a complete bond register showing bonds and coupons paid and outstanding and such other records as the state board of finance requires. History: Laws 1981 (1st S.S.…
NMSA 1978, § 7-27-45 Repealed
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ANNOTATIONS Repeals. — Laws 1986, ch. 20, § 136C repealed 7-27-45 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 18, making the Severance Tax Income Bonding Act the full authority for issuance of bonds, effective May 21, 1986.
NMSA 1978, § 7-27-46 Suit may be brought to compel performance of officers
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Any holder of severance tax income 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 Income Bonding Act. History: Laws 1981 (1st S.S.), ch. 9, § 19.
NMSA 1978, § 7-27-47 Bonds tax-free
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Interest earned on all severance tax income bonds shall be exempt from taxation by the state or any of its political subdivisions. History: Laws 1981 (1st S.S.), ch. 9, § 20.
NMSA 1978, § 7-27-48 Temporary provision; no impairment of obligation of
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contract. Nothing in this act shall be construed as impairing or authorizing the impairment of the contract between the state and the holders of severance tax bonds authorized or issued, or both, prior to the effective date of this act. History: Laws 1981 (1st S.S.), ch. 9, § 22.
NMSA 1978, § 7-27-49 Authorization for severance tax bonds; New Mexico
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mortgage finance authority; New Mexico housing trust fund. A. After the annual estimate of severance tax bonding capacity is made pursuant to Subsection B of Section 7-27-10.1 NMSA 1978, the board of finance division of the department of finance and administration shall allocate …
NMSA 1978, § 7-27-5 Investment of severance tax permanent fund
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A. The severance tax permanent fund shall be invested in separate differential rate and market rate investment classes. "Differential rate investments" are permitted in Sections 7-27-5.3 through 7-27-5.5, 7-27-5.13 through 7-27-5.17, 7-27-5.22, 7-27-5.24 and 7-27-5.26 NMSA 1978 a…
NMSA 1978, § 7-27-5.1 Repealed
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History: Laws 1983, ch. 306, § 8; 1987, ch. 306, § 1; 1988, ch. 132, § 1; 1988, ch. 133, § 1; 1989, ch. 98, § 3; 1990, ch. 91, § 2; 1992, ch. 101, § 1; 1994, ch. 121, § 1; 1996, ch. 31, § 3; 1997, ch. 45, § 1; 1998, ch. 19, § 2; 2001, ch. 252, § 7; 2004, ch. 14, § 1; repealed by …
NMSA 1978, § 7-27-5.10 Repealed
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ANNOTATIONS Repeals. — Laws 1999, ch. 57, § 1 repealed 7-27-5.10 NMSA 1978, as enacted by Laws 1988, ch. 134, § 3, relating to composition of oil and gas production assistance council, effective June 18, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOneSourc…
NMSA 1978, § 7-27-5.11 Repealed
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ANNOTATIONS Repeals. — Laws 1999, ch. 57, § 1 repealed 7-27-5.11 NMSA 1978, as enacted by Laws 1988, ch. 134, § 4, relating to meetings and compensation of oil and gas production assistance council, effective June 18, 1999. For provisions of former section, see the 1998 NMSA 1978…
NMSA 1978, § 7-27-5.12 Repealed
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ANNOTATIONS Repeals. — Laws 1999, ch. 57, § 1 repealed 7-27-5.12 NMSA 1978, as enacted by Laws 1988, ch. 134, § 5, relating to powers and duties of oil and gas production assistance council, effective June 18, 1999. For provisions of former section, see the 1998 NMSA 1978 on NMOn…
NMSA 1978, § 7-27-5.13 Educational institution research and development
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facilities revenue bonds. No more than ten percent of the book value of the severance tax permanent fund may be invested in educational institution revenue bonds described in this section. A. The revenue bonds shall have been issued by one of the following educational institution…
NMSA 1978, § 7-27-5.14 Findings and purpose
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The legislature finds that the health of the New Mexico economy is heavily dependent on the establishment and expansion of small businesses and that the lack of available private equity is an impediment to the start-up and growth of businesses in the state. The legislature furthe…
NMSA 1978, § 7-27-5.15 New Mexico private equity funds and New Mexico
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business investments. A. In addition to the investments required by Subsections F and G of this section, no more than eleven percent of the market value of the severance tax permanent fund may be invested in New Mexico private equity funds or New Mexico businesses under this sect…
NMSA 1978, § 7-27-5.16 Repealed
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History: Laws 1990, ch. 127, § 10; repealed by Laws 2005, ch. 240, § 7.