summary
Introduced
01/20/2022
01/20/2022
In Committee
02/12/2022
02/12/2022
Crossed Over
02/07/2022
02/07/2022
Passed
02/15/2022
02/15/2022
Dead
Signed/Enacted/Adopted
03/03/2022
03/03/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO PUBLIC FINANCE; ALLOCATING SEVERANCE TAX BONDING CAPACITY TO THE NEW MEXICO HOUSING TRUST FUND; AUTHORIZING SEVERANCE TAX BONDS; REQUIRING CERTAIN REVERSIONS TO THE SEVERANCE TAX BONDING FUND; REQUIRING THE NEW MEXICO MORTGAGE FINANCE AUTHORITY TO PRIORITIZE EXPENDING OR ENCUMBERING CERTAIN BALANCES IN THE NEW MEXICO HOUSING TRUST FUND.
AI Summary
This bill allocates 2.5% of the state's severance tax bonding capacity to the New Mexico Housing Trust Fund, which is managed by the New Mexico Mortgage Finance Authority. The bill authorizes the state board of finance to issue severance tax bonds for the trust fund, with the proceeds to be used for funding housing projects. The bill also requires the authority to prioritize expending or encumbering balances in the trust fund from loan repayments before using more recently issued bond proceeds, and to monitor and ensure proper reversions of any unused bond funds back to the severance tax bonding fund. The provisions of the bill related to the severance tax bond allocation will commence in January 2024.
Committee Categories
Budget and Finance, Health and Social Services
Sponsors (2)
Last Action
Signed by Governor - Chapter 38 - Mar. 3 (on 03/03/2022)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=134&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/final/SB0134.pdf |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0134.pdf |
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