Bill > SB514

This bill codifies a long-standing practice for allocating severance tax bonding capacity in New Mexico. Specifically, it establishes that after the state board of finance determines the estimated bonding capacity for severance tax bonds and meets other statutory requirements, the remaining bonding capacity will be divided equally into three shares: one for the House of Representatives, one for the Senate, and one for the Governor. Within the legislative chambers, the capacity will be further divided equally among their members. Importantly, the Governor's share is restricted to be used only for state assets or capital projects that have statewide or regional significance, which limits the potential use of these funds to broader, more comprehensive projects rather than localized or narrow initiatives. The bill essentially formalizes an existing allocation practice into law, providing clear guidelines for how severance tax bonding capacity can be distributed and utilized across different branches of New Mexico's state government.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=514&year=25