Bill > SB142

This bill amends existing law to delay the repeal of authorization for issuing and selling supplemental severance tax bonds for education technology infrastructure. Supplemental severance tax bonds are a type of bond that can be issued using revenue from severance taxes, which are taxes on the extraction of natural resources. The bill specifically addresses Section 7-27-12.6 of the New Mexico Statutes Annotated (NMSA) 1978, which currently allows the director of the office of broadband access and expansion to certify a need for up to $10 million annually for education technology infrastructure, and for the state board of finance to issue bonds to meet that need. The original law stated that these provisions would be repealed on July 1, 2030; this bill effectively removes that original repeal date from that section and then, in a separate section, establishes a new, delayed repeal date of July 1, 2030, for the entire section, meaning the authorization for these bonds will continue to be in effect until that date.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=142&year=26