Bill > SB240

This bill authorizes the issuance of severance tax bonds, which are bonds backed by the state's revenue from severance taxes (taxes on the extraction of natural resources), to fund various capital outlay projects across New Mexico. It appropriates funds from the General Fund and other state funds for these projects, which include improvements to courts, state facilities, educational institutions, infrastructure like water and wastewater systems, public safety, and tribal projects. The bill establishes conditions for issuing these bonds and spending the proceeds, requiring agencies to certify the need for funds and ensuring projects are sufficiently developed before bond issuance. It also sets deadlines for using the appropriated funds, with unexpended balances reverting to the state if not used by specific dates, and prohibits the use of bond proceeds for indirect project costs unless specified otherwise. A significant provision authorizes supplemental severance tax bonds specifically for a new University of New Mexico School of Medicine. The bill also includes provisions for tribal infrastructure funding and mandates that one percent of appropriations for certain projects go towards the "art in public places" fund.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=240&year=26