NMSA 7-27-12.7. Supplemental severance tax bonds; university of New

7-27-12.7. Supplemental severance tax bonds; university of New Mexico school of medicine. A. The state board of finance shall issue and sell supplemental severance tax bonds in an amount not exceeding a total of two hundred eighty million dollars ($280,000,000) in fiscal years 2026 through 2029 when the board of regents of the university of New Mexico certifies the need for the issuance of bonds to plan, design, construct, equip, furnish and landscape a new school of medicine; provided that the total issuance of supplemental severance tax bonds in fiscal years 2026 through 2029 shall not exceed the debt service limitations provided for in Subsection D of Section 7- 27-14 NMSA 1978. The proceeds from the sales of the bonds are appropriated to the board of regents of the university of New Mexico for the purposes enumerated in this subsection. B. The state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible upon a finding of the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract and completion within a reasonable time. The state board of finance shall further take appropriate steps necessary to comply with the Internal Revenue Code of 1986, as applicable. History: Laws 2026, ch. 71, § 73.