New Mexico legislation · 2026 Regular Session
New Mexico SB240: CAPITAL OUTLAY PROJECTS
Status: Signed into law, March 11, 2026
What the bill says
An act relating to capital expenditures; authorizing the issuance of severance tax bonds; making appropriations from the general fund and other state funds; establishing conditions for the issuance of severance tax bonds and the expenditure of severance tax bond proceeds; requiring certifications to the department of finance and administration; establishing conditions for the reversion of unexpended balances; authorizing the issuance of supplemental severance tax bonds for a new university of new mexico school of medicine; requiring sufficient funding for tribal infrastructure fund projects…
From the enrolled text, March 11, 2026:
AN ACT RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS; MAKING APPROPRIATIONS FROM THE GENERAL FUND AND OTHER STATE FUNDS; ESTABLISHING CONDITIONS FOR THE ISSUANCE OF SEVERANCE TAX BONDS AND THE EXPENDITURE OF SEVERANCE TAX BOND PROCEEDS; REQUIRING CERTIFICATIONS TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION; ESTABLISHING CONDITIONS FOR THE REVERSION OF UNEXPENDED BALANCES; AUTHORIZING THE ISSUANCE OF SUPPLEMENTAL SEVERANCE TAX BONDS FOR A NEW UNIVERSITY OF NEW MEXICO SCHOOL OF MEDICINE; REQUIRING SUFFICIENT FUNDING FOR TRIBAL INFRASTRUCTURE FUND PROJECTS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. SEVERANCE TAX BONDS--AUTHORIZATIONS-- APPROPRIATION OF PROCEEDS.-- A. The state board of finance may issue and sell severance tax bonds in compliance with the Severance Tax Bonding Act in an amount not to exceed the total of the amounts authorized for purposes specified in this act. 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 by the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. SFC/SB Page The state board of finance shall further take the appropriate steps necessary to comply with the federal Internal Revenue Code …