SB 142

                                1  SENATE BILL 142
                                2      57TH LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 2026
                                3  INTRODUCED BY
                                4  George K. Muñoz
                                5
                                6
                                7
                                8
                                9
                                10  AN ACT
                                11   PROVIDING A DELAYED REPEAL OF AN AUTHORIZATION TO ISSUE AND
                                12   SELL SUPPLEMENTAL SEVERANCE TAX BONDS FOR EDUCATION TECHNOLOGY
                                13   INFRASTRUCTURE; CONFORMING SECTION 7-27-12.6 NMSA 1978 (BEING
                                14   LAWS 2025, CHAPTER 82, SECTION 2).
                                15
                                16   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
[bracketed material] = delete
                                17        SECTION 1.    Section 7-27-12.6 NMSA 1978 (being Laws 2025,
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                                18   Chapter 82, Section 2) is amended to read:
                                19        "7-27-12.6.    SUPPLEMENTAL SEVERANCE TAX BONDS--EDUCATION
                                20   TECHNOLOGY INFRASTRUCTURE.--
                                21  A.   The director of the office of broadband access
                                22   and expansion may certify that up to ten million dollars
                                23   ($10,000,000) of proceeds of supplemental severance tax bonds
                                24   per fiscal year are needed for expenditures relating to
                                25   education technology infrastructure pursuant to the Broadband
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                                1    Access and Expansion Act.     The certification shall specify the
                                2    total amount needed.
                                3  B.    The state board of finance may issue and sell
                                4    supplemental severance tax bonds in compliance with the
                                5    Severance Tax Bonding Act when the director of the office of
                                6    broadband access and expansion certifies the need for the
                                7    issuance of the bonds pursuant to the Broadband Access and
                                8    Expansion Act.     The amount of the bonds sold at each sale shall
                                9    not exceed the lesser of:
                                10  (1)   the total of the amounts certified by the
                                11   director of the office of broadband access and expansion; or
                                12  (2)   the amount that may be issued pursuant to
                                13   the restrictions of Section 7-27-14 NMSA 1978.
                                14  C.    The state board of finance shall schedule the
                                15   issuance and sale of the bonds in the most expeditious and
                                16   economical manner possible.
[bracketed material] = delete
                                17  D.    The proceeds from the sale of the bonds are
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                                18   appropriated to the education technology infrastructure fund
                                19   for the purposes of the fund.
                                20  [E.    The provisions of this section shall be
                                21   repealed effective July 1, 2030.]"
                                22        SECTION 2.     DELAYED REPEAL.--Section 7-27-12.6 NMSA 1978
                                23   (being Laws 2025, Chapter 82, Section 2) is repealed effective
                                24   July 1, 2030.
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