Section 6-21-6.10 - New Mexico finance authority revenue bonds; purpose; appropriation. - New Mexico Statutes

6-21-6.10. New Mexico finance authority revenue bonds; purpose; appropriation.

A.     The New Mexico finance authority may issue and sell revenue bonds in compliance with the New Mexico Finance Authority Act in an amount not exceeding two million five hundred thousand dollars ($2,500,000) for the behavioral health capital fund to make loans to eligible entities for capital projects pursuant to the Behavioral Health Capital Funding Act [6-26-1 NMSA 1978].

B.     The net proceeds from the sale of the bonds are appropriated to the behavioral health capital fund for the purposes described in Subsection A of this section.

C.     The cigarette tax proceeds distributed to the New Mexico finance authority pursuant to Subsection D of Section 7-1-6.11 NMSA 1978 are appropriated to the authority to be pledged irrevocably for the payment of the principal, interest, premiums and related expenses on the bonds and for payment of the expenses incurred by the authority related to the issuance, sale and administration of the bonds.

D.     The cigarette tax proceeds appropriated and distributed to the authority pursuant to Subsection D of Section 7-1-6.11 NMSA 1978 shall be deposited in a separate fund or account of the authority.  Money in the separate fund or account in excess of the amount necessary for payment of principal and interest on the bonds and necessary reserves or sinking funds may be transferred to any other account of the authority and used for purposes of the New Mexico Finance Authority Act [6-21-1 NMSA 1978].

E.     Any law authorizing the imposition, collection or distribution of the cigarette tax or that affects the cigarette tax shall not be amended, repealed or otherwise directly or indirectly modified so as to impair or reduce debt service coverage for any outstanding revenue bonds that may be secured by a pledge of those cigarette tax revenues, unless the revenue bonds have been discharged in full or provisions have been made for a full discharge.