Section 63-9D-20 - Amount of surcharge; security for bonds. - New Mexico Statutes

63-9D-20. Amount of surcharge; security for bonds.

A.     The legislature shall provide for the continued imposition, collection and deposit of the 911 emergency surcharge into the enhanced 911 fund in amounts that, together with other amounts deposited into the fund, will be sufficient to produce an amount necessary to meet annual debt service charges on all respective outstanding enhanced 911 bonds.

B.     The legislature shall not repeal, amend or otherwise modify any law that affects the 911 emergency surcharge in a manner that impairs any outstanding enhanced 911 bonds secured by a pledge of the 911 emergency surcharge unless:

(1)     the outstanding enhanced 911 bonds to which the revenues from the surcharge are pledged have been discharged in full; or

(2)     provision has been made to discharge fully the outstanding enhanced 911 bonds to which the revenues from the surcharge are pledged.

C.     Nothing in this section shall require any increase in the 911 emergency surcharge.