Section 7-1-6.42 - Distribution; state building bonding fund; gross receipts tax. - New Mexico Statutes

7-1-6.42. Distribution; state building bonding fund; gross receipts tax.

A distribution pursuant to  Section 7-1-6.1 NMSA 1978 shall be made to the state building bonding fund in the amount of five hundred thirty thousand dollars ($530,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act [7-9-1 NMSA 1978].  The distribution shall be made:  

A.     after the required distribution pursuant to Section 7-1-6.4 NMSA 1978;  

B.     contemporaneously with other distributions of net receipts attributable to the gross receipts tax for payment of debt service on outstanding bonds or to a fund dedicated for that purpose; and  

C.     prior to any other distribution of net receipts attributable to the gross receipts tax.