7-27-10. State board of finance shall issue bonds.
189 words·~1 min read·
/nm/chapter-7-taxation/article-27-severance-tax-bonding-act/7-27-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The state board of finance is authorized to issue and sell severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell severance tax bonds.
B. For fiscal year 2024, the state board of finance is authorized to issue and sell up to five hundred million dollars ($500,000,000) of severance tax bonds or notes in addition to all other authorized issuances. The actual amount shall be determined by the state board of finance after all other authorized issuances are made. Proceeds from the sale of these bonds or notes shall be deposited in the capital development and reserve fund.
C. The state board of finance may issue and sell supplemental severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell supplemental severance tax bonds.
History: 1953 Comp., § 72-18-35, enacted by Laws 1961, ch. 5, § 8; 1999 (1st S.S.), ch. 6, § 4; 2019, ch. 273, § 1; 2023, ch. 124, § 1; 2024, ch. 56, § 1.