State Codes and Statutes
Statutes > New-mexico > Chapter-21 > Article-21a > Section-21-21a-1821-21A-18. Investment of severance tax permanent fund in bonds and educational loan notes.
A. In addition to all other investments of the severance tax permanent fund authorized by law, the state treasurer may, with the prior approval of the state board of finance, annually invest a portion of the severance tax permanent fund in bonds and educational loan notes authorized by the Educational Assistance Act [21-21A-1 NMSA 1978], which bonds and notes shall be held by the state treasurer until maturity unless earlier repurchased or repaid by the foundation.
B. Payments of principal on bonds and educational loan notes purchased by the state treasurer from the severance tax permanent fund shall be credited by the state treasurer to the severance tax permanent fund. Payments of interest on such bonds and educational loan notes shall be credited to the severance tax income fund.
C. The foundation may from time to time purchase any or all of such bonds and educational loan notes from the state treasurer.
D. The commission on higher education may enter into an agreement with the foundation for the servicing of educational loans held by the state treasurer.
