§ 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 six hundred eighty thousand dollars ($680,000) from the net receipts attributable to the gross receipts tax imposed by the Gross Receipts and Compensating Tax Act. 1 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.