New Mexico Statutes Chapter 7. Taxation § 7-27-5.5. Educational loan notes

The severance tax permanent fund may be invested in educational loan notes issued pursuant to the Educational Assistance Act;  1 provided that in no event shall the principal amount of such notes purchased in any twelve-month period exceed ten million dollars ($10,000,000), and in no event shall the total amount of such notes held by the severance tax permanent fund exceed ten percent of the book value of the severance tax permanent fund. If any educational loan note is sold by the severance tax permanent fund, the sale shall be without recourse to the fund or the state.