No more than ten percent of the book value of the severance tax permanent fund may be invested in educational institution revenue bonds described in this section.

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A. The revenue bonds shall have been issued by one of the following educational institutions:

(1)     the university of New Mexico;

(2)     the New Mexico state university;

(3)     the New Mexico highlands university; (4)     the western New Mexico university;

(5)     the eastern New Mexico university; and

(6)     the New Mexico institute of mining and technology.

B. The revenue bonds shall have been issued under the authority of N.M. Stat. Ann. Chapter 6, Article 17.

C. The revenue bonds shall have been issued to provide funds for the construction, furnishing and equipping of a research or development facility, including any infrastructure improvements necessary to the construction of the facility. The facility shall be one that will:

(1)     provide space for operations of an already funded research or development project;

(2)     be income-producing when completed and occupied; and

(3)     provide both the local community in which it is located and the state generally with economic benefits including, but not limited to, employment for students of post-secondary educational institutions.