Bill > HB353

This bill authorizes the issuance of up to $267 million in bonds secured by tax increments from the state gross receipts tax within the South Campus Tax Increment Development District. The bonds can be used to fund eligible infrastructure projects in the district, subject to review and approval by the New Mexico Finance Authority. The authorization for the bond issuance is limited to 25 years from the date of the first bond issuance. The bill also prohibits the legislature from approving certain capital outlay projects within the district during the period when the bonds are outstanding, with some exceptions for public buildings, facilities, and infrastructure. Once the developer has been fully reimbursed for eligible infrastructure costs, the district must provide the State Board of Finance with an estimate of the state gross receipts tax increment revenue required to pay the debt service on the outstanding bonds, and the Board will then determine the appropriate reduction in the dedicated state gross receipts tax increment revenue. The bill also declares an emergency, indicating the need for the act to take effect immediately.

Budget and Finance, Justice

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=353&year=23