Bill > SB100

This bill modifies the existing law governing the Albuquerque Metropolitan Arroyo Flood Control Authority by increasing its limit of outstanding indebtedness from an unspecified previous amount to $120 million. The bill specifies that the authority can borrow money and issue bonds, but can only do so after obtaining approval from qualified electors through a voting process. The bonds can be issued in one or multiple series and can mature up to 40 years from their issuance date. Any indebtedness not payable within one year requires electoral approval, with exceptions for certain interim debentures. The law requires legislative approval for any indebtedness exceeding the $120 million limit. The provisions of this bill will take effect on July 1, 2025, providing the Arroyo Flood Control Authority with increased financial flexibility for future infrastructure and flood control projects.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=100&year=25