Bill > SB383

This bill authorizes municipalities to issue flood recovery revenue bonds to rebuild, repair, replace, and strengthen municipal property damaged by floods. The legislation allows local governments to create a new municipal flood recovery gross receipts tax, which can be levied at a rate up to three-eighths of a percent (implemented in one-thousandth percent increments) to help pay off these specialized bonds. The tax would remain in effect until the flood recovery revenue bonds are fully paid off, with the revenue dedicated exclusively to bond repayment. The bill amends existing law to define flood recovery revenue bonds and create a specific mechanism for municipalities to finance infrastructure recovery after flood events. By providing this financial tool, the legislation enables local governments to quickly fund critical infrastructure repairs and improvements following flood damage, with a dedicated and time-limited tax source to support the bond financing. The bill includes an emergency clause, indicating the urgent nature of the legislation and allowing it to take effect immediately upon passage.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=383&year=25