Bill > SB48

This bill amends the "State Fairgrounds District Act" to authorize the issuance of bonds, which are essentially loans that must be repaid with interest, for the State Fairgrounds District. Specifically, it allows the district to issue bonds with net proceeds up to $92 million, which is part of a larger authorized amount of $500 million. These bonds will be secured by a portion of the state's gross receipts tax distribution (a tax on the total amount of money businesses receive from selling goods and services) and the gaming tax distribution (taxes collected from gambling activities). The funds raised from these bonds will be used to pay back the principal amount of the loan and the interest owed on it, as permitted by the State Fairgrounds District Act.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=48&year=26