Bill > SB75

This bill amends existing laws related to regional spaceports in New Mexico, primarily by limiting the authority's ability to issue bonds and by clarifying how tax revenues can be used. Specifically, it removes the authority's power to issue revenue bonds and borrow money for acquiring or constructing projects, and it also removes the ability to issue bonds on behalf of regional spaceport districts. The bill also clarifies that at least 75% of municipal and county regional spaceport gross receipts taxes (a type of sales tax) collected must be used for financing, planning, designing, engineering, and constructing a regional spaceport, with a specific provision that after July 1, 2015, the full amount of these taxes received must be used to pay off or retire bonds issued before that date. The bill also makes some technical amendments to the titles of the acts and renumbers certain sections.