Bill > SB157

This bill, titled "Limit Spaceport Bond Issuance & Uses," amends existing New Mexico laws related to regional spaceports and their financing. Primarily, it modifies the "Regional Spaceport District Act" and the "Spaceport Development Act" to impose stricter conditions on the use of revenues generated by municipal and county regional spaceport gross receipts taxes, which are local taxes on sales. Starting July 1, 2016, these tax revenues can only be used for specific purposes: either to pay off bonds that were issued *before* July 1, 2016, including accelerating payments or refinancing them without increasing the principal owed, or for new bonds that are approved by voters in the relevant municipalities or counties and issued by the spaceport authority. The bill also clarifies that no more than twenty-five percent of these tax revenues can be used by the local government for other spaceport-related projects. Additionally, it makes technical changes to the short titles of these acts and clarifies the authority of the spaceport authority regarding bond issuance, particularly emphasizing voter approval for bonds issued after July 1, 2016, on behalf of regional spaceport districts.