Bill > SB394

This bill makes the following key changes to the Industrial Revenue Bond Act: - It allows counties, in addition to municipalities, to issue industrial revenue bonds. The bill sets forth the requirements and procedures for counties to issue such bonds, including requirements for providing notice to the county assessor and entities authorized to levy taxes. - It expands the types of projects that can be funded with industrial revenue bonds to include certain commercial enterprises related to mining, energy production, and telecommunications sales. - It requires that projects funded by industrial revenue bonds be located entirely within the boundaries of the issuing local government (either the municipality or county). - It authorizes local governments to refinance 501(c)(3) corporation projects using industrial revenue bonds. - It adds a provision for the liberal interpretation of the Industrial Revenue Bond Act to carry out its purpose. The bill also makes various other technical and clarifying changes to the existing Industrial Revenue Bond Act. Overall, the bill aims to expand the use of industrial revenue bonds by local governments to attract and support a broader range of commercial and industrial development projects within their jurisdictions.

Budget and Finance, Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=394&year=17