SB 100
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AN ACT
RELATING TO THE ALBUQUERQUE METROPOLITAN ARROYO FLOOD CONTROL
AUTHORITY; INCREASING THE LIMIT OF OUTSTANDING INDEBTEDNESS
OF THE AUTHORITY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 72-16-44 NMSA 1978 (being Laws 1963,
Chapter 311, Section 44, as amended) is amended to read:
"72-16-44. ISSUANCE OF BONDS AND INCURRENCE OF DEBT.--
The authority is authorized to borrow money in anticipation
of taxes or other revenues, or both, and to issue bonds to
evidence the amount so borrowed. No bonded indebtedness or
any other indebtedness not payable in full within one year,
except for interim debentures as provided in Sections
72-16-46 and 72-16-89 through 72-16-91 NMSA 1978, shall
be created by the authority without first submitting a
proposition of issuing the bonds to the qualified electors of
the authority and being approved by a majority of electors
voting at an election held for that purpose in accordance
with Section 72-16-28 and all laws amendatory thereof and
supplemental thereto. Bonds so authorized may be issued in
one series or more and may mature at such times not exceeding
forty years from their issuance as the board may determine.
The total of all outstanding indebtedness at any one time
shall not exceed one hundred twenty million dollars SB 100
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($120,000,000) without prior approval of the state
legislature."
SECTION 2. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2025.