STBTC/SB 481
Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
AN ACT
RELATING TO PUBLIC FINANCES; ENACTING THE STATE FAIRGROUNDS
DISTRICT ACT; CREATING THE STATE FAIRGROUNDS DISTRICT OVER
THE LAND CURRENTLY OWNED BY THE STATE, COMMONLY REFERRED TO
AS THE "STATE FAIRGROUNDS", AND CONTIGUOUS LAND THAT MAY BE
SUBSEQUENTLY ACQUIRED; PROVIDING POWERS; PROVIDING THAT THE
DISTRICT MAY ACQUIRE LAND AND ALTER THE BOUNDARIES OF THE
DISTRICT; PROVIDING THAT THE DISTRICT MAY SELL OR OTHERWISE
DISPOSE OF DISTRICT PROPERTY IN ACCORDANCE WITH THE LAW;
AUTHORIZING A PROPERTY TAX LEVY; AUTHORIZING THE ISSUANCE OF
UP TO FIVE HUNDRED MILLION DOLLARS ($500,000,000) OF BONDS
AND REFUNDING BONDS BY THE STATE FAIRGROUNDS DISTRICT;
PROVIDING A TAX EXEMPTION FROM BONDS AND INCOME FROM BONDS
ISSUED PURSUANT TO THE STATE FAIRGROUNDS DISTRICT ACT;
MAKING DISTRIBUTIONS TO A SPECIAL FUND OF THE DISTRICT OF
SEVENTY-FIVE PERCENT OF THE NET RECEIPTS ATTRIBUTABLE TO
THE STATE PORTION OF GROSS RECEIPTS TAX AND GAMING TAX FROM
LOCATIONS ON THE STATE FAIRGROUNDS DISTRICT; EXEMPTING
THE DISTRICT FROM THE PROVISIONS OF THE COMMUNITY SERVICE
DISTRICT ACT AND THE SPECIAL DISTRICT PROCEDURES ACT; MAKING
AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of Chapter 6 NMSA 1978 is
enacted to read: STBTC/SB 481
Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
"SHORT TITLE.--Sections 1 through 12 of this act may
be cited as the "State Fairgrounds District Act"."
SECTION 2. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"DEFINITIONS.--As used in the State Fairgrounds District
Act:
A. "board" means the state fairgrounds district
board;
B. "community benefit" includes affordable
housing, job creation, open space and health services;
C. "district" means the state fairgrounds
district;
D. "person" means an association, corporation,
individual, limited liability company, partnership, other
legal entity or public entity;
E. "project" means acquiring or improving land or
acquiring, developing, constructing, demolishing, removing,
operating, maintaining, repairing, reconstructing, enlarging,
improving, installing, rehabilitating, remodeling or
renovating infrastructure, buildings, roads, utilities,
public improvements or equipment in the district and public
schools in the close vicinity of the district and includes
associated planning, design work and professional services;
F. "public entity" means an agency, department,
institution, county, municipality or political subdivision STBTC/SB 481
Page 3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
of the state; and
G. "public improvements" means on-site
improvements and off-site improvements that directly or
indirectly benefit the district or facilitate development
within the district and that are dedicated to a public
entity, and include:
(1) sanitary sewage systems, including
collection, transport, treatment, dispersal, effluent use
and discharge;
(2) drainage and flood control systems,
including collection, transport, storage, treatment,
dispersal, effluent use and discharge;
(3) water systems for domestic, commercial,
office, hotel or motel, industrial, irrigation, municipal or
fire protection purposes, including production, collection,
storage, treatment, transport, delivery, connection and
dispersal;
(4) highways, streets, roadways, bridges,
crossing structures and parking facilities, including all
areas for vehicular use for travel, ingress, egress and
parking;
(5) trails and areas for pedestrian,
equestrian, bicycle or other non-motor vehicle use for
travel, ingress, egress and parking;
(6) pedestrian and transit facilities, STBTC/SB 481
Page 4
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
parks, recreational facilities and open space areas for the
use of members of the public for entertainment, assembly and
recreation;
(7) landscaping, including earthworks,
structures, plants, trees and related water delivery systems;
(8) public buildings, public safety
facilities and fire protection and police facilities;
(9) electrical generation, transmission and
distribution facilities and natural gas distribution
facilities;
(10) cable or other telecommunications lines
and related equipment;
(11) lighting systems and traffic control
systems and devices, including signals, controls, markings
and signage;
(12) school sites and facilities with the
consent of the governing board of the public school district
for which the facility is to be acquired, constructed or
renovated;
(13) library and other public educational
or cultural facilities;
(14) equipment, vehicles, furnishings and
other personal property related to the items listed in this
subsection; and
(15) workforce and affordable housing." STBTC/SB 481
Page 5
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
SECTION 3. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"STATE FAIRGROUNDS DISTRICT--CREATED--POWERS.--
A. The "state fairgrounds district" is created
as a political subdivision of the state, separate and apart
from a municipality. The district consists of land owned by
the state, commonly known as the "state fairgrounds", lying
within the exterior boundaries of the city of Albuquerque as
of July 1, 2025, and land contiguous to the state fairgrounds
that may be subsequently acquired by the district or another
public entity and included in the boundaries of the district
by the board.
B. The district may:
(1) enter into contracts or expend money
for any public purpose or community benefit with respect to
projects of the district;
(2) enter into agreements with a public
entity in connection with real property located within the
district;
(3) enter into an intergovernmental
agreement in accordance with the Joint Powers Agreements Act
for the planning, design, inspection, ownership, control,
maintenance, operation or repair of public infrastructure
or the provision of services by a public entity or for any
other purpose authorized the State Fairgrounds District Act; STBTC/SB 481
Page 6
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
(4) sell, lease or otherwise dispose of
property of the district if the sale, lease or disposal
complies with the law and is not a violation of the terms
of any contract or bond covenant of the district;
(5) grant, donate or otherwise dispose
of property of the district in accordance with the Local
Economic Development Act, the Affordable Housing Act or
the provisions of Article 9, Section 14 of the constitution
of New Mexico;
(6) acquire land or undertake projects;
(7) employ or contract with staff, counsel,
advisors and consultants;
(8) pay a person for providing the district
with services or facilities;
(9) accept gifts or grants and incur and
repay loans for a public purpose or community benefit;
(10) levy property taxes in accordance with
election requirements of the State Fairgrounds District Act;
(11) pay the financial, legal and
administrative costs of the district;
(12) enter into contracts, agreements and
trust indentures to obtain credit enhancement or liquidity
support for the district's bonds and process the issuance,
registration, transfer and payment of the district's bonds
and the disbursement and investment of proceeds of the bonds; STBTC/SB 481
Page 7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
(13) borrow money and issue bonds for the
purposes of the State Fairgrounds District Act;
(14) use public easements and rights of way
in or across public property, roadways, highways, streets or
other thoroughfares and other public easements and rights of
way of the district or a public entity;
(15) alter the boundaries of the district
to add land contiguous to the state fairgrounds that may be
subsequently acquired by the district or another public body;
and
(16) exercise the rights and powers
necessary or incidental to or implied by the specific powers
granted by this section."
SECTION 4. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"STATE FAIRGROUNDS DISTRICT BOARD.--
A. The district shall for six years be initially
governed by a seven-member board composed of:
(1) the governor or the governor's designee;
(2) the state senator representing the
senate district inclusive of the district or the senator's
designee;
(3) the member of the house of
representatives representing the house district inclusive
of the district or the member's designee; STBTC/SB 481
Page 8
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
(4) the commissioner representing the
commission district of the Bernalillo county board of county
commissioners inclusive of the district;
(5) the city councilor representing the
council district inclusive of the district;
(6) the mayor of the city of Albuquerque;
and
(7) a designee of the governor, who shall
be a community member.
B. The director of the local government division
of the department of finance and administration or the
director's designee shall serve as clerk and treasurer of the
district. All meetings of the board shall be open meetings
held in accordance with the Open Meetings Act, and the board
shall keep the following records, which shall be open to the
public:
(1) minutes of all meetings of the board;
(2) all resolutions;
(3) accounts showing all money received and
disbursed;
(4) the annual budget; and
(5) all other records required to be
maintained by law.
C. At the end of the initial and each subsequent
six-year term, the board may hold an election of new STBTC/SB 481
Page 9
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
directors by majority vote of qualified electors in
accordance with the Local Election Act. In the absence of
an election, the initial seven members shall each serve an
additional six-year term, except for a designee who is not
an elected official and who shall be replaced by a designee
who is an elected official.
D. The board shall separately account for all
revenues and indebtedness based on property tax, gross
receipts tax and gaming tax distributed to the special fund
of the state fairgrounds district. The board shall
individually account for all property tax, gross receipts
tax and gaming tax distributed to the special fund of the
state fairgrounds district."
SECTION 5. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"AUTHORITY TO IMPOSE PROPERTY TAX LEVY.--The district
may establish a property tax levy upon real property located
within the boundaries of the district, with the following
limitations:
A. the maximum property tax levy the district may
impose is five dollars ($5.00) on each one thousand dollars
($1,000) of net taxable value, as that term is defined
in the Property Tax Code, which may be used for operation,
maintenance and capital improvements, in furtherance of the
purposes of the State Fairgrounds District Act; STBTC/SB 481
Page 10
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
B. the district may impose a property tax levy
only after authorization by a majority of votes cast by the
qualified electors of the district in an election held in
accordance with the Local Election Act; and
C. a property tax levy imposed by the district
shall not be effective for more than four years."
SECTION 6. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"PROPERTY TAX LEVY RESCISSION ELECTION.--
A. A property tax levy imposed by the district
may be rescinded within the four-year period during which a
property tax levy imposed by the district is effective if:
(1) thirty-three and one-third percent of
the number of persons who voted in the election for the
imposition of that property tax levy sign a petition to
rescind the property tax levy; and
(2) each person who signs the petition is a
qualified elector of the district.
B. The petition shall be filed with the board for
verification of the signatures, as to both number and
qualifications of the persons signing. If the board verifies
that the petition contains the requisite number of signatures
by persons qualified to sign the petition pursuant to
Subsection A of this section, the question of rescission of
the property tax levy imposed by the district shall be placed STBTC/SB 481
Page 11
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
on the ballot for:
(1) a special election held in accordance
with the special election procedures of the Election Code
that is called and held within ninety days; provided that the
date does not conflict with the provisions of Section 1-24-1
NMSA 1978; or
(2) the next occurring regular local
election or general election if that election is to be held
within less than one hundred twenty days.
C. A petition for rescission of a property tax
levy imposed by the district may be submitted only once each
year during the four-year period during which a property tax
levy by the district is effective."
SECTION 7. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"AUTHORIZATION OF ISSUANCE OF BONDS.--
A. Subject to the provisions of Section 9 of
the State Fairgrounds District Act, the district may issue
revenue bonds not to exceed five hundred million dollars
($500,000,000) in net proceeds for the purposes of the
State Fairgrounds District Act. The district may pledge
irrevocably the revenue received by the district from the
gross receipts tax distribution and the gaming tax
distribution pursuant to Section 13 of this 2025 act to
the payment of the principal and interest of the bonds. STBTC/SB 481
Page 12
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
B. Revenue bonds or refunding bonds or loans may
be authorized only by resolution of the board, which shall
be approved by a majority of the members of the board.
C. The district shall issue bonds only after:
(1) the state board of finance approves
of the proposed issuance of bonds and the district
development plan prepared in accordance with Section 10
of the State Fairgrounds District Act;
(2) the state board of finance makes a
determination that the proceeds of the bonds will be used
for projects in furtherance of the district development plan
and in accordance with the State Fairgrounds District Act;
(3) the state board of finance makes a
determination that the projects will generate sufficient
revenue to repay the bonds;
(4) the New Mexico finance authority
approves of the master indenture and any amendments to the
master indenture; and
(5) legislative approval of the proposed
issuance of the bonds.
D. Revenue bonds or refunding bonds issued
pursuant to the State Fairgrounds District Act and other
loans to the district are:
(1) not general obligations of the state or
any other public entity; and STBTC/SB 481
Page 13
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
(2) payable only from properly pledged
revenues, and each bond or loan shall state that it is
payable solely from the properly pledged revenues and that
the bondholders or lenders may not look to any other fund
for the payment of the principal and interest of the bond or
the loan.
E. Bonds issued pursuant to the State Fairgrounds
District Act:
(1) may have principal value, interest or
any part thereof payable at intervals or at maturity as may
be determined by the board;
(2) may be subject to a prior redemption
at the district's option at a time and upon terms and
conditions, with or without the payment of a premium, as
determined by the board;
(3) may mature at any time not more than
twenty-five years after the date that the first bonds are
issued for the district;
(4) may be serial in form and maturity, may
consist of one bond payable at one time or in installments or
may be in another form determined by the board;
(5) shall be sold for cash at, above or
below par and at a price that results in a net effective
interest rate that does not exceed the maximum permitted by
the Public Securities Act and the Public Securities STBTC/SB 481
Page 14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Short-Term Interest Rate Act; and
(6) may be sold at public or negotiated
sale."
SECTION 8. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"REFUNDING BONDS.--
A. After issuing bonds in accordance with the
State Fairgrounds District Act, the board may, subject to
the provisions of Section 9 of the State Fairgrounds District
Act, issue refunding bonds for the purpose of refinancing,
paying and discharging all or any part of outstanding bonds
for the:
(1) acceleration, deceleration or other
modification of the payment of the outstanding bonds,
including, without limitation, any capitalization of any
interest on the outstanding bonds in arrears or about to
become due for any period not exceeding two years from the
date of the refunding bonds;
(2) purpose of reducing interest costs or
effecting other economies; or
(3) purpose of modifying or eliminating
restrictive contractual limitations:
(a) pertaining to the issuance of
additional bonds; or
(b) concerning the outstanding bonds STBTC/SB 481
Page 15
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
or facilities relating to the outstanding bonds.
B. The board may pledge irrevocably for the
payment of principal, interest and premium, if any, on
refunding bonds the revenues received from distributions
of the gross receipts tax and the gaming tax pursuant to
Section 13 of this 2025 act, which may be pledged to an
original issue of bonds.
C. Refunding bonds may be issued separately or
in combination in one series or more.
D. Refunding bonds may be authorized only by
resolution of the board. Bonds that are refunded shall be
paid at maturity or on any permitted prior redemption date
in the amounts, at the time and places and, if called prior
to maturity, in accordance with any applicable notice
provisions, all as provided in the proceedings authorizing
the issuance of the refunded bonds or otherwise appertaining
to them, except for any such bond that is voluntarily
surrendered for exchange or payment by the holder or owner.
E. The principal amount of the refunding bonds
may exceed the principal amount of the refunded bonds and may
also be less than or the same as the principal amount of the
bonds being refunded if provision is duly and sufficiently
made for the payment of the refunded bonds.
F. The proceeds of refunding bonds, including
accrued interest and premiums appertaining to the sale of STBTC/SB 481
Page 16
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
refunding bonds, shall be immediately applied to the
retirement of the bonds being refunded or placed in escrow
in a commercial bank or trust company that possesses and
exercises trust powers and that is a member of the federal
deposit insurance corporation. The proceeds shall be applied
to the principal of, interest on and any prior redemption
premium due in connection with the bonds being refunded;
provided that the refunding bond proceeds, including premiums
and accrued interest appertaining to a sale of refunding
bonds, may be applied to the establishment and maintenance of
a reserve fund and to the payment of expenses incidental to
the refunding and the issuance of the refunding bonds, the
principal of those bonds and the interest of those bonds or
both principal and interest as the board determines. This
section does not require the establishment of an escrow if
the refunded bonds and the amounts necessary to retire the
refunded bonds within that time are deposited with the paying
agent for the refunded bonds. Any such escrow shall not
necessarily be limited to proceeds of refunding bonds but
may include other money available for its purpose. Proceeds
in escrow pending such use may be invested or reinvested in
bills, certificates of indebtedness, notes or bonds that
are direct obligations of, or the principal and interest of
which obligations are unconditionally guaranteed by, the
United States or in certificates of deposit of banks that STBTC/SB 481
Page 17
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
are members of the federal deposit insurance corporation;
provided that the par value of the certificates of deposit
is collateralized by a pledge of obligations or by a pledge
of payment that is unconditionally guaranteed by the United
States; and further provided that the par value of those
obligations is at least seventy-five percent of the par
value of the certificates of deposit. Such proceeds and
investments in escrow, together with any interest or other
income to be derived from any such investment, shall be in
an amount at all times sufficient as to principal, interest,
any prior redemption premium due and any charges of the
escrow agent payable from the escrow to pay the bonds being
refunded as they become due at their respective maturities
or at any designated prior redemption date or dates in
connection with which the prior redemption option shall be
exercised. A purchaser of a refunding bond issued is not
responsible for the application of the proceeds by the
district or any of its officers, agents or employees.
G. Refunding bonds may bear additional terms and
provisions as determined by the board subject to the
limitations in the State Fairgrounds District Act relating to
original bond issues.
H. District refunding bonds:
(1) may have principal value, interest or
any part thereof payable at intervals or at maturity, as STBTC/SB 481
Page 18
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
determined by the board;
(2) may be subject to prior redemption at
the board's option at a time or times and upon terms and
conditions with or without payment of premium or premiums, as
determined by the board;
(3) may be serial in form and maturity or
may consist of a single bond payable in one or more
installments or may be in another form, as determined by
the board; and
(4) shall be exchanged for the bonds and
any matured unpaid interest being refunded at not less than
par or sold at public or negotiated sale at, above or below
par and at a price that results in a net effective interest
rate that does not exceed the maximum permitted by the Public
Securities Act.
I. At a regular or special meeting, the board may
adopt a resolution by majority vote to authorize the issuance
of the refunding bonds."
SECTION 9. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"TAX MODIFICATIONS--BOND TERMS--EXPIRATION.--
A. Nothing in the State Fairgrounds District Act
shall prohibit the legislature from modifying any tax,
including increasing or decreasing a tax. The terms and
conditions of any bond issued by the district pursuant to STBTC/SB 481
Page 19
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
that act shall explicitly provide that the repayment of such
bonds, including interest and principal, is subject to
modifications to taxes imposed by the state.
B. The terms of bonds issued pursuant to the
State Fairgrounds District Act, including refunding bonds,
shall expire not more than twenty-five years after the date
that the first bonds are issued for the district."
SECTION 10. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"DISTRICT DEVELOPMENT PLAN.--The district shall prepare
a district development plan that shall include:
A. a map depicting the geographical boundaries
of the area proposed for inclusion within the district
development area;
B. the estimated time necessary to complete the
district projects;
C. a description and the estimated cost of all
projects and public improvements proposed for the district;
D. whether it is proposed to use gross receipts
tax bonds, gaming tax bonds or property tax bonds or some
combination to finance all or part of the projects and public
improvements;
E. the estimated annual revenue to be generated
by the district development and the portion of that revenue
to be allocated during the time necessary to complete the STBTC/SB 481
Page 20
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
payment of the projects;
F. the general proposed land uses;
G. the number and types of jobs expected to be
created;
H. the amount and characteristics of workforce
and affordable housing expected to be created;
I. the location and characteristics of public
school facilities expected to be created, improved,
rehabilitated or constructed;
J. a description of innovative planning
techniques, including mixed-use transit-oriented development,
traditional neighborhood design or sustainable development
techniques, that are deemed by the governing body to be
beneficial and that will be incorporated into the district;
and
K. the amount and type of private investment in
the district development."
SECTION 11. A new section of Chapter 6 NMSA 1978 is
enacted to read:
"EXEMPTION FROM TAXATION.--The bonds authorized by
the State Fairgrounds District Act and the income from the
bonds or any other instrument executed as security for the
bonds shall be exempt from all taxation by the state or any
political subdivision of the state."
SECTION 12. A new section of Chapter 6 NMSA 1978 is STBTC/SB 481
Page 21
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
enacted to read:
"REPORT REQUIRED.--By September 1 of each year,
beginning in 2025, the board shall report to the state board
of finance and the legislative finance committee on the
implementation of the State Fairgrounds District Act and
expenditures to date, bonds issued, debt service reserve
funds held, progress made toward retiring the bonds,
estimated capital investment in the district, the estimated
total net new jobs and new full-time economic base jobs
created in the district and the total revenues distributed
to the district in each previous fiscal year."
SECTION 13. A new section of the Tax Administration Act
is enacted to read:
"DISTRIBUTION--STATE FAIRGROUNDS DISTRICT.--
A. Beginning July 1, 2025, after a transfer is
made pursuant to Section 7-1-6.13 NMSA 1978, a distribution
shall be made by the department to a special fund of the
state fairgrounds district in an amount equal to seventy-five
percent of the net receipts attributable to the gross
receipts tax from business locations within the state
fairgrounds district. Except as provided in Subsection D
of this section, the distribution shall be made until the
bonds issued pursuant to the State Fairgrounds District Act
are fully discharged or otherwise provided for in full.
B. Beginning July 1, 2025, a distribution shall STBTC/SB 481
Page 22
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
be made by the department to a special fund of the state
fairgrounds district in an amount equal to seventy-five
percent of the net receipts attributable to the gaming tax
from locations on the state fairgrounds district. Except
as provided in Subsection D of this section, the distribution
shall be made until the bonds issued pursuant to the State
Fairgrounds District Act are fully discharged or otherwise
provided for in full.
C. The distributions provided by this section
may be adjusted for other required distributions under the
Tax Administration Act.
D. Immediately after approval of a proposed
issuance of bonds by the state fairgrounds district pursuant
to Section 7 of the State Fairgrounds District Act, the state
board of finance and the New Mexico finance authority shall
notify the secretary of taxation and revenue. Immediately
after issuing bonds pursuant to Section 7 of the State
Fairgrounds District Act, the state fairgrounds district
shall notify the secretary of taxation and revenue. If, by
June 30, 2029, the state board of finance and the New Mexico
finance authority have not approved of a proposed issuance of
bonds or the state fairgrounds district has not issued bonds:
(1) no further distributions shall be made;
and
(2) all money from distributions made prior STBTC/SB 481
Page 23
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
to June 30, 2029 pursuant to this section shall revert to the
general fund.
E. As used in this section, "state fairgrounds
district" means land owned by the state, commonly known as
the "state fairgrounds", and lying within the exterior
boundaries of the city of Albuquerque as of July 1, 2025 and
land contiguous to the state fairgrounds that may be
subsequently acquired by that district or another public
entity and included in the boundaries of the district by the
district's board."
SECTION 14. Section 4-53-1 NMSA 1978 (being Laws 1965,
Chapter 291, Section 1) is amended to read:
"4-53-1. SHORT TITLE.--Chapter 4, Article 53 NMSA 1978
may be cited as the "Special District Procedures Act"."
SECTION 15. A new section of the Special District
Procedures Act is enacted to read:
"EXEMPTION.--The state fairgrounds district and the
provisions of the State Fairgrounds District Act are exempt
from the provisions of the Special District Procedures Act."
SECTION 16. Section 4-54-1 NMSA 1978 (being Laws 1965,
Chapter 283, Section 1) is amended to read:
"4-54-1. SHORT TITLE.--Chapter 4, Article 54 NMSA 1978
may be cited as the "Community Service District Act"."
SECTION 17. A new section of the Community Service
District Act is enacted to read: STBTC/SB
481
Page 24
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
"EXEMPTION.--The state fairgrounds district and the
provisions of the State Fairgrounds District Act are exempt
from the provisions of the Community Service District Act."
SECTION 18. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2025.