New Mexico 2025 Regular Session

New Mexico Senate Bill SB481 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	~~STBTC/SB 481~~
2		-	~~Page 1~~
	1	+	underscored material = new
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	28	+	SENATE BILL 481
	29	+	57
	30	+	TH LEGISLATURE
	31	+	-
	32	+
	33	+	STATE
	34	+
	35	+	OF
	36	+
	37	+	NEW
	38	+
	39	+	MEXICO
	40	+
	41	+	-
	42	+	FIRST SESSION
	43	+	,
	44	+
	45	+	2025
	46	+	INTRODUCED BY
	47	+	Mimi Stewart
28	48		AN ACT
29	49		RELATING TO PUBLIC FINANCES; ENACTING THE STATE FAIRGROUNDS
30		-	DISTRICT ACT; CREATING THE STATE FAIRGROUNDS DISTRICT OVER
31		-	THE LAND CURRENTLY OWNED BY THE STATE, COMMONLY REFERRED TO
32		-	AS THE "STATE FAIRGROUNDS", AND CONTIGUOUS LAND THAT MAY BE
33		-	SUBSEQUENTLY ACQUIRED; PROVIDING POWERS; PROVIDING THAT THE
34		-	DISTRICT MAY ACQUIRE LAND AND ALTER THE BOUNDARIES OF THE
35		-	DISTRICT; PROVIDING THAT THE DISTRICT MAY SELL OR OTHERWISE
36		-	DISPOSE OF DISTRICT PROPERTY IN ACCORDANCE WITH THE LAW;
37		-	AUTHORIZING A PROPERTY TAX LEVY; AUTHORIZING THE ISSUANCE OF
38		-	UP TO FIVE HUNDRED MILLION DOLLARS ($500,000,000) OF BONDS
39		-	AND REFUNDING BONDS BY THE STATE FAIRGROUNDS DISTRICT;
40		-	PROVIDING A TAX EXEMPTION FROM BONDS AND INCOME FROM BONDS
41		-	ISSUED PURSUANT TO THE STATE FAIRGROUNDS DISTRICT ACT;
42		-	MAKING DISTRIBUTIONS TO A SPECIAL FUND OF THE DISTRICT OF
43		-	SEVENTY-FIVE PERCENT OF THE NET RECEIPTS ATTRIBUTABLE TO
44		-	THE STATE PORTION OF GROSS RECEIPTS TAX AND GAMING TAX FROM
45		-	LOCATIONS ON THE STATE FAIRGROUNDS DISTRICT; EXEMPTING
46		-	THE DISTRICT FROM THE PROVISIONS OF THE COMMUNITY SERVICE
47		-	DISTRICT ACT AND THE SPECIAL DISTRICT PROCEDURES ACT; MAKING
48		-	AN APPROPRIATION.
	50	+	DISTRICT ACT; CREATING THE STATE FAIRGROUNDS DISTRICT OVER THE
	51	+	LAND OWNED BY THE STATE, COMMONLY REFERRED TO AS THE "STATE
	52	+	FAIRGROUNDS", AND CONTIGUOUS LAND THAT MAY BE SUBSEQUENTLY
	53	+	ACQUIRED; PROVIDING POWERS; CREATING THE STATE FAIRGROUNDS
	54	+	DISTRICT BOARD; AUTHORIZING THE ISSUANCE OF BONDS AND REFUNDING
	55	+	BONDS BY THE STATE FAIRGROUNDS DISTRICT; CREATING THE STATE
	56	+	FAIRGROUNDS DISTRICT FUND; PROVIDING A TAX EXEMPTION FROM BONDS
	57	+	AND INCOME FROM BONDS ISSUED PURSUANT TO THE STATE FAIRGROUNDS
	58	+	DISTRICT ACT; MAKING DISTRIBUTIONS OF THE NET RECEIPTS
	59	+	ATTRIBUTABLE TO THE GROSS RECEIPTS TAX AND GAMING TAX FROM
	60	+	BUSINESS LOCATIONS ON THE STATE FAIRGROUNDS; MAKING AN
	61	+	APPROPRIATION.
49	62		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
50		-	SECTION 1. A new section of Chapter 6 NMSA 1978 is
51		-	enacted to read: STBTC/SB 481
52		-	Page 2
	63	+	.230724.2 underscored material = new
	64	+	[bracketed material] = delete
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78		-	"SHORT TITLE.--Sections 1 through 12 of this act may
79		-	be cited as the "State Fairgrounds District Act"."
	90	+	SECTION 1. A new section of Chapter 6 NMSA 1978 is
	91	+	enacted to read:
	92	+	"[NEW MATERIAL] SHORT TITLE.--Sections 1 through 10 of
	93	+	this act may be cited as the "State Fairgrounds District Act"."
80	94		SECTION 2. A new section of Chapter 6 NMSA 1978 is
81	95		enacted to read:
82		-	"DEFINITIONS.--As used in the State ~~Fairgrounds District~~
83		-	Act:
	96	+	"[NEW MATERIAL] DEFINITIONS.--As used in the State
	97	+	Fairgrounds District Act:
84	98		A. "board" means the state fairgrounds district
85	99		board;
86		-	B. "~~community benefit~~" ~~includes affordable~~
87		-	~~housing~~, ~~job creation, open space and health services;~~
88		-	~~C. "district" means the state fairgrounds~~
89		-	~~district;~~
90		-	~~D. "person" means an association, corporation,~~
91		-	~~individual, limited liability company,~~ ~~partnership, other~~
92		-	~~legal entity or public entity;~~
93		-	E. "~~project~~" ~~means acquiring or improving land or~~
94		-	~~acquiring, developing,~~ ~~constructing, demolishing,~~ ~~removing,~~
95		-	~~operating, maintaining,~~ ~~repairing, reconstructing,~~ ~~enlarging,~~
96		-	~~improving~~, ~~installing~~, ~~rehabilitating~~, ~~remodeling or~~
97		-	~~renovating infrastructure~~, ~~buildings~~, ~~roads~~, ~~utilities,~~
98		-	~~public improvements or equipment~~ in the district ~~and public~~
99		-	~~schools in~~ the ~~close vicinity~~ of ~~the district and includes~~
100		-	~~associated planning,~~ ~~design work~~ and ~~professional services;~~
101		-	F. ~~"public entity" means an agency, department,~~
102		-	~~institution, county,~~ ~~municipality or political subdivision STBTC/SB 481~~
103		-	~~Page 3~~
	100	+	B. "bond" means an obligation of the district
	101	+	issued pursuant to the State Fairgrounds District Act, whether
	102	+	designated as a bond, note, loan, warrant, debenture, lease-
	103	+	purchase agreement or other instrument evidencing an obligation
	104	+	of the district to make payments;
	105	+	C. "district" means the state fairgrounds district
	106	+	that consists of all land owned by the state, commonly known as
	107	+	the "state fairgrounds", and lying within the exterior
	108	+	boundaries of the city of Albuquerque;
	109	+	D. "project" means planning and design work for and
	110	+	development, construction, reconstruction, enlargement,
	111	+	improvement, installation, rehabilitation, remodeling and
	112	+	renovation of the state fairgrounds in the district, of a new
	113	+	site and facilities to host the state fair and of public
	114	+	schools in the close vicinity of the district; and
	115	+	.230724.2
	116	+	- 2 - underscored material = new
	117	+	[bracketed material] = delete
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129		-	of the state; and
130		-	G. "public improvements" means on-site
131		-	improvements and off-site improvements that directly or
132		-	indirectly benefit the district or facilitate development
133		-	within the district and that are dedicated to a public
134		-	entity, and include:
135		-	(1) sanitary sewage systems, including
136		-	collection, transport, treatment, dispersal, effluent use
137		-	and discharge;
138		-	(2) drainage and flood control systems,
139		-	including collection, transport, storage, treatment,
140		-	dispersal, effluent use and discharge;
141		-	(3) water systems for domestic, commercial,
142		-	office, hotel or motel, industrial, irrigation, municipal or
143		-	fire protection purposes, including production, collection,
144		-	storage, treatment, transport, delivery, connection and
145		-	dispersal;
146		-	(4) highways, streets, roadways, bridges,
147		-	crossing structures and parking facilities, including all
148		-	areas for vehicular use for travel, ingress, egress and
149		-	parking;
150		-	(5) trails and areas for pedestrian,
151		-	equestrian, bicycle or other non-motor vehicle use for
152		-	travel, ingress, egress and parking;
153		-	(6) pedestrian and transit facilities, STBTC/SB 481
154		-	Page 4
	143	+	E. "property owner" means a person owning real
	144	+	property within the boundaries of the district."
	145	+	SECTION 3. A new section of Chapter 6 NMSA 1978 is
	146	+	enacted to read:
	147	+	"[NEW MATERIAL] STATE FAIRGROUNDS DISTRICT--CREATED--
	148	+	POWERS.--
	149	+	A. The "state fairgrounds district" is created as a
	150	+	political subdivision of the state, separate and apart from a
	151	+	municipality or county. The district consists of all land
	152	+	owned by the state, commonly known as the "state fairgrounds",
	153	+	lying within the exterior boundaries of the city of
	154	+	Albuquerque, and land contiguous to the state fairgrounds that
	155	+	may be subsequently acquired and included in the boundaries of
	156	+	the district.
	157	+	B. The district may:
	158	+	(1) enter into contracts or expend money for
	159	+	any public purpose with respect to projects of the district;
	160	+	(2) enter into agreements with a municipality,
	161	+	county or other local government entity in connection with real
	162	+	property located within the district;
	163	+	(3) enter into an intergovernmental agreement
	164	+	in accordance with the Joint Powers Agreements Act for the
	165	+	planning, design, inspection, ownership, control, maintenance,
	166	+	operation or repair of public infrastructure or the provision
	167	+	of enhanced services by the municipality or county in which the
	168	+	.230724.2
	169	+	- 3 - underscored material = new
	170	+	[bracketed material] = delete
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180		-	parks, recreational facilities and open space areas for the
181		-	use of members of the public for entertainment, assembly and
182		-	recreation;
183		-	(7) landscaping, including earthworks,
184		-	structures, plants, trees and related water delivery systems;
185		-	(8) public buildings, public safety
186		-	facilities and fire protection and police facilities;
187		-	(9) electrical generation, transmission and
188		-	distribution facilities and natural gas distribution
189		-	facilities;
190		-	(10) cable or other telecommunications lines
191		-	and related equipment;
192		-	(11) lighting systems and traffic control
193		-	systems and devices, including signals, controls, markings
194		-	and signage;
195		-	(12) school sites and facilities with the
196		-	consent of the governing board of the public school district
197		-	for which the facility is to be acquired, constructed or
198		-	renovated;
199		-	(13) library and other public educational
200		-	or cultural facilities;
201		-	(14) equipment, vehicles, furnishings and
202		-	other personal property related to the items listed in this
203		-	subsection; and
204		-	(15) workforce and affordable housing." STBTC/SB 481
205		-	Page 5
	196	+	district lies or for any other purpose authorized the State
	197	+	Fairgrounds District Act;
	198	+	(4) sell, lease or otherwise dispose of
	199	+	district property if the sale, lease or conveyance is not a
	200	+	violation of the terms of any contract or bond covenant of the
	201	+	district;
	202	+	(5) reimburse a municipality or county in
	203	+	which the district is located for providing services within the
	204	+	area of the district;
	205	+	(6) operate, maintain and repair public
	206	+	infrastructure until dedicated to the governing body;
	207	+	(7) employ staff, counsel, advisors and
	208	+	consultants;
	209	+	(8) reimburse a municipality or county in
	210	+	which the district is located for staff and consultant services
	211	+	and support facilities supplied by the municipality;
	212	+	(9) accept gifts or grants and incur and repay
	213	+	loans for a public purpose;
	214	+	(10) enter into an agreement with a property
	215	+	owner concerning the advance of money by the owner for a public
	216	+	purpose or the granting of real property by the owner for a
	217	+	public purpose with respect to a project;
	218	+	(11) pay the financial, legal and
	219	+	administrative costs of the district;
	220	+	(12) enter into contracts, agreements and
	221	+	.230724.2
	222	+	- 4 - underscored material = new
	223	+	[bracketed material] = delete
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231		-	SECTION 3. A new section of Chapter 6 NMSA 1978 is
	249	+	trust indentures to obtain credit enhancement or liquidity
	250	+	support for the district's bonds and process the issuance,
	251	+	registration, transfer and payment of the district's bonds and
	252	+	the disbursement and investment of proceeds of the bonds;
	253	+	(13) borrow money and issue bonds to fund
	254	+	projects; and
	255	+	(14) use public easements and rights of way in
	256	+	or across public property, roadways, highways, streets or other
	257	+	thoroughfares and other public easements and rights of way of
	258	+	the district, municipality or county.
	259	+	C. Notwithstanding the provisions of the
	260	+	Procurement Code or local procurement requirements that may
	261	+	otherwise be applicable to the municipality in which the
	262	+	district is located, the board may enter into contracts to
	263	+	carry out any of the district's authorized powers, including
	264	+	the planning, design, engineering, financing, construction and
	265	+	acquisition of public improvements for the district, with a
	266	+	contractor, a property owner or other person or entity, on such
	267	+	terms and with such persons as the board determines to be
	268	+	appropriate."
	269	+	SECTION 4. A new section of Chapter 6 NMSA 1978 is
232	270		enacted to read:
233		-	"STATE FAIRGROUNDS DISTRICT--CREATED--POWERS.--
234		-	A. The "state fairgrounds district" is created
235		-	as a political subdivision of the state, separate and apart
236		-	from a municipality. The district consists of land owned by
237		-	the state, commonly known as the "state fairgrounds", lying
238		-	within the exterior boundaries of the city of Albuquerque as
239		-	of July 1, 2025, and land contiguous to the state fairgrounds
240		-	that may be subsequently acquired by the district or another
241		-	public entity and included in the boundaries of the district
242		-	by the board.
243		-	B. The district may:
244		-	(1) enter into contracts or expend money
245		-	for any public purpose or community benefit with respect to
246		-	projects of the district;
247		-	(2) enter into agreements with a public
248		-	entity in connection with real property located within the
249		-	district;
250		-	(3) enter into an intergovernmental
251		-	agreement in accordance with the Joint Powers Agreements Act
252		-	for the planning, design, inspection, ownership, control,
253		-	maintenance, operation or repair of public infrastructure
254		-	or the provision of services by a public entity or for any
255		-	other purpose authorized the State Fairgrounds District Act; STBTC/SB 481
256		-	Page 6
	271	+	"[NEW MATERIAL] STATE FAIRGROUNDS DISTRICT BOARD.--The
	272	+	district shall be governed by a five-member board composed of
	273	+	the governor, the lieutenant governor, a member appointed by
	274	+	.230724.2
	275	+	- 5 - underscored material = new
	276	+	[bracketed material] = delete
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282		-	(4) sell, lease or otherwise dispose of
283		-	property of the district if the sale, lease or disposal
284		-	complies with the law and is not a violation of the terms
285		-	of any contract or bond covenant of the district;
286		-	(5) grant, donate or otherwise dispose
287		-	of property of the district in accordance with the Local
288		-	Economic Development Act, the Affordable Housing Act or
289		-	the provisions of Article 9, Section 14 of the constitution
290		-	of New Mexico;
291		-	(6) acquire land or undertake projects;
292		-	(7) employ or contract with staff, counsel,
293		-	advisors and consultants;
294		-	(8) pay a person for providing the district
295		-	with services or facilities;
296		-	(9) accept gifts or grants and incur and
297		-	repay loans for a public purpose or community benefit;
298		-	(10) levy property taxes in accordance with
299		-	election requirements of the State Fairgrounds District Act;
300		-	(11) pay the financial, legal and
301		-	administrative costs of the district;
302		-	(12) enter into contracts, agreements and
303		-	trust indentures to obtain credit enhancement or liquidity
304		-	support for the district's bonds and process the issuance,
305		-	registration, transfer and payment of the district's bonds
306		-	and the disbursement and investment of proceeds of the bonds; STBTC/SB 481
307		-	Page 7
	302	+	the state senator representing the senate district inclusive of
	303	+	the district, the Bernalillo county commissioner representing
	304	+	the commission district inclusive of the district and the mayor
	305	+	of the city of Albuquerque for the term of the district. The
	306	+	board shall separately account for all revenues and
	307	+	indebtedness based on gross receipts tax and gaming tax
	308	+	distributed to the state fairgrounds district fund. The board
	309	+	shall individually account for all gross receipts tax and
	310	+	gaming tax distributed to the state fairgrounds district fund.
	311	+	The secretary of finance and administration or the secretary's
	312	+	designee shall serve as clerk and treasurer of the district."
	313	+	SECTION 5. A new section of Chapter 6 NMSA 1978 is
	314	+	enacted to read:
	315	+	"[NEW MATERIAL] AUTHORIZATION OF ISSUANCE OF BONDS.--
	316	+	A. The district may issue revenue bonds not to
	317	+	exceed one billion dollars ($1,000,000,000) in net proceeds for
	318	+	projects. The district shall pledge irrevocably all of the
	319	+	revenue received by the district from the gross receipts tax
	320	+	distribution and the gaming tax distribution pursuant to
	321	+	Sections 11 and 12 of this 2025 act to the payment of the
	322	+	principal and interest of the bonds.
	323	+	B. Revenue bonds or refunding bonds or loans may be
	324	+	authorized only by resolution of the board, which shall be
	325	+	approved by a majority of the members of the board. Prior to
	326	+	the board issuing bonds, the New Mexico finance authority,
	327	+	.230724.2
	328	+	- 6 - underscored material = new
	329	+	[bracketed material] = delete
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333		-	(13) borrow money and issue bonds for the
334		-	purposes of the State Fairgrounds District Act;
335		-	(14) use public easements and rights of way
336		-	in or across public property, roadways, highways, streets or
337		-	other thoroughfares and other public easements and rights of
338		-	way of the district or a public entity;
339		-	(15) alter the boundaries of the district
340		-	to add land contiguous to the state fairgrounds that may be
341		-	subsequently acquired by the district or another public body;
342		-	and
343		-	(16) exercise the rights and powers
344		-	necessary or incidental to or implied by the specific powers
345		-	granted by this section."
346		-	SECTION 4. A new section of Chapter 6 NMSA 1978 is
347		-	enacted to read:
348		-	"STATE FAIRGROUNDS DISTRICT BOARD.--
349		-	A. The district shall for six years be initially
350		-	governed by a seven-member board composed of:
351		-	(1) the governor or the governor's designee;
352		-	(2) the state senator representing the
353		-	senate district inclusive of the district or the senator's
354		-	designee;
355		-	(3) the member of the house of
356		-	representatives representing the house district inclusive
357		-	of the district or the member's designee; STBTC/SB 481
358		-	Page 8
	355	+	state board of finance and state bond counsel shall approve the
	356	+	proposed issuance of the bonds and determine that the proceeds
	357	+	of the bonds will be used for a project, in accordance with the
	358	+	State Fairgrounds District Act.
	359	+	C. Revenue bonds or refunding bonds issued pursuant
	360	+	to the State Fairgrounds District Act and other loans to the
	361	+	district are:
	362	+	(1) not general obligations of the state or
	363	+	any other agency of the state; and
	364	+	(2) payable only from properly pledged
	365	+	revenues and each bond or loan shall state that it is payable
	366	+	solely from the properly pledged revenues and that the
	367	+	bondholders or lenders may not look to any other fund for the
	368	+	payment of the principal and interest of the bond or the loan.
	369	+	D. Bonds issued pursuant to the State Fairgrounds
	370	+	District Act:
	371	+	(1) may have principal value, interest or any
	372	+	part thereof payable at intervals or at maturity as may be
	373	+	determined by the board;
	374	+	(2) may be subject to a prior redemption at
	375	+	the district's option at a time and upon terms and conditions,
	376	+	with or without the payment of a premium, as determined by the
	377	+	board;
	378	+	(3) may mature at any time not exceeding
	379	+	twenty-five years after the date of issuance;
	380	+	.230724.2
	381	+	- 7 - underscored material = new
	382	+	[bracketed material] = delete
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384		-	(4) the commissioner representing the
385		-	commission district of the Bernalillo county board of county
386		-	commissioners inclusive of the district;
387		-	(5) the city councilor representing the
388		-	council district inclusive of the district;
389		-	(6) the mayor of the city of Albuquerque;
390		-	and
391		-	(7) a designee of the governor, who shall
392		-	be a community member.
393		-	B. The director of the local government division
394		-	of the department of finance and administration or the
395		-	director's designee shall serve as clerk and treasurer of the
396		-	district. All meetings of the board shall be open meetings
397		-	held in accordance with the Open Meetings Act, and the board
398		-	shall keep the following records, which shall be open to the
399		-	public:
400		-	(1) minutes of all meetings of the board;
401		-	(2) all resolutions;
402		-	(3) accounts showing all money received and
403		-	disbursed;
404		-	(4) the annual budget; and
405		-	(5) all other records required to be
406		-	maintained by law.
407		-	C. At the end of the initial and each subsequent
408		-	six-year term, the board may hold an election of new STBTC/SB 481
409		-	Page 9
	408	+	(4) may be serial in form and maturity, may
	409	+	consist of one bond payable at one time or in installments or
	410	+	may be in another form determined by the board;
	411	+	(5) shall be sold for cash at, above or below
	412	+	par and at a price that results in a net effective interest
	413	+	rate that does not exceed the maximum permitted by the Public
	414	+	Securities Act and the Public Securities Short-Term Interest
	415	+	Rate Act; and
	416	+	(6) may be sold at public or negotiated sale."
	417	+	SECTION 6. A new section of Chapter 6 NMSA 1978 is
	418	+	enacted to read:
	419	+	"[NEW MATERIAL] REFUNDING BONDS.--
	420	+	A. After issuing bonds in accordance with the State
	421	+	Fairgrounds District Act, the board may issue refunding bonds
	422	+	for the purpose of refinancing, paying and discharging all or
	423	+	any part of outstanding bonds for the:
	424	+	(1) acceleration, deceleration or other
	425	+	modification of the payment of the outstanding bonds,
	426	+	including, without limitation, any capitalization of any
	427	+	interest on the outstanding bonds in arrears or about to become
	428	+	due for any period not exceeding two years from the date of the
	429	+	refunding bonds;
	430	+	(2) purpose of reducing interest costs or
	431	+	effecting other economies; or
	432	+	(3) purpose of modifying or eliminating
	433	+	.230724.2
	434	+	- 8 - underscored material = new
	435	+	[bracketed material] = delete
410	436		1
411	437		2
412	438		3
413	439		4
414	440		5
415	441		6
416	442		7
417	443		8
418	444		9
419	445		10
420	446		11
421	447		12
422	448		13
423	449		14
424	450		15
425	451		16
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427	453		18
428	454		19
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430	456		21
431	457		22
432	458		23
433	459		24
434	460		25
435		-	directors by majority vote of qualified electors in
436		-	accordance with the Local Election Act. In the absence of
437		-	an election, the initial seven members shall each serve an
438		-	additional six-year term, except for a designee who is not
439		-	an elected official and who shall be replaced by a designee
440		-	who is an elected official.
441		-	D. The board shall separately account for all
442		-	revenues and indebtedness based on property tax, gross
443		-	receipts tax and gaming tax distributed to the special fund
444		-	of the state fairgrounds district. The board shall
445		-	individually account for all property tax, gross receipts
446		-	tax and gaming tax distributed to the special fund of the
447		-	state fairgrounds district."
448		-	SECTION 5. A new section of Chapter 6 NMSA 1978 is
449		-	enacted to read:
450		-	"AUTHORITY TO IMPOSE PROPERTY TAX LEVY.--The district
451		-	may establish a property tax levy upon real property located
452		-	within the boundaries of the district, with the following
453		-	limitations:
454		-	A. the maximum property tax levy the district may
455		-	impose is five dollars ($5.00) on each one thousand dollars
456		-	($1,000) of net taxable value, as that term is defined
457		-	in the Property Tax Code, which may be used for operation,
458		-	maintenance and capital improvements, in furtherance of the
459		-	purposes of the State Fairgrounds District Act; STBTC/SB 481
460		-	Page 10
	461	+	restrictive contractual limitations:
	462	+	(a) pertaining to the issuance of
	463	+	additional bonds; or
	464	+	(b) concerning the outstanding bonds or
	465	+	facilities relating to the outstanding bonds.
	466	+	B. The board shall pledge irrevocably for the
	467	+	payment of principal, interest and premium, if any, on
	468	+	refunding bonds the revenues received from distributions of the
	469	+	gross receipts tax and gaming tax pursuant to Sections 11 and
	470	+	12 of this 2025 act, which may be pledged to an original issue
	471	+	of bonds, and the terms of refunding bonds shall expire not
	472	+	more than twenty-five years after the date of the original
	473	+	issue of bonds.
	474	+	C. Refunding bonds may be issued separately or in
	475	+	combination in one series or more.
	476	+	D. Refunding bonds may be authorized only by
	477	+	resolution of the board. Bonds that are refunded shall be paid
	478	+	at maturity or on any permitted prior redemption date in the
	479	+	amounts, at the time and places and, if called prior to
	480	+	maturity, in accordance with any applicable notice provisions,
	481	+	all as provided in the proceedings authorizing the issuance of
	482	+	the refunded bonds or otherwise appertaining to them, except
	483	+	for any such bond that is voluntarily surrendered for exchange
	484	+	or payment by the holder or owner.
	485	+	E. The principal amount of the refunding bonds may
	486	+	.230724.2
	487	+	- 9 - underscored material = new
	488	+	[bracketed material] = delete
461	489		1
462	490		2
463	491		3
464	492		4
465	493		5
466	494		6
467	495		7
468	496		8
469	497		9
470	498		10
471	499		11
472	500		12
473	501		13
474	502		14
475	503		15
476	504		16
477	505		17
478	506		18
479	507		19
480	508		20
481	509		21
482	510		22
483	511		23
484	512		24
485	513		25
486		-	B. the district may impose a property tax levy
487		-	only after authorization by a majority of votes cast by the
488		-	qualified electors of the district in an election held in
489		-	accordance with the Local Election Act; and
490		-	C. a property tax levy imposed by the district
491		-	shall not be effective for more than four years."
492		-	SECTION 6. A new section of Chapter 6 NMSA 1978 is
493		-	enacted to read:
494		-	"PROPERTY TAX LEVY RESCISSION ELECTION.--
495		-	A. A property tax levy imposed by the district
496		-	may be rescinded within the four-year period during which a
497		-	property tax levy imposed by the district is effective if:
498		-	(1) thirty-three and one-third percent of
499		-	the number of persons who voted in the election for the
500		-	imposition of that property tax levy sign a petition to
501		-	rescind the property tax levy; and
502		-	(2) each person who signs the petition is a
503		-	qualified elector of the district.
504		-	B. The petition shall be filed with the board for
505		-	verification of the signatures, as to both number and
506		-	qualifications of the persons signing. If the board verifies
507		-	that the petition contains the requisite number of signatures
508		-	by persons qualified to sign the petition pursuant to
509		-	Subsection A of this section, the question of rescission of
510		-	the property tax levy imposed by the district shall be placed STBTC/SB 481
511		-	Page 11
	514	+	exceed the principal amount of the refunded bonds and may also
	515	+	be less than or the same as the principal amount of the bonds
	516	+	being refunded if provision is duly and sufficiently made for
	517	+	the payment of the refunded bonds.
	518	+	F. The proceeds of refunding bonds, including
	519	+	accrued interest and premiums appertaining to the sale of
	520	+	refunding bonds, shall be immediately applied to the retirement
	521	+	of the bonds being refunded or placed in escrow in a commercial
	522	+	bank or trust company that possesses and exercises trust powers
	523	+	and that is a member of the federal deposit insurance
	524	+	corporation. The proceeds shall be applied to the principal
	525	+	of, interest on and any prior redemption premium due in
	526	+	connection with the bonds being refunded; provided that the
	527	+	refunding bond proceeds, including premiums and accrued
	528	+	interest appertaining to a sale of refunding bonds, may be
	529	+	applied to the establishment and maintenance of a reserve fund
	530	+	and to the payment of expenses incidental to the refunding and
	531	+	the issuance of the refunding bonds, the principal of those
	532	+	bonds and the interest of those bonds or both principal and
	533	+	interest as the board determines. This section does not
	534	+	require the establishment of an escrow if the refunded bonds
	535	+	and the amounts necessary to retire the refunded bonds within
	536	+	that time are deposited with the paying agent for the refunded
	537	+	bonds. Any such escrow shall not necessarily be limited to
	538	+	proceeds of refunding bonds but may include other money
	539	+	.230724.2
	540	+	- 10 - underscored material = new
	541	+	[bracketed material] = delete
512	542		1
513	543		2
514	544		3
515	545		4
516	546		5
517	547		6
518	548		7
519	549		8
520	550		9
521	551		10
522	552		11
523	553		12
524	554		13
525	555		14
526	556		15
527	557		16
528	558		17
529	559		18
530	560		19
531	561		20
532	562		21
533	563		22
534	564		23
535	565		24
536	566		25
537		-	on the ballot for:
538		-	(1) a special election held in accordance
539		-	with the special election procedures of the Election Code
540		-	that is called and held within ninety days; provided that the
541		-	date does not conflict with the provisions of Section 1-24-1
542		-	NMSA 1978; or
543		-	(2) the next occurring regular local
544		-	election or general election if that election is to be held
545		-	within less than one hundred twenty days.
546		-	C. A petition for rescission of a property tax
547		-	levy imposed by the district may be submitted only once each
548		-	year during the four-year period during which a property tax
549		-	levy by the district is effective."
550		-	SECTION 7. A new section of Chapter 6 NMSA 1978 is
551		-	enacted to read:
552		-	"AUTHORIZATION OF ISSUANCE OF BONDS.--
553		-	A. Subject to the provisions of Section 9 of
554		-	the State Fairgrounds District Act, the district may issue
555		-	revenue bonds not to exceed five hundred million dollars
556		-	($500,000,000) in net proceeds for the purposes of the
557		-	State Fairgrounds District Act. The district may pledge
558		-	irrevocably the revenue received by the district from the
559		-	gross receipts tax distribution and the gaming tax
560		-	distribution pursuant to Section 13 of this 2025 act to
561		-	the payment of the principal and interest of the bonds. STBTC/SB 481
562		-	Page 12
	567	+	available for its purpose. Proceeds in escrow pending such use
	568	+	may be invested or reinvested in bills, certificates of
	569	+	indebtedness, notes or bonds that are direct obligations of, or
	570	+	the principal and interest of which obligations are
	571	+	unconditionally guaranteed by, the United States or in
	572	+	certificates of deposit of banks that are members of the
	573	+	federal deposit insurance corporation; provided that the par
	574	+	value of the certificates of deposit is collateralized by a
	575	+	pledge of obligations or by a pledge of payment that is
	576	+	unconditionally guaranteed by the United States; and further
	577	+	provided that the par value of those obligations is at least
	578	+	seventy-five percent of the par value of the certificates of
	579	+	deposit. Such proceeds and investments in escrow, together
	580	+	with any interest or other income to be derived from any such
	581	+	investment, shall be in an amount at all times sufficient as to
	582	+	principal, interest, any prior redemption premium due and any
	583	+	charges of the escrow agent payable from the escrow to pay the
	584	+	bonds being refunded as they become due at their respective
	585	+	maturities or at any designated prior redemption date or dates
	586	+	in connection with which the prior redemption option shall be
	587	+	exercised. A purchaser of a refunding bond issued is not
	588	+	responsible for the application of the proceeds by the district
	589	+	or any of its officers, agents or employees.
	590	+	G. Refunding bonds may bear additional terms and
	591	+	provisions as determined by the board subject to the
	592	+	.230724.2
	593	+	- 11 - underscored material = new
	594	+	[bracketed material] = delete
563	595		1
564	596		2
565	597		3
566	598		4
567	599		5
568	600		6
569	601		7
570	602		8
571	603		9
572	604		10
573	605		11
574	606		12
575	607		13
576	608		14
577	609		15
578	610		16
579	611		17
580	612		18
581	613		19
582	614		20
583	615		21
584	616		22
585	617		23
586	618		24
587	619		25
588		-	B. Revenue bonds or refunding bonds or loans may
589		-	be authorized only by resolution of the board, which shall
590		-	be approved by a majority of the members of the board.
591		-	C. The district shall issue bonds only after:
592		-	(1) the state board of finance approves
593		-	of the proposed issuance of bonds and the district
594		-	development plan prepared in accordance with Section 10
595		-	of the State Fairgrounds District Act;
596		-	(2) the state board of finance makes a
597		-	determination that the proceeds of the bonds will be used
598		-	for projects in furtherance of the district development plan
599		-	and in accordance with the State Fairgrounds District Act;
600		-	(3) the state board of finance makes a
601		-	determination that the projects will generate sufficient
602		-	revenue to repay the bonds;
603		-	(4) the New Mexico finance authority
604		-	approves of the master indenture and any amendments to the
605		-	master indenture; and
606		-	(5) legislative approval of the proposed
607		-	issuance of the bonds.
608		-	D. Revenue bonds or refunding bonds issued
609		-	pursuant to the State Fairgrounds District Act and other
610		-	loans to the district are:
611		-	(1) not general obligations of the state or
612		-	any other public entity; and STBTC/SB 481
613		-	Page 13
	620	+	limitations in this section relating to original bond issues.
	621	+	H. District refunding bonds:
	622	+	(1) may have principal value, interest or any
	623	+	part thereof payable at intervals or at maturity, as determined
	624	+	by the board;
	625	+	(2) may be subject to prior redemption at the
	626	+	board's option at a time or times and upon terms and conditions
	627	+	with or without payment of premium or premiums, as determined
	628	+	by the board;
	629	+	(3) may be serial in form and maturity or may
	630	+	consist of a single bond payable in one or more installments or
	631	+	may be in another form, as determined by the board; and
	632	+	(4) shall be exchanged for the bonds and any
	633	+	matured unpaid interest being refunded at not less than par or
	634	+	sold at public or negotiated sale at, above or below par and at
	635	+	a price that results in a net effective interest rate that does
	636	+	not exceed the maximum permitted by the Public Securities Act.
	637	+	I. At a regular or special meeting, the board may
	638	+	adopt a resolution by majority vote to authorize the issuance
	639	+	of the refunding bonds."
	640	+	SECTION 7. A new section of Chapter 6 NMSA 1978 is
	641	+	enacted to read:
	642	+	"[NEW MATERIAL] TAX MODIFICATIONS--BOND TERMS.--Nothing
	643	+	herein shall prohibit the legislature from increasing or
	644	+	decreasing the state gross receipts tax. The terms and
	645	+	.230724.2
	646	+	- 12 - underscored material = new
	647	+	[bracketed material] = delete
614	648		1
615	649		2
616	650		3
617	651		4
618	652		5
619	653		6
620	654		7
621	655		8
622	656		9
623	657		10
624	658		11
625	659		12
626	660		13
627	661		14
628	662		15
629	663		16
630	664		17
631	665		18
632	666		19
633	667		20
634	668		21
635	669		22
636	670		23
637	671		24
638	672		25
639		-	(2) payable only from properly pledged
640		-	revenues, and each bond or loan shall state that it is
641		-	payable solely from the properly pledged revenues and that
642		-	the bondholders or lenders may not look to any other fund
643		-	for the payment of the principal and interest of the bond or
644		-	the loan.
645		-	E. Bonds issued pursuant to the State Fairgrounds
646		-	District Act:
647		-	(1) may have principal value, interest or
648		-	any part thereof payable at intervals or at maturity as may
649		-	be determined by the board;
650		-	(2) may be subject to a prior redemption
651		-	at the district's option at a time and upon terms and
652		-	conditions, with or without the payment of a premium, as
653		-	determined by the board;
654		-	(3) may mature at any time not more than
655		-	twenty-five years after the date that the first bonds are
656		-	issued for the district;
657		-	(4) may be serial in form and maturity, may
658		-	consist of one bond payable at one time or in installments or
659		-	may be in another form determined by the board;
660		-	(5) shall be sold for cash at, above or
661		-	below par and at a price that results in a net effective
662		-	interest rate that does not exceed the maximum permitted by
663		-	the Public Securities Act and the Public Securities STBTC/SB 481
664		-	Page 14
	673	+	conditions of any bond issued by the district pursuant to the
	674	+	State Fairgrounds Act shall explicitly provide that the
	675	+	repayment of such bonds, including interest and principal, is
	676	+	subject to modifications based on the increase or decrease in
	677	+	taxes imposed by the state."
	678	+	SECTION 8. A new section of Chapter 6 NMSA 1978 is
	679	+	enacted to read:
	680	+	"[NEW MATERIAL] STATE FAIRGROUNDS DISTRICT FUND.--The
	681	+	"state fairgrounds district fund" is created in the state
	682	+	treasury. The fund consists of distributions, appropriations,
	683	+	gifts, grants, donations and income from investment of the
	684	+	fund. The board shall administer the fund. Money in the fund
	685	+	is appropriated to the board for the issuance and payment of
	686	+	bonds pursuant to the State Fairgrounds District Act.
	687	+	Expenditures from the fund shall be by warrant of the secretary
	688	+	of finance and administration pursuant to vouchers signed by
	689	+	the secretary of finance and administration or the secretary's
	690	+	authorized representative. Any unexpended or unencumbered
	691	+	balance remaining at the end of fiscal year 2051 shall revert
	692	+	to the general fund."
	693	+	SECTION 9. A new section of Chapter 6 NMSA 1978 is
	694	+	enacted to read:
	695	+	"[NEW MATERIAL] EXEMPTION FROM TAXATION.--The bonds
	696	+	authorized by the State Fairgrounds District Act and the income
	697	+	from the bonds or any other instrument executed as security for
	698	+	.230724.2
	699	+	- 13 - underscored material = new
	700	+	[bracketed material] = delete
665	701		1
666	702		2
667	703		3
668	704		4
669	705		5
670	706		6
671	707		7
672	708		8
673	709		9
674	710		10
675	711		11
676	712		12
677	713		13
678	714		14
679	715		15
680	716		16
681	717		17
682	718		18
683	719		19
684	720		20
685	721		21
686	722		22
687	723		23
688	724		24
689	725		25
690		-	Short-Term Interest Rate Act; and
691		-	(6) may be sold at public or negotiated
692		-	sale."
693		-	SECTION 8. A new section of Chapter 6 NMSA 1978 is
	726	+	the bonds shall be exempt from all taxation by the state or any
	727	+	political subdivision of the state."
	728	+	SECTION 10. A new section of Chapter 6 NMSA 1978 is
694	729		enacted to read:
695		-	"REFUNDING BONDS.--
696		-	A. After issuing bonds in accordance with the
697		-	State Fairgrounds District Act, the board may, subject to
698		-	the provisions of Section 9 of the State Fairgrounds District
699		-	Act, issue refunding bonds for the purpose of refinancing,
700		-	paying and discharging all or any part of outstanding bonds
701		-	for the:
702		-	(1) acceleration, deceleration or other
703		-	modification of the payment of the outstanding bonds,
704		-	including, without limitation, any capitalization of any
705		-	interest on the outstanding bonds in arrears or about to
706		-	become due for any period not exceeding two years from the
707		-	date of the refunding bonds;
708		-	(2) purpose of reducing interest costs or
709		-	effecting other economies; or
710		-	(3) purpose of modifying or eliminating
711		-	restrictive contractual limitations:
712		-	(a) pertaining to the issuance of
713		-	additional bonds; or
714		-	(b) concerning the outstanding bonds STBTC/SB 481
715		-	Page 15
	730	+	"[NEW MATERIAL] REPORT REQUIRED.--By September 1 of each
	731	+	year, beginning in 2025 and continuing until 2052, the board
	732	+	shall report to the state board of finance and the legislative
	733	+	finance committee on the implementation of the State
	734	+	Fairgrounds District Act and expenditures to date, bonds
	735	+	issued, debt service reserve funds held, progress made toward
	736	+	retiring the bonds, estimated capital investment in the
	737	+	district, the estimated total net new jobs and new full-time
	738	+	economic base jobs created in the district and the total
	739	+	revenues distributed to the district in each previous fiscal
	740	+	year."
	741	+	SECTION 11. A new section of the Tax Administration Act
	742	+	is enacted to read:
	743	+	"[NEW MATERIAL] DISTRIBUTION--STATE FAIRGROUNDS
	744	+	DISTRICT.--A distribution pursuant to Section 7-1-6.1 NMSA 1978
	745	+	shall be made to the state fairgrounds district fund in an
	746	+	amount, subject to any increase or decrease made pursuant to
	747	+	Section 7-1-6.15 NMSA 1978, equal to the net receipts
	748	+	attributable to the gross receipts tax from business locations
	749	+	on land owned by the state, commonly known as the "state
	750	+	fairgrounds", and lying within the exterior boundaries of the
	751	+	.230724.2
	752	+	- 14 - underscored material = new
	753	+	[bracketed material] = delete
716	754		1
717	755		2
718	756		3
719	757		4
720	758		5
721	759		6
722	760		7
723	761		8
724	762		9
725	763		10
726	764		11
727	765		12
728	766		13
729	767		14
730	768		15
731	769		16
732	770		17
733	771		18
734	772		19
735	773		20
736	774		21
737	775		22
738	776		23
739	777		24
740	778		25
741		-	or facilities relating to the outstanding bonds.
742		-	B. The board may pledge irrevocably for the
743		-	payment of principal, interest and premium, if any, on
744		-	refunding bonds the revenues received from distributions
745		-	of the gross receipts tax and the gaming tax pursuant to
746		-	Section 13 of this 2025 act, which may be pledged to an
747		-	original issue of bonds.
748		-	C. Refunding bonds may be issued separately or
749		-	in combination in one series or more.
750		-	D. Refunding bonds may be authorized only by
751		-	resolution of the board. Bonds that are refunded shall be
752		-	paid at maturity or on any permitted prior redemption date
753		-	in the amounts, at the time and places and, if called prior
754		-	to maturity, in accordance with any applicable notice
755		-	provisions, all as provided in the proceedings authorizing
756		-	the issuance of the refunded bonds or otherwise appertaining
757		-	to them, except for any such bond that is voluntarily
758		-	surrendered for exchange or payment by the holder or owner.
759		-	E. The principal amount of the refunding bonds
760		-	may exceed the principal amount of the refunded bonds and may
761		-	also be less than or the same as the principal amount of the
762		-	bonds being refunded if provision is duly and sufficiently
763		-	made for the payment of the refunded bonds.
764		-	F. The proceeds of refunding bonds, including
765		-	accrued interest and premiums appertaining to the sale of STBTC/SB 481
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792		-	refunding bonds, shall be immediately applied to the
793		-	retirement of the bonds being refunded or placed in escrow
794		-	in a commercial bank or trust company that possesses and
795		-	exercises trust powers and that is a member of the federal
796		-	deposit insurance corporation. The proceeds shall be applied
797		-	to the principal of, interest on and any prior redemption
798		-	premium due in connection with the bonds being refunded;
799		-	provided that the refunding bond proceeds, including premiums
800		-	and accrued interest appertaining to a sale of refunding
801		-	bonds, may be applied to the establishment and maintenance of
802		-	a reserve fund and to the payment of expenses incidental to
803		-	the refunding and the issuance of the refunding bonds, the
804		-	principal of those bonds and the interest of those bonds or
805		-	both principal and interest as the board determines. This
806		-	section does not require the establishment of an escrow if
807		-	the refunded bonds and the amounts necessary to retire the
808		-	refunded bonds within that time are deposited with the paying
809		-	agent for the refunded bonds. Any such escrow shall not
810		-	necessarily be limited to proceeds of refunding bonds but
811		-	may include other money available for its purpose. Proceeds
812		-	in escrow pending such use may be invested or reinvested in
813		-	bills, certificates of indebtedness, notes or bonds that
814		-	are direct obligations of, or the principal and interest of
815		-	which obligations are unconditionally guaranteed by, the
816		-	United States or in certificates of deposit of banks that STBTC/SB 481
817		-	Page 17
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843		-	are members of the federal deposit insurance corporation;
844		-	provided that the par value of the certificates of deposit
845		-	is collateralized by a pledge of obligations or by a pledge
846		-	of payment that is unconditionally guaranteed by the United
847		-	States; and further provided that the par value of those
848		-	obligations is at least seventy-five percent of the par
849		-	value of the certificates of deposit. Such proceeds and
850		-	investments in escrow, together with any interest or other
851		-	income to be derived from any such investment, shall be in
852		-	an amount at all times sufficient as to principal, interest,
853		-	any prior redemption premium due and any charges of the
854		-	escrow agent payable from the escrow to pay the bonds being
855		-	refunded as they become due at their respective maturities
856		-	or at any designated prior redemption date or dates in
857		-	connection with which the prior redemption option shall be
858		-	exercised. A purchaser of a refunding bond issued is not
859		-	responsible for the application of the proceeds by the
860		-	district or any of its officers, agents or employees.
861		-	G. Refunding bonds may bear additional terms and
862		-	provisions as determined by the board subject to the
863		-	limitations in the State Fairgrounds District Act relating to
864		-	original bond issues.
865		-	H. District refunding bonds:
866		-	(1) may have principal value, interest or
867		-	any part thereof payable at intervals or at maturity, as STBTC/SB 481
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894		-	determined by the board;
895		-	(2) may be subject to prior redemption at
896		-	the board's option at a time or times and upon terms and
897		-	conditions with or without payment of premium or premiums, as
898		-	determined by the board;
899		-	(3) may be serial in form and maturity or
900		-	may consist of a single bond payable in one or more
901		-	installments or may be in another form, as determined by
902		-	the board; and
903		-	(4) shall be exchanged for the bonds and
904		-	any matured unpaid interest being refunded at not less than
905		-	par or sold at public or negotiated sale at, above or below
906		-	par and at a price that results in a net effective interest
907		-	rate that does not exceed the maximum permitted by the Public
908		-	Securities Act.
909		-	I. At a regular or special meeting, the board may
910		-	adopt a resolution by majority vote to authorize the issuance
911		-	of the refunding bonds."
912		-	SECTION 9. A new section of Chapter 6 NMSA 1978 is
	779	+	city of Albuquerque. This distribution shall be made until the
	780	+	bonds issued pursuant to the State Fairgrounds District Act are
	781	+	fully discharged or otherwise provided for in full."
	782	+	SECTION 12. A new section of the Gaming Control Act is
913	783		enacted to read:
914		-	"TAX MODIFICATIONS--BOND TERMS--EXPIRATION.--
915		-	A. Nothing in the State Fairgrounds District Act
916		-	shall prohibit the legislature from modifying any tax,
917		-	including increasing or decreasing a tax. The terms and
918		-	conditions of any bond issued by the district pursuant to STBTC/SB 481
919		-	Page 19
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945		-	that act shall explicitly provide that the repayment of such
946		-	bonds, including interest and principal, is subject to
947		-	modifications to taxes imposed by the state.
948		-	B. The terms of bonds issued pursuant to the
949		-	State Fairgrounds District Act, including refunding bonds,
950		-	shall expire not more than twenty-five years after the date
951		-	that the first bonds are issued for the district."
952		-	SECTION 10. A new section of Chapter 6 NMSA 1978 is
953		-	enacted to read:
954		-	"DISTRICT DEVELOPMENT PLAN.--The district shall prepare
955		-	a district development plan that shall include:
956		-	A. a map depicting the geographical boundaries
957		-	of the area proposed for inclusion within the district
958		-	development area;
959		-	B. the estimated time necessary to complete the
960		-	district projects;
961		-	C. a description and the estimated cost of all
962		-	projects and public improvements proposed for the district;
963		-	D. whether it is proposed to use gross receipts
964		-	tax bonds, gaming tax bonds or property tax bonds or some
965		-	combination to finance all or part of the projects and public
966		-	improvements;
967		-	E. the estimated annual revenue to be generated
968		-	by the district development and the portion of that revenue
969		-	to be allocated during the time necessary to complete the STBTC/SB 481
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996		-	payment of the projects;
997		-	F. the general proposed land uses;
998		-	G. the number and types of jobs expected to be
999		-	created;
1000		-	H. the amount and characteristics of workforce
1001		-	and affordable housing expected to be created;
1002		-	I. the location and characteristics of public
1003		-	school facilities expected to be created, improved,
1004		-	rehabilitated or constructed;
1005		-	J. a description of innovative planning
1006		-	techniques, including mixed-use transit-oriented development,
1007		-	traditional neighborhood design or sustainable development
1008		-	techniques, that are deemed by the governing body to be
1009		-	beneficial and that will be incorporated into the district;
1010		-	and
1011		-	K. the amount and type of private investment in
1012		-	the district development."
1013		-	SECTION 11. A new section of Chapter 6 NMSA 1978 is
1014		-	enacted to read:
1015		-	"EXEMPTION FROM TAXATION.--The bonds authorized by
1016		-	the State Fairgrounds District Act and the income from the
1017		-	bonds or any other instrument executed as security for the
1018		-	bonds shall be exempt from all taxation by the state or any
1019		-	political subdivision of the state."
1020		-	SECTION 12. A new section of Chapter 6 NMSA 1978 is STBTC/SB 481
1021		-	Page 21
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1047		-	enacted to read:
1048		-	"REPORT REQUIRED.--By September 1 of each year,
1049		-	beginning in 2025, the board shall report to the state board
1050		-	of finance and the legislative finance committee on the
1051		-	implementation of the State Fairgrounds District Act and
1052		-	expenditures to date, bonds issued, debt service reserve
1053		-	funds held, progress made toward retiring the bonds,
1054		-	estimated capital investment in the district, the estimated
1055		-	total net new jobs and new full-time economic base jobs
1056		-	created in the district and the total revenues distributed
1057		-	to the district in each previous fiscal year."
1058		-	SECTION 13. A new section of the Tax Administration Act
1059		-	is enacted to read:
1060		-	"DISTRIBUTION--STATE FAIRGROUNDS DISTRICT.--
1061		-	A. Beginning July 1, 2025, after a transfer is
1062		-	made pursuant to Section 7-1-6.13 NMSA 1978, a distribution
1063		-	shall be made by the department to a special fund of the
1064		-	state fairgrounds district in an amount equal to seventy-five
1065		-	percent of the net receipts attributable to the gross
1066		-	receipts tax from business locations within the state
1067		-	fairgrounds district. Except as provided in Subsection D
1068		-	of this section, the distribution shall be made until the
1069		-	bonds issued pursuant to the State Fairgrounds District Act
1070		-	are fully discharged or otherwise provided for in full.
1071		-	B. Beginning July 1, 2025, a distribution shall STBTC/SB 481
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1098		-	be made by the department to a special fund of the state
1099		-	fairgrounds district in an amount equal to seventy-five
1100		-	percent of the net receipts attributable to the gaming tax
1101		-	from locations on the state fairgrounds district. Except
1102		-	as provided in Subsection D of this section, the distribution
1103		-	shall be made until the bonds issued pursuant to the State
1104		-	Fairgrounds District Act are fully discharged or otherwise
1105		-	provided for in full.
1106		-	C. The distributions provided by this section
1107		-	may be adjusted for other required distributions under the
1108		-	Tax Administration Act.
1109		-	D. Immediately after approval of a proposed
1110		-	issuance of bonds by the state fairgrounds district pursuant
1111		-	to Section 7 of the State Fairgrounds District Act, the state
1112		-	board of finance and the New Mexico finance authority shall
1113		-	notify the secretary of taxation and revenue. Immediately
1114		-	after issuing bonds pursuant to Section 7 of the State
1115		-	Fairgrounds District Act, the state fairgrounds district
1116		-	shall notify the secretary of taxation and revenue. If, by
1117		-	June 30, 2029, the state board of finance and the New Mexico
1118		-	finance authority have not approved of a proposed issuance of
1119		-	bonds or the state fairgrounds district has not issued bonds:
1120		-	(1) no further distributions shall be made;
1121		-	and
1122		-	(2) all money from distributions made prior STBTC/SB 481
1123		-	Page 23
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1149		-	to June 30, 2029 pursuant to this section shall revert to the
1150		-	general fund.
1151		-	E. As used in this section, "state fairgrounds
1152		-	district" means land owned by the state, commonly known as
1153		-	the "state fairgrounds", and lying within the exterior
1154		-	boundaries of the city of Albuquerque as of July 1, 2025 and
1155		-	land contiguous to the state fairgrounds that may be
1156		-	subsequently acquired by that district or another public
1157		-	entity and included in the boundaries of the district by the
1158		-	district's board."
1159		-	SECTION 14. Section 4-53-1 NMSA 1978 (being Laws 1965,
1160		-	Chapter 291, Section 1) is amended to read:
1161		-	"4-53-1. SHORT TITLE.--Chapter 4, Article 53 NMSA 1978
1162		-	may be cited as the "Special District Procedures Act"."
1163		-	SECTION 15. A new section of the Special District
1164		-	Procedures Act is enacted to read:
1165		-	"EXEMPTION.--The state fairgrounds district and the
1166		-	provisions of the State Fairgrounds District Act are exempt
1167		-	from the provisions of the Special District Procedures Act."
1168		-	SECTION 16. Section 4-54-1 NMSA 1978 (being Laws 1965,
1169		-	Chapter 283, Section 1) is amended to read:
1170		-	"4-54-1. SHORT TITLE.--Chapter 4, Article 54 NMSA 1978
1171		-	may be cited as the "Community Service District Act"."
1172		-	SECTION 17. A new section of the Community Service
1173		-	District Act is enacted to read: STBTC/SB
1174		-	481
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1201		-	"EXEMPTION.--The state fairgrounds district and the
1202		-	provisions of the State Fairgrounds District Act are exempt
1203		-	from the provisions of the Community Service District Act."
1204		-	SECTION 18. EFFECTIVE DATE.--The effective date of the
1205		-	provisions of this act is July 1, 2025.
	784	+	"[NEW MATERIAL] DISTRIBUTION--STATE FAIRGROUNDS
	785	+	DISTRICT.--A distribution pursuant to Section 7-1-6.1 NMSA 1978
	786	+	shall be made to the state fairgrounds district fund in an
	787	+	amount, subject to any increase or decrease made pursuant to
	788	+	Section 7-1-6.15 NMSA 1978, equal to the net receipts
	789	+	attributable to the gaming tax from business locations on land
	790	+	owned by the state, commonly known as the "state fairgrounds",
	791	+	and lying within the exterior boundaries of the city of
	792	+	Albuquerque. This distribution shall be made until the bonds
	793	+	issued pursuant to the State Fairgrounds District Act are fully
	794	+	discharged or otherwise provided for in full."
	795	+	- 15 -
	796	+	.230724.2