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SENATE BILL 482
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Mimi Stewart
AN ACT
RELATING TO TAX INCREMENT DEVELOPMENT DISTRICTS; AUTHORIZING
THE ISSUANCE OF BONDS NOT TO EXCEED ONE BILLION DOLLARS
($1,000,000,000) SECURED BY A STATE GROSS RECEIPTS TAX
INCREMENT FOR A TAX INCREMENT DEVELOPMENT DISTRICT THAT
CONSISTS OF ALL LAND OWNED BY THE STATE, COMMONLY KNOWN AS THE
"STATE FAIRGROUNDS", AND LYING WITHIN THE EXTERIOR BOUNDARIES
OF THE CITY OF ALBUQUERQUE; PROVIDING AN EFFECTIVE DATE THAT IS
CONTINGENT ON THE APPROVED FORMATION OF THE TAX INCREMENT
DEVELOPMENT DISTRICT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new Section 5-15D-1 NMSA 1978 is enacted to
read:
"5-15D-1. [NEW MATERIAL ] AUTHORIZATION OF ISSUANCE OF
BONDS.--
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A. The legislature authorizes the issuance of bonds
not to exceed one billion dollars ($1,000,000,000) in net
proceeds as adjusted for inflation, secured by tax increments
authorized pursuant to the Tax Increment for Development Act to
be pledged to pay the principal of and interest on the bonds,
including a gross receipts tax increment attributed to the
imposition of the state gross receipts tax within a tax
increment development district that consists of all land owned
by the state, commonly known as the "state fairgrounds", and
lying within the exterior boundaries of the city of
Albuquerque, subject to the following:
(1) the state board of finance acting by
resolution to dedicate a gross receipts tax increment
attributable to the state gross receipts tax to pay the
financing and refinancing costs, the principal of, the interest
on and any premium due in connection with gross receipts tax
increment bonds issued to finance a project within the tax
increment development district;
(2) prior to a distribution pursuant to
Section 7-1-6.54 NMSA 1978 attributable to the state gross
receipts tax being made, the review and approval by the New
Mexico finance authority of the proposed issuance of the bonds
and determination that the proceeds of the bonds shall be used
for the tax increment development project in accordance with
the district's tax increment development plan; and
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(3) prior to the issuance of bonds, the review
and approval by the New Mexico finance authority of:
(a) the proposed issuance of the bonds
and determination that the proceeds of the bonds shall be used
for a tax increment development project in accordance with the
district's tax increment development plan;
(b) the master indenture prior to
issuance of any bonds; and
(c) any amendments to the master
indenture prior to issuance of any bonds after any amendments
are made.
B. Notwithstanding the provisions of the Tax
Increment for Development Act, a tax increment development
district that consists of all land owned by the state, commonly
known as the "state fairgrounds", and lying within the exterior
boundaries of the city of Albuquerque, shall not be subject to
local requirements limiting its authority to issue tax
increment bonds."
SECTION 2. A new Section 5-15D-2 NMSA 1978 is enacted to
read:
"5-15D-2. [NEW MATERIAL ] DURATION OF AUTHORIZATION.--The
duration of the authorization for issuance of bonds provided
for in this 2025 act shall be twenty-five years from the date
of issuance of the first series of tax increment bonds of the
district, unless and until this 2025 act is repealed or
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modified by the legislature."
SECTION 3. A new Section 5-15D-3 NMSA 1978 is enacted to
read:
"5-15D-3. [NEW MATERIAL ] CERTAIN CAPITAL PROJECTS
PROHIBITED.--
A. The legislature shall not approve or authorize
any capital outlay projects within a tax increment development
district that consists of all land owned by the state, commonly
known as the "state fairgrounds", and lying within the exterior
boundaries of the city of Albuquerque, during the period in
which any bonds issued by the district pursuant to Section
5-15D-1 NMSA 1978 are outstanding, except for buildings,
facilities and infrastructure that are owned by the state or
one of its agencies, institutions or political subdivisions and
that are:
(1) public school buildings or facilities;
(2) higher education buildings or facilities;
(3) cultural buildings or facilities;
(4) buildings, facilities or infrastructure
used for public safety; or
(5) buildings, facilities or infrastructure
used for other public purposes.
B. Nothing in this section prohibits the
legislature from authorizing expenditures pursuant to law for
economic development projects within the state fairgrounds tax
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increment development district during the period in which tax
increment development bonds are outstanding."
SECTION 4. CONTINGENT EFFECTIVE DATE.--The provisions of
this act shall become effective on the first day of the month
following the approved formation, pursuant to the Tax Increment
for Development Act, of a tax increment development district
that consists of all land owned by the state, commonly known as
the "state fairgrounds", and lying within the exterior
boundaries of the city of Albuquerque. Upon the formation of
that district, the governing body of the tax increment
development district shall immediately deliver a copy of the
resolution ordering formation of the district to the director
of the legislative council service, the New Mexico compilation
commission, the state board of finance and the New Mexico
finance authority.
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