New Mexico 2025 Regular Session

New Mexico Senate Bill SB482 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE BILL 482
29	29	57
30	30	TH LEGISLATURE
31	31	-
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33	33	STATE
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35	35	OF
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37	37	NEW
38	38
39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Mimi Stewart
48	48	AN ACT
49	49	RELATING TO TAX INCREMENT DEVELOPMENT DISTRICTS; AUTHORIZING
50	50	THE ISSUANCE OF BONDS NOT TO EXCEED ONE BILLION DOLLARS
51	51	($1,000,000,000) SECURED BY A STATE GROSS RECEIPTS TAX
52	52	INCREMENT FOR A TAX INCREMENT DEVELOPMENT DISTRICT THAT
53	53	CONSISTS OF ALL LAND OWNED BY THE STATE, COMMONLY KNOWN AS THE
54	54	"STATE FAIRGROUNDS", AND LYING WITHIN THE EXTERIOR BOUNDARIES
55	55	OF THE CITY OF ALBUQUERQUE; PROVIDING AN EFFECTIVE DATE THAT IS
56	56	CONTINGENT ON THE APPROVED FORMATION OF THE TAX INCREMENT
57	57	DEVELOPMENT DISTRICT.
58	58	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
59	59	SECTION 1. A new Section 5-15D-1 NMSA 1978 is enacted to
60	60	read:
61	61	"5-15D-1. [NEW MATERIAL ] AUTHORIZATION OF ISSUANCE OF
62	62	BONDS.--
63	63	.231157.1 underscored material = new
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90	90	A. The legislature authorizes the issuance of bonds
91	91	not to exceed one billion dollars ($1,000,000,000) in net
92	92	proceeds as adjusted for inflation, secured by tax increments
93	93	authorized pursuant to the Tax Increment for Development Act to
94	94	be pledged to pay the principal of and interest on the bonds,
95	95	including a gross receipts tax increment attributed to the
96	96	imposition of the state gross receipts tax within a tax
97	97	increment development district that consists of all land owned
98	98	by the state, commonly known as the "state fairgrounds", and
99	99	lying within the exterior boundaries of the city of
100	100	Albuquerque, subject to the following:
101	101	(1) the state board of finance acting by
102	102	resolution to dedicate a gross receipts tax increment
103	103	attributable to the state gross receipts tax to pay the
104	104	financing and refinancing costs, the principal of, the interest
105	105	on and any premium due in connection with gross receipts tax
106	106	increment bonds issued to finance a project within the tax
107	107	increment development district;
108	108	(2) prior to a distribution pursuant to
109	109	Section 7-1-6.54 NMSA 1978 attributable to the state gross
110	110	receipts tax being made, the review and approval by the New
111	111	Mexico finance authority of the proposed issuance of the bonds
112	112	and determination that the proceeds of the bonds shall be used
113	113	for the tax increment development project in accordance with
114	114	the district's tax increment development plan; and
115	115	.231157.1
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143	143	(3) prior to the issuance of bonds, the review
144	144	and approval by the New Mexico finance authority of:
145	145	(a) the proposed issuance of the bonds
146	146	and determination that the proceeds of the bonds shall be used
147	147	for a tax increment development project in accordance with the
148	148	district's tax increment development plan;
149	149	(b) the master indenture prior to
150	150	issuance of any bonds; and
151	151	(c) any amendments to the master
152	152	indenture prior to issuance of any bonds after any amendments
153	153	are made.
154	154	B. Notwithstanding the provisions of the Tax
155	155	Increment for Development Act, a tax increment development
156	156	district that consists of all land owned by the state, commonly
157	157	known as the "state fairgrounds", and lying within the exterior
158	158	boundaries of the city of Albuquerque, shall not be subject to
159	159	local requirements limiting its authority to issue tax
160	160	increment bonds."
161	161	SECTION 2. A new Section 5-15D-2 NMSA 1978 is enacted to
162	162	read:
163	163	"5-15D-2. [NEW MATERIAL ] DURATION OF AUTHORIZATION.--The
164	164	duration of the authorization for issuance of bonds provided
165	165	for in this 2025 act shall be twenty-five years from the date
166	166	of issuance of the first series of tax increment bonds of the
167	167	district, unless and until this 2025 act is repealed or
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196	196	modified by the legislature."
197	197	SECTION 3. A new Section 5-15D-3 NMSA 1978 is enacted to
198	198	read:
199	199	"5-15D-3. [NEW MATERIAL ] CERTAIN CAPITAL PROJECTS
200	200	PROHIBITED.--
201	201	A. The legislature shall not approve or authorize
202	202	any capital outlay projects within a tax increment development
203	203	district that consists of all land owned by the state, commonly
204	204	known as the "state fairgrounds", and lying within the exterior
205	205	boundaries of the city of Albuquerque, during the period in
206	206	which any bonds issued by the district pursuant to Section
207	207	5-15D-1 NMSA 1978 are outstanding, except for buildings,
208	208	facilities and infrastructure that are owned by the state or
209	209	one of its agencies, institutions or political subdivisions and
210	210	that are:
211	211	(1) public school buildings or facilities;
212	212	(2) higher education buildings or facilities;
213	213	(3) cultural buildings or facilities;
214	214	(4) buildings, facilities or infrastructure
215	215	used for public safety; or
216	216	(5) buildings, facilities or infrastructure
217	217	used for other public purposes.
218	218	B. Nothing in this section prohibits the
219	219	legislature from authorizing expenditures pursuant to law for
220	220	economic development projects within the state fairgrounds tax
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249	249	increment development district during the period in which tax
250	250	increment development bonds are outstanding."
251	251	SECTION 4. CONTINGENT EFFECTIVE DATE.--The provisions of
252	252	this act shall become effective on the first day of the month
253	253	following the approved formation, pursuant to the Tax Increment
254	254	for Development Act, of a tax increment development district
255	255	that consists of all land owned by the state, commonly known as
256	256	the "state fairgrounds", and lying within the exterior
257	257	boundaries of the city of Albuquerque. Upon the formation of
258	258	that district, the governing body of the tax increment
259	259	development district shall immediately deliver a copy of the
260	260	resolution ordering formation of the district to the director
261	261	of the legislative council service, the New Mexico compilation
262	262	commission, the state board of finance and the New Mexico
263	263	finance authority.
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265	265	.231157.1