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AN ACT
RELATING TO FINANCE; AUTHORIZING THE ISSUANCE OF BONDS SECURED
BY A STATE GROSS RECEIPTS TAX INCREMENT FOR THE MESA DEL SOL
TAX INCREMENT DEVELOPMENT PROJECT; PROHIBITING CERTAIN FUTURE
CAPITAL PROJECTS; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. AUTHORIZATION OF ISSUANCE OF BONDS.--
Pursuant to the provisions of Section 5-15-21 NMSA 1978, the
legislature authorizes the issuance of bonds not to exceed
five hundred million dollars ($500,000,000) in net proceeds as
adjusted for inflation, secured by a gross receipts tax
increment attributed to the imposition of the state gross
receipts tax for the Mesa del Sol tax increment development
project, subject to (1) the determination that has been made
by the New Mexico finance authority that the proceeds of the
bonds issued pursuant to this authorization will be used for
the Mesa del Sol tax increment development project in
accordance with the development plan, (2) the review by the
New Mexico finance authority of the master indenture prior to
issuance of any bonds and (3) the review by the New Mexico
finance authority of any proposed amendments to the master
indenture prior to the issuance of any bonds subsequent to
such amendments.
Section 2. DURATION OF AUTHORIZATION.--The duration of
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the authorization for issuance of bonds in this act is
unlimited, unless and until this act is repealed or modified
by the legislature.
Section 3. CERTAIN CAPITAL PROJECTS PROHIBITED.--
A. The legislature shall not approve or authorize
any capital outlay projects within a Mesa del Sol tax
increment development district during the period that any
bonds issued pursuant to Section 1 of this act are outstanding
for that specific district, except for those buildings or
facilities 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 or facilities used for public
safety; or
(5) buildings used for other public
purposes.
B. Nothing in this section prohibits the
legislature from authorizing expenditures, pursuant to law,
for economic development projects within a specific Mesa del
Sol tax increment development district for which any tax
increment development bonds are outstanding.
Section 4. EMERGENCY.--It is necessary for the public
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peace, health and safety that this act take effect
immediately.
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