The bill amends Section 72-16-44 of the New Mexico Statutes to increase the limit of outstanding indebtedness for the Albuquerque Metropolitan Arroyo Flood Control Authority from eighty million dollars ($80,000,000) to one hundred twenty million dollars ($120,000,000). This change allows the authority to incur more debt without prior approval from the state legislature, provided that any bonded indebtedness or other long-term debt must still be approved by a majority of qualified electors at an election.

Additionally, the bill specifies that the authority is authorized to borrow money in anticipation of taxes or other revenues and to issue bonds to evidence the amount borrowed. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 72-16-44