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. The current cap on total outstanding indebtedness is set at one hundred twenty million dollars ($120,000,000). The amendment allows the authority to create bonded indebtedness or other forms of debt that are not payable in full within one year, provided that such actions are approved by a majority of qualified electors in an election.

Additionally, the bill specifies that bonds issued by the authority may mature in a timeframe not exceeding forty years from their issuance. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 72-16-44
Final Version: 72-16-44