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 one hundred twenty million dollars ($120,000,000) to a new amount, which is not specified in the provided text. The amendment maintains the requirement that any bonded indebtedness or other long-term debt must be approved by a majority of qualified electors through an election, ensuring that the authority cannot incur significant debt without public consent.

Additionally, the bill establishes an effective date of July 1, 2025, for the new provisions. This change aims to provide the authority with greater financial flexibility to manage flood control projects while still adhering to the necessary checks and balances involving voter approval for substantial debt.

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