The bill establishes provisions for municipalities in New Mexico to issue flood recovery revenue bonds aimed at rebuilding, repairing, replacing, and hardening municipal property that has been damaged by floods. It amends existing law to include a new category of bonds, specifically "flood recovery revenue bonds," which municipalities can issue by pledging all revenue received from a newly created municipal flood recovery gross receipts tax. This tax can be imposed at a rate not exceeding three-eighths percent on gross receipts from businesses operating within the municipality and is intended to remain in effect until the associated flood recovery bonds are fully paid off.

Additionally, the bill outlines the process for municipalities to enact this tax through an ordinance and mandates that the revenue generated from the tax be exclusively dedicated to servicing the flood recovery revenue bonds. The legislation emphasizes the urgency of its implementation by declaring an emergency, allowing it to take effect immediately to address the needs arising from flood damage.

Statutes affected:
introduced version: 3-31-1, 3-31-1.1
CT substitute: 3-31-1, 3-31-1.1
Final Version: 3-31-1, 3-31-1.1