This bill establishes a framework for municipalities in New Mexico to issue flood recovery revenue bonds aimed at rebuilding, repairing, replacing, and hardening municipal properties damaged by floods. It amends Section 3-31-1 NMSA 1978 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 fund the repayment of the flood recovery bonds until they are fully discharged.

Additionally, the bill outlines the process for municipalities to enact the municipal flood recovery gross receipts tax through an ordinance, ensuring that the revenue generated is exclusively dedicated to the payment of the flood recovery revenue bonds. The bill also declares an emergency, indicating the urgent need for its immediate implementation to address the impacts of flooding on municipal properties.

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