This bill establishes a framework for municipalities in New Mexico to issue flood recovery revenue bonds specifically aimed at rebuilding, repairing, replacing, and hardening municipal properties damaged by floods. It amends existing legislation to include a new category of bonds, termed "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 authority of municipalities to impose this new tax through an ordinance, ensuring that the revenue generated is 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 for the public's peace, health, and safety.

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