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 existing legislation to include a new category of bonds specifically for flood recovery, allowing municipalities to irrevocably pledge all revenue received from a newly created municipal flood recovery gross receipts tax to cover the interest and principal of these bonds. The bill also outlines the conditions under which municipalities can impose this tax, which is capped at three-eighths percent of gross receipts from businesses operating within the municipality.

Additionally, the bill declares an emergency, necessitating immediate implementation for the public's peace, health, and safety. It emphasizes that the municipal flood recovery gross receipts tax will remain in effect until the associated flood recovery revenue bonds are fully discharged. This legislative action aims to provide municipalities with the necessary financial tools to effectively respond to flood-related damages and ensure the resilience of municipal infrastructure.

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