This bill authorizes the issuance of bonds up to one billion dollars ($1,000,000,000) secured by a state gross receipts tax increment for a tax increment development district encompassing all land owned by the state, known as the "state fairgrounds," located within the city of Albuquerque. The issuance of these bonds is contingent upon the approval of the formation of the tax increment development district and requires the review and approval of the New Mexico finance authority. The bill outlines specific conditions under which the bonds can be issued, including the dedication of a gross receipts tax increment and the necessity for the finance authority to approve the proposed use of bond proceeds in accordance with the district's development plan.

Additionally, the bill establishes a duration of twenty-five years for the bond issuance authorization and prohibits the approval of certain capital outlay projects within the district while the bonds are outstanding, with exceptions for state-owned facilities related to public education, safety, and other public purposes. The provisions of the act will take effect on the first day of the month following the approved formation of the tax increment development district, ensuring that the governing body of the district promptly notifies relevant state authorities upon its formation.