The bill authorizes the issuance of bonds for the State Fairgrounds District, allowing the district to issue bonds up to a maximum of $92 million in net proceeds. This is part of a larger authorization of $500 million in net proceeds previously approved for the district. The bonds will be secured by a portion of the gross receipts tax distribution and the gaming tax distribution, which are pledged to cover the principal and interest on the bonds.

Additionally, the bill amends Section 6-35-1 of the New Mexico Statutes Annotated (NMSA) to officially cite the chapter as the "State Fairgrounds District Act." A new section is also added to the Act, detailing the authorization for the bond issuance and specifying the financial mechanisms involved in securing the bonds.

Statutes affected:
introduced version: 6-35-1
Final Version: 6-35-1