Pursuant to the provisions of Section 5-15-21 NMSA 1978, the legislature authorizes the issuance of bonds not to exceed five hundred million dollars ($500,000,000) in net proceeds as adjusted for inflation, secured by a gross receipts tax increment attributed to the imposition of the state gross receipts tax for the Mesa del Sol tax increment development project, subject to (1) the determination that has been made by the New Mexico finance authority that the proceeds of the bonds issued pursuant to this authorization will be used for the Mesa del Sol tax increment development project in accordance with the development plan, (2) the review by the New Mexico finance authority of the master indenture prior to issuance of any bonds and (3) the review by the New Mexico finance authority of any proposed amendments to the master indenture prior to the issuance of any bonds subsequent to such amendments.
History: Laws 2007, ch. 310, § 1 and Laws 2007, ch. 313, § 1.
ANNOTATIONSEmergency clause. — Laws 2007, ch. 310, § 4 and Laws 2007, ch. 313, § 4 contained an emergency clause and were approved April 2, 2007.
Compiler's notes. — Laws 2007, ch. 310, § 1 and Laws 2007, ch. 313, § 1 enacted identical laws. Both were compiled as 5-15A-1 NMSA 1978.