reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-7 - Public hearing.

A. At a public hearing conducted pursuant to the Tax Increment for Development Act, the governing body shall hear all relevant evidence and testimony and make findings. A record of the hearing shall be kept and may consist of a transcription by a court reporter, an electronic recording or minutes taken by a designated person. The record shall be preserved in the official records of the governing body and shall be open to public inspection pursuant to the Inspection of Public Records Act [Chapter 14, Article 2 NMSA 1978].
B. Testimony at a hearing is not required to be given under oath.
C. At the conclusion of a hearing, the governing body shall determine whether the tax increment development district should be formed based upon the interests, convenience or necessity of the owners, the residents of the proposed tax increment development district and the residents of the municipality or county in which the proposed tax increment development district is to be located. The governing body shall make the following findings before adopting a resolution to approve the formation of a district:
(1) the tax increment development plan reasonably protects the interests of the governing body in meeting its goals to support:
(a) job creation;
(b) workforce housing;
(c) public school facility creation and improvement, including the creation and improvement of facilities for charter schools; and
(d) underdeveloped area or historical area redevelopment;
(2) the tax increment development plan demonstrates elements of innovative planning techniques, including mixed-use transit-oriented development, traditional neighborhood design or sustainable development techniques, that are deemed by the governing body to benefit community development;
(3) the tax increment development plan incorporates sustainable development considerations; and
(4) the tax increment development plan conforms to general or long-term planning of the governing body.
D. If the governing body determines that the district should be formed, it shall:
(1) adopt a resolution ordering that the tax increment development district be formed;
(2) order that a formation determination among the owners of real property within the proposed district be conducted or declare that the formation determination is waived pursuant to Subsection B of Section 5-15-8 NMSA 1978; and
(3) set the matter for an election or declare that an election is canceled pursuant to Subsection I of Section 5-15-8 NMSA 1978.
History:
Laws 2006, ch. 75, § 7; 2019, ch. 212, § 200.
ANNOTATIONS
The 2019 amendment,
effective April 3, 2019, provided that a formation determination be ordered when a governing body determines that a tax increment development district should be formed; in Subsection D, added paragraph designations "(1)" and "(3)" and new paragraph D(2), and in Paragraph D(3), after "declare that an election is", deleted "waived, as provided in the Tax Increment for Development Act" and added "canceled pursuant to Subsection I of Section 5-15-8 NMSA 1978".
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-8.1 - Posting of notices.

For any election conducted pursuant to the Tax Increment for Development Act, in addition to the notice requirements set forth in Section 5-15-8 NMSA 1978, the owners shall ensure that notices shall be posted in three conspicuous public places within the boundaries of the district not less than twenty days before the first day for voting in the election.
History:
Laws 2019, ch. 212, § 275.
ANNOTATIONS
Emergency clauses.
— Laws 2019, ch. 212, § 286, contained an emergency clause and was approved April 3, 2019.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-9 - Formation of a district.

A. If the formation of the tax increment development district is approved in accordance with the provisions of Section 5-15-8 NMSA 1978, the governing body shall deliver a copy of the resolution ordering formation of the tax increment development district to each of the following persons or entities:
(1) the county assessor, the county treasurer and the clerk of the county in which the district is located;
(2) the school district within which any portion of the property located within a tax increment development area lies;
(3) any other taxing entities within which any portion of the property located within a tax increment development area lies;
(4) the taxation and revenue department;
(5) the local government division of the department of finance and administration; and
(6) the director of the legislative finance committee.
B. A notice of the formation showing the number and date of the resolution and giving a description of the land included in the district shall be recorded with the clerk of the county in which the district is located.
C. A tax increment development district shall be a political subdivision of the state, separate and apart from a municipality or county.
History:
Laws 2006, ch. 75, § 9; 2009, ch. 179, § 4; 2017, ch. 143, § 1; 2019, ch. 212, § 202.
ANNOTATIONS
Compiler's notes.
— Senate Bill 67, enacted by the Fifty-Third Legislature, First Session, 2017, was vetoed by the governor on March 14, 2017. Pursuant to the First Judicial District Court's decision in
State ex rel. New Mexico Legislative Council v. Honorable Susana Martinez, Governor of the State of New Mexico et al
., D-101-CV-2017-01550, and affirmed by S.Ct. Order No. S-1-SC-36731, on April 25, 2018, which held that Article IV, Section 22 of the New Mexico Constitution requires that objections must accompany a returned bill, Senate Bill 67 was chaptered into law by the Secretary of State.
The 2019 amendment,
effective April 3, 2019, required the formation of a tax increment development district to be approved in accordance with the provisions of Section 5-15-8 NMSA 1978; in Subsection A, after "approved", deleted "by a majority of the voters casting votes at the election, or if an election is held by vote of the owners of property within the district or proposed district" and added "in accordance with the provisions of Section 5-15-8 NMSA 1978".
The 2017 amendment,
effective June 16, 2017, required that the treasurer of the county in which a tax increment development district is formed be notified of that formation; and in Paragraph A(1), after "the county assessor", added "the county treasurer".
The 2009 amendment,
effective June 19, 2009, added Paragraph (6) of Subsection A.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-11 - Records; open meetings.

A. A district shall keep the following records, which shall be open to the public:
(1) minutes of all meetings of the district board;
(2) all resolutions;
(3) accounts showing all money received and disbursed;
(4) the annual budget; and
(5) all other records required to be maintained by law.
B. A district board shall appoint a clerk and treasurer for the district.
C. All meetings of a district shall be open meetings held in accordance with the Open Meetings Act [Chapter 10, Article 15 NMSA 1978].
History:
Laws 2006, ch. 75, § 11.
ANNOTATIONS
Emergency clause.
— Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-13 - Authority to impose property tax levy.

A district has the power to establish a property tax levy upon real property located within the tax increment development area, with the following limitations:
A. the maximum property tax levy a district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the Tax Increment for Development Act;
B. a district may impose a property tax levy only after authorization through a determination made by the owners of real property in the district and by a majority of votes cast by the qualified resident electors of a district in an election held in accordance with the Local Election Act [Chapter 1, Article 22 NMSA 1978] and the Tax Increment for Development Act; and
C. a property tax levy imposed by a district shall not be effective for more than four years.
History:
Laws 2006, ch. 75, § 13; 2019, ch. 212, § 204.
ANNOTATIONS
The 2019 amendment,
effective April 3, 2019, provided that a district may impose a property tax levy only after authorization through a determination by the owners of real property in the district in accordance with the Local Election Act and the Tax Increment for Development Act; in Subsection B, after "authorization", added "through a determination made by the owners of real property in the district and", and after "accordance with the", added "Local Election Act and the".
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-14 - Property tax levy rescission election.

A. A property tax levy imposed by a district may be rescinded within the four-year period during which a property tax levy imposed by a district is effective if:
(1) thirty-three and one-third percent of the number of persons who voted in the election for the imposition of that property tax levy sign a petition to rescind the property tax levy; and
(2) each person who signs the petition is a qualified elector of the district or an owner of real property within the tax increment development area.
B. The petition shall be filed with the district board for verification of the signatures, as to both number and qualifications of the persons signing. If the district board verifies that the petition contains the requisite number of signatures by persons qualified to sign the petition pursuant to Subsection A of this section, the question of rescission of the property tax levy imposed by the district shall be placed on the ballot for:
(1) a special election held in accordance with the special election procedures of the Election Code [Chapter 1 NMSA 1978] that is called and held within ninety days; provided that the date does not conflict with the provisions of Section 1-24-1 NMSA 1978; or
(2) the next occurring regular local election or general election if that election is to be held within less than one hundred twenty days.
C. A petition for rescission of a property tax levy imposed by a district may be submitted only once each year during the four-year period during which a property tax levy by a district is effective.
History:
Laws 2006, ch. 75, § 14; 2019, ch. 212, § 205.
ANNOTATIONS
The 2019 amendment,
effective April 3, 2019, provided that the date for a special election on the question of rescission of a property tax levy must not conflict with the provisions of Section 1-24-1 NMSA 1978; in Subsection B, in Paragraph B(1), after "ninety days;", added "provided that the date does not conflict with the provisions of Section 1-24-1 NMSA 1978", and in Paragraph B(2), after "occurring", added "regular local election or", and after "within less than", deleted "ninety" and added "one hundred twenty".
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-15.1 - Filing fee for evaluating use of state gross receipts tax increment.

Prior to approval of a dedication of a gross receipts tax increment attributable to the state gross receipts tax by the state board of finance pursuant to Section 5-15-15 NMSA 1978, a tax increment development district shall submit a filing fee to the state board of finance to pay the reasonable costs, as determined by the department of finance and administration, of evaluating the tax increment development plan and the district's requested use of a state gross receipts tax increment.
History:
1978 Comp., § 5-15-15.1, as enacted by Laws 2019, ch. 275, § 3.
ANNOTATIONS
Effective dates.
— Laws 2019, ch. 275, § 11 made Laws 2019, ch. 275, § 3 effective July 1, 2019.
Applicability.
— Laws 2019, ch. 275, § 10 provided that the provisions of Laws 2019, ch. 275 shall not apply to dedications of gross receipts tax increments by the state board of finance made prior to July 1, 2019.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-20.1 - Debt service reserve account.

After the retirement of all bonds issued pursuant to the tax increment development plan, any balance in a debt service reserve account established for the payment of those bonds shall be paid to the governments that have dedicated a tax increment to the district in proportion to the amount of tax increment attributable to their dedication.
History:
Laws 2009, ch. 179, § 8.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 179 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 2009, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-21 - Approval required for issuance of bonds against state gross receipts tax increments.

A. In addition to all other requirements of the Tax Increment for Development Act, prior to a district board issuing bonds that are issued in whole or in part against a gross receipts tax increment attributable to the state gross receipts tax within a district and before a distribution attributable to the state gross receipts tax is made pursuant to Section 7-1-6.54 NMSA 1978, the New Mexico finance authority shall review the proposed issuance of the bonds and determine that the proceeds of the bonds will be used for a tax increment development project in accordance with the district's tax increment development plan and present the proposed issuance of the bonds to the legislature for approval.
B. The issuance of the bonds and the maximum amount of bonds to be issued shall be specifically authorized by law.
History:
Laws 2006, ch. 75, § 21; 2009, ch. 179, § 7; 2019, ch. 275, § 6.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, clarified that legislative approval is required not only prior to the issuance of gross receipts tax increment bonds, but also before a distribution is made pursuant to Section 7-1-6.54 NMSA 1978; in Subsection A, after "within a district", added "and before a distribution attributable to the state gross receipts tax is made pursuant to Section 7-1-6.54 NMSA 1978".
Applicability.
— Laws 2019, ch. 275, § 10 provided that the provisions of this act shall not apply to dedications of gross receipts tax increments by the state board of finance made prior to July 1, 2019.
The 2009 amendment,
effective June 19, 2009, after "district board issuing bonds", added "that are issued in whole or in part"; and in Subsection B, after "issuance of the bonds", added "and the maximum amount of bonds to be issued".
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-22 - Exemption from taxation.

The bonds authorized by the Tax Increment for Development Act and the income from the bonds or any other instrument executed as security for the bonds shall be exempt from all taxation by the state or any political subdivision of the state.
History:
Laws 2006, ch. 75, § 22.
ANNOTATIONS
Emergency clause.
— Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-23 - Protection from impairment.

If the provisions set forth in the Tax Increment for Development Act impair the ability of a municipality, county or other public body to meet its principal or interest payment obligations for revenue bonds or general obligation bonds outstanding prior to the effective date of the Tax Increment for Development Act that are secured by the pledge of all or part of the municipality, county or other public body's revenue gross receipts tax or property tax, then the amount otherwise payable to the district pursuant to the Tax Increment for Development Act shall be paid instead to the municipality, county or public body in an amount sufficient to meet any required payment.
History:
Laws 2006, ch. 75, § 23.
ANNOTATIONS
Emergency clause.
— Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-24 - Tax increment accounting procedures.

A district board shall separately account for all revenues and indebtedness based on gross receipts tax increments and property tax increments. The district board shall individually account for all gross receipts tax increments.
History:
Laws 2006, ch. 75, § 24.
ANNOTATIONS
Emergency clause.
— Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-25 - Modification of tax increment development area boundaries or tax increment development plan.

A. Following formation of a district, an area may be eliminated from the tax increment development area only following a hearing conducted upon notice given to the owners of land in the tax increment development area in the manner prescribed for the formation hearing, adoption of a resolution of intention to do so by the district board, a determination by the owners of real property within the district to eliminate the area and voter approval by the qualified electors as provided in the Local Election Act [6-9-1 to 6-9-6 NMSA 1978] and the Tax Increment for Development Act. Real property within the tax increment development area that is subject to the lien of property taxes, special levies or other charges imposed pursuant to the Tax Increment for Development Act shall not be eliminated from the district while there are bonds outstanding that are payable by those taxes, special levies or charges.
B. Following formation of a district, an area may be added to the district upon a determination by the owners of real property in the proposed additional area and the approval of the qualified electors residing therein, as well as a determination by the owners of real property in the district and approval of the qualified electors, as provided in the Local Election Act and the Tax Increment for Development Act.
C. The district board, following a hearing conducted upon notice given to the owners of real property located in the district in the manner prescribed for the formation hearing, may, subject to the approval of the governing body that approved the district's tax increment development plan, amend the tax increment development plan in any manner that it determines will not substantially reduce the benefits to be received by any land in the district from the public infrastructure on completion of the work to be performed under the general plan. A determination by the owners and an election shall not be required solely for the purposes of this subsection.
History:
Laws 2006, ch. 75, § 25; 2019, ch. 212, § 207.
ANNOTATIONS
The 2019 amendment,
effective April 3, 2019, provided that the modification of a tax increment development area be made by a determination by the owners of real property within the district as provided in the Local Election Act; in Subsection A, after "by the district board,", added "a determination by the owners of real property within the district to eliminate the area", and after "as provided in", added "the Local Election Act and"; in Subsection B, after "as well as", added "a determination by", and after "qualified electors,", deleted "in the same manner as required for the formation of a district" and added "as provided in the Local Election Act and the Tax Increment for Development Act"; and in Subsection C, after "general plan.", deleted "An" and added "A determination by the owners and an".
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-25.1 - Base year revision; resolution; comment period; submission of materials.

A. A district may revise the base year that the district uses to determine its gross receipts tax increment. To initiate the process of revising its base year, a district board shall:
(1) adopt a resolution declaring that intent; and
(2) forward copies of the adopted resolution to the secretary of taxation and revenue, the secretary of finance and administration, the developer and the local governments that have dedicated a tax increment to the district.
B. The taxation and revenue department, the department of finance and administration, the developer and the local governments that have dedicated a tax increment to the district may submit written comments to the district with copies sent to the state board of finance for fifteen days after receiving a copy of a district board's resolution indicating the board's intent to revise the base year used to determine the district's gross receipts tax increment.
C. No more than forty-five days after adopting the resolution declaring the intent to revise the base year that the district uses to determine its gross receipts tax increment, the district board shall submit to the state board of finance and send copies to the developer and any local government that has dedicated a tax increment to the district:
(1) a copy of the resolution;
(2) all comments on the matter that the district received from the taxation and revenue department, the department of finance and administration, the developer and the local governments that have dedicated a tax increment to the district; and
(3) any other related documentation.
D. As used in this section, "developer" means the owner or developer who has entered into an agreement pursuant to Subsection A of Section 5-15-4 NMSA 1978 with the governing body that formed the district or the owner's or developer's successors or assigns.
History:
Laws 2014, ch. 11, § 1.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 11, § 4, contained an emergency clause and was approved March 5, 2014.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-25.2 - Base year revision; approval.

A. The state board of finance may approve the revision of the base year used to determine a district's gross receipts tax increment:
(1) once during the lifetime of the district;
(2) if the revised year is a calendar year that is completed;
(3) if no gross receipts tax increment bonds attributable to the district have been issued;
(4) if there is no unresolved objection to the revision by the developer or by a local government that has dedicated a tax increment to the district; and
(5) upon a finding that the revision is reasonable and in the best interest of the state.
B. If the state board of finance approves the revision of the base year used to determine a district's gross receipts tax increment, the state board of finance shall notify the district, the secretary of taxation and revenue, the developer and the local governments that have dedicated a tax increment to the district.
C. As used in this section, "developer" means the owner or developer who has entered into an agreement pursuant to Subsection A of Section 5-15-4 NMSA 1978 with the governing body that formed the district or the owner's or developer's successors or assigns.
History:
Laws 2014, ch. 11, § 2.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 11, § 4, contained an emergency clause and was approved March 5, 2014.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-25.3 - Base year revision; effect.

A. Upon notice of the approval of a revision of the base year used to determine a district's gross receipts tax increment, the district shall:
(1) return to the taxation and revenue department any gross receipts tax increment credited to the period between the time that the revenue collection began and the end of the revised base year and distributed to the district;
(2) update the district tax increment development plan to reflect the revision; and
(3) file with the clerk of the governing body that formed the district the revised tax increment development plan.
B. Upon receipt of the revenue identified in Paragraph (1) of Subsection A of this section, the taxation and revenue department shall remit to the taxing entities that have dedicated a gross receipts tax increment to the district an amount of that revenue in proportion to the amount of gross receipts tax increment attributable to their dedication.
History:
Laws 2014, ch. 11, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2014, ch. 11, § 4, contained an emergency clause and was approved March 5, 2014.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-26 - Termination of tax increment development district.

A. A district shall be terminated by a resolution of the district board that all of the following conditions exist:
(1) all improvements owned by the district have been, or provision has been made for all improvements to be, conveyed to the municipality or county in which the district is located;
(2) either the district does not have any outstanding bond obligations or the municipality or county has assumed all of the outstanding bond obligations of the district; and
(3) all obligations of the district pursuant to any agreement with the municipality or county have been satisfied.
B. Property in the district that is subject to the lien of district taxes shall remain subject to the lien for the payment of bonds, notwithstanding termination of the district. The district shall not be terminated if any bonds of the district remain outstanding unless an amount of money sufficient, together with investment income thereon, to make all payments due on the bonds either at maturity or prior redemption has been deposited with a trustee or escrow agent and pledged to the payment and redemption of the bonds. The district may continue to operate after termination only as needed to collect money and make payments on any outstanding bonds.
History:
Laws 2006, ch. 75, § 26.
ANNOTATIONS
Emergency clause.
— Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-27 - Dedication of gross receipts tax increment; notice to taxation and revenue department.

A. If the state board of finance or a taxing entity approves a dedication or increase in the dedication of a gross receipts tax increment to a district, the state board of finance or the taxing entity shall notify the taxation and revenue department of that approval at least one hundred twenty days before the effective date of the dedication or increase in the dedication; provided that the effective date of the dedication by the state board of finance is on or after the date the bonds are approved by the legislature pursuant to Section 5-15-21 NMSA 1978.
B. In regard to a dedication of a gross receipts tax increment attributable to the state gross receipts tax, if the approval required pursuant to Section 5-15-21 NMSA 1978 has not occurred when the notice pursuant to Subsection A of this section is made, the state board of finance shall include in the notice that legislative approval is needed prior to a distribution pursuant to Section 7-1-6.54 NMSA 1978 attributable to the state gross receipts tax can be made. Upon approval pursuant to Section 5-15-21 NMSA 1978, the state board of finance shall notify the department of the approval.
History:
Laws 2006, ch. 75, § 27; 2019, ch. 275, § 7.
ANNOTATIONS
The 2019 amendment,
effective July 1, 2019, clarified that the effective date of a dedication of gross receipts tax made by the state board of finance or taxing entity cannot be before the date of legislative approval pursuant to Section 5-15-21 NMSA 1978, and required the state board of finance or a taxing entity to indicate in its notice that before any distribution attributable to the state gross receipts tax increment is made to a tax increment development district, legislative approval of the gross receipts tax increment bonds is required; in Subsection A, after "increase in the dedication", added "provided that the effective date of the dedication by the state board of finance is on or after the date the bonds are approved by the legislature pursuant to Section 5-15-21 NMSA 1978"; and added Subsection B.
Applicability.
— Laws 2019, ch. 275, § 10 provided that the provisions of this act shall not apply to dedications of gross receipts tax increments by the state board of finance made prior to July 1, 2019.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-28 - Bond term expiration.

The terms of bonds issued pursuant to the Tax Increment for Development Act for a district, including refunding bonds, shall expire not more than twenty-five years after the date that the first bonds are issued for that district.
History:
Laws 2006, ch. 75, § 28.
ANNOTATIONS
Emergency clause.
— Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15 - Tax Increment for Development › Section 5-15-29 - Report required.

On September 1 of each year, the district board of a district that receives a distribution of a gross receipts tax increment attributable to the state gross receipts tax shall submit a report to the state board of finance and the legislative finance committee that includes the estimated capital investment in the district, the estimated total net new jobs and new full-time economic base jobs created in the district and the total revenues distributed to the district in each previous fiscal year.
History:
Laws 2019, ch. 275, § 8.
ANNOTATIONS
Effective dates.
— Laws 2019, ch. 275, § 11 made Laws 2019, ch. 275, § 8 effective July 1, 2019.
Applicability.
— Laws 2019, ch. 275, § 10 provided that the provisions of Laws 2019, ch. 275 shall not apply to dedications of gross receipts tax increments by the state board of finance made prior to July 1, 2019.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15A - Mesa del Sol Projects › Section 5-15A-1 - Authorization of issuance of bonds.

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.
ANNOTATIONS
Emergency 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.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15A - Mesa del Sol Projects › Section 5-15A-2 - Duration of authorization.

The duration of the authorization for issuance of bonds in this act is unlimited, unless and until this act is repealed or modified by the legislature.
History:
Laws 2007, ch. 310, § 2 and Laws 2007, ch. 313, § 2.
ANNOTATIONS
Emergency 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, § 2 and Laws 2007, ch. 313, § 2 enacted identical laws. Both were compiled as 5-15A-2 NMSA 1978.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15A - Mesa del Sol Projects › Section 5-15A-3 - Certain capital projects prohibited.

A. The legislature shall not approve or authorize any capital outlay projects within a Mesa del Sol tax increment development district during the period that any bonds issued pursuant to Section 1 [5-15A-1 NMSA 1978] of this act are outstanding for that specific district, except for those buildings or facilities that are owned by the state or one of its agencies, institutions or political subdivisions and that are:
(1) public school buildings or facilities;
(2) higher education buildings or facilities;
(3) cultural buildings or facilities;
(4) buildings or facilities used for public safety; or
(5) buildings used for other public purposes.
B. Nothing in this section prohibits the legislature from authorizing expenditures, pursuant to law, for economic development projects within a specific Mesa del Sol tax increment development district for which any tax increment development bonds are outstanding.
History:
Laws 2007, ch. 310, § 3 and Laws 2007, ch. 313, § 3.
ANNOTATIONS
Emergency 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, § 3 and Laws 2007, ch. 313, § 3 enacted identical laws. Both were compiled as 5-15A-3 NMSA 1978.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15B - Taos Ski Valley Projects › Section 5-15B-1 - Authorization of issuance of bonds.

The legislature authorizes the issuance of bonds not to exceed forty-four million dollars ($44,000,000) in net proceeds as adjusted for inflation, secured by tax increments authorized pursuant to the Tax Increment for Development Act [Chapter 5, Article 15 NMSA 1978] to be pledged to pay the principal of and interest on the bonds, including a gross receipts tax increment attributed to the imposition of the state gross receipts tax within the village of Taos Ski Valley tax increment development district, subject to the review and approval by the New Mexico finance authority of:
A. the master indenture prior to issuance of any bonds; and
B. any amendments to the master indenture prior to issuance of any bonds after any amendments are made.
History:
Laws 2015, ch. 83, § 1.
ANNOTATIONS
Emergency clauses.
— Laws 2015, ch. 83, § 5, contained an emergency clause and was approved April 8, 2015.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15B - Taos Ski Valley Projects › Section 5-15B-2 - Duration of authorization.

The duration of the authorization for issuance of bonds in this act shall be twenty-five years from the date of issuance of the first series of tax increment bonds of the district, unless and until this act is repealed or modified by the legislature.
History:
Laws 2015, ch. 83, § 2.
ANNOTATIONS
Emergency clauses.
— Laws 2015, ch. 83, § 5, contained an emergency clause and was approved April 8, 2015.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15B - Taos Ski Valley Projects › Section 5-15B-3 - Certain capital projects prohibited.

A. The legislature shall not approve or authorize any capital outlay projects within the village of Taos Ski Valley tax increment development district during the period in which any bonds issued by the district pursuant to Section 1 [5-15B-1 NMSA 1978] of this act are outstanding, except for buildings, facilities or infrastructure that are owned by the state or one of its agencies, institutions or political subdivisions and that are:
(1) public school buildings or facilities;
(2) higher education buildings or facilities;
(3) cultural buildings or facilities;
(4) buildings, facilities or infrastructure used for public safety; or
(5) buildings, facilities or infrastructure used for other public purposes.
B. Nothing in this section prohibits the legislature from authorizing expenditures pursuant to law for economic development projects within the village of Taos Ski Valley tax increment development district during the period in which tax increment development bonds are outstanding.
History:
Laws 2015, ch. 83, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 2015, ch. 83, § 5, contained an emergency clause and was approved April 8, 2015.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 15B - Taos Ski Valley Projects › Section 5-15B-4 - Reduction in state gross receipts tax revenue.

Once the developer of the village of Taos Ski Valley tax increment development project has been fully reimbursed, regardless of the source of reimbursement, for the costs of eligible infrastructure, the village of Taos Ski Valley tax increment development district shall provide to the state board of finance the estimated amount of state gross receipts tax increment revenue required to pay the debt service on the district's outstanding bonds and to meet any required debt-service coverage and reserve requirements specified in the master indenture for any bonds payable from the state gross receipts tax increment. The board shall:
A. review that estimate;
B. determine:
(1) the reduced amount of state gross receipts tax increment revenue necessary each year to meet those requirements; and
(2) the reduction to the percentage of dedicated state gross receipts tax increment revenue corresponding to that reduced amount; and
C. notify the taxation and revenue department of the amount of that reduction, which shall take effect as soon as practicable after notification.
History:
Laws 2015, ch. 83, § 4.
ANNOTATIONS
Emergency clauses.
— Laws 2015, ch. 83, § 5, contained an emergency clause and was approved April 8, 2015.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 16 - Regional Spaceport District › Section 5-16-1 - Short title.

Sections 1 through 13 [5-16-1 to 5-16-13 NMSA 1978] of this act may be cited as the "Regional Spaceport District Act".
History:
Laws 2006, ch. 15, § 1.
ANNOTATIONS
Effective dates.
— Laws 2006, ch. 15 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 16 - Regional Spaceport District › Section 5-16-2 - Purposes.

The purposes of the Regional Spaceport District Act are to:
A. serve the public by providing for the development of a southwest regional spaceport;
B. allow multi-jurisdictional cooperation in the creation of a southwest regional spaceport;
C. provide for the promotion of the southwest regional spaceport; and
D. foster tourism in the cities and counties comprising the district.
History:
Laws 2006, ch. 15, § 2.
ANNOTATIONS
Effective dates.
— Laws 2006, ch. 15 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 16 - Regional Spaceport District › Section 5-16-3 - Definitions.

As used in the Regional Spaceport District Act:
A. "authority" means the spaceport authority created pursuant to the Spaceport Development Act [58-31-1 to 58-31-17 NMSA 1978];
B. "board" means the board of directors of a district;
C. "bond" means a revenue bond issued by the authority on behalf of a district;
D. "combination" means two or more governmental units that exercise joint authority;
E. "district" means a regional spaceport district that is a political subdivision of the state created pursuant to the Regional Spaceport District Act;
F. "governmental unit" means the state, a county or a municipality of the state or an Indian nation, tribe or pueblo located within the boundaries of the state;
G. "project" means any land, building or other improvements acquired as part of a spaceport or associated with a spaceport or to aid commerce in connection with a spaceport and all real and personal property deemed necessary in connection with the spaceport;
H. "revenues" means municipal regional spaceport gross receipts tax revenues and county regional spaceport gross receipts tax revenues; and
I. "spaceport" means any facility in New Mexico at which space vehicles may be launched or landed, including all facilities and support infrastructure related to launch, landing or payload processing.
History:
Laws 2006, ch. 15, § 3.
ANNOTATIONS
Cross references.
— For the municipal regional spaceport gross receipts tax,
see
7-19D-15 NMSA 1978.
For the county regional spaceport gross receipts tax,
see
7-20E-25 NMSA 1978.
Effective dates.
— Laws 2006, ch. 15 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 16 - Regional Spaceport District › Section 5-16-5 - Board.

A. All powers, privileges and duties vested in or imposed upon the district shall be exercised and performed by the board. The board may delegate its powers by resolution to an officer or agent of the board, with the exception of the following:
(1) adoption of board policies and procedures;
(2) initiation or continuation of legal action;
(3) establishment of policies regarding the use of revenues; and
(4) request to the authority to issue bonds.
B. Only an elected official may vote on resolutions regarding Paragraph (4) of Subsection A of this section.
C. The board shall adopt rules to govern its conduct and provide meaningful opportunities for public input, which shall include standards and procedures for calling emergency meetings.
D. The board shall be composed of at least one director from each governmental unit that is a member of the district. A director shall be an elected official or the official's designee. A governmental unit shall not have a majority of membership on the board, unless there are three or fewer participating governmental units in the district.
E. A director of the board shall not vote on an issue when the director has a conflict of interest. A director of the board, officer of the board or employee of the board shall not:
(1) acquire a financial interest in a new or existing business venture or business property of any kind when the person believes or has reason to believe that the new financial interest will be directly affected by the official act;
(2) use confidential information acquired by virtue of the person's office or employment for the person's or another's private gain; or
(3) contract with the district without public notice and competitive bidding and full disclosure of the person's financial or other interest in the business that is party to the contract.
F. The attorney general shall investigate and prosecute, when appropriate, a complaint brought to the attorney general's attention involving a violation of Subsection E of this section. Violation of the provisions of Subsection E of this section by a director of the board, officer of the board or employee of the board is grounds for removal or suspension of the director or officer and dismissal, demotion or suspension of the employee.
G. In addition to all other powers conferred by the Regional Spaceport District Act, the board may:
(1) adopt bylaws;
(2) fix the time and place of meetings and the method of providing notice of the meetings;
(3) make and pass orders and resolutions necessary for the government and management of the affairs of the district and the execution of the powers vested in the district;
(4) adopt and use a seal; and
(5) appoint advisory committees and define the duties of the committees.
History:
Laws 2006, ch. 15, § 5.
ANNOTATIONS
Effective dates.
— Laws 2006, ch. 15 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 16 - Regional Spaceport District › Section 5-16-6 - Powers of the district.

A. A district is a body politic and corporate. In addition to other powers granted to the district pursuant to the Regional Spaceport District Act, the district may:
(1) have perpetual existence, except as otherwise provided in the contract;
(2) sue and be sued;
(3) enter into contracts and agreements affecting the affairs of the district;
(4) pledge all or a portion of the revenues to the payment of bonds of the authority; and
(5) construct, in connection with the authority, a regional spaceport within the boundaries of the district.
B. After the creation of a district, the board may include property within or exclude property from the boundaries of the district in the manner provided in this section. Property shall not be included within the boundaries of the district unless it is within the boundaries of the members of the combination at the time of the inclusion. Prior to inclusion of property in or exclusion of property from the boundaries of the district, the board shall cause notice of the proposed inclusion or exclusion to be published in a newspaper of general circulation within the boundaries of the district and cause the notice to be mailed to the authority. The notice shall:
(1) describe the property to be included in or excluded from the boundaries of the district;
(2) specify the date, time and place at which the board shall hold a public hearing on the proposed inclusion or exclusion; provided that the date of the public hearing contained in the notice shall be not less than twenty days after publication of the notice; and
(3) state that persons having objections to the inclusion or exclusion may appear at the public hearing to object to the proposed inclusion or exclusion.
C. The board shall hear all objections to the proposed inclusion or exclusion of property at the time and place designated in the notice. The board, upon the affirmative vote of two-thirds of the directors, may adopt a resolution including or excluding all or a portion of the property described in the notice. Upon the adoption of the resolution, the property shall be included within or excluded from the boundaries of the district as set forth in the resolution. The board may adopt the resolution without amending the district's enabling contract. The board shall file the resolution with the authority, which shall cause the resolution to be recorded in the real estate records of each county having territory included in the boundaries of the district.
History:
Laws 2006, ch. 15, § 6.
ANNOTATIONS
Effective dates.
— Laws 2006, ch. 15 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 5 - Municipalities and Counties › Article 16 - Regional Spaceport District › Section 5-16-7 - Bonds.

A district may enter into contracts with the authority pursuant to which the authority may issue bonds under the Spaceport Development Act [58-31-1 to 58-31-17 NMSA 1978] for the purpose of financing the planning, designing, engineering and construction of a regional spaceport or spaceport-related project. The district shall request that the authority issue bonds pursuant to resolution of the board, and the bonds shall be payable solely out of all or a specified portion of the revenues as designated by the board.
History:
Laws 2006, ch. 15, § 7.
ANNOTATIONS
Effective dates.
— Laws 2006, ch. 15 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 17, 2006, 90 days after adjournment of the legislature.