Section 5-15-21 - Approval required for issuance of bonds against state gross receipts tax increments.
5-15-21. Approval required for issuance of bonds against state gross receipts tax increments.
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 imposition of the state gross receipts tax within a district:
A. 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; and
B. the issuance of the bonds and the maximum amount of bonds to be issued shall be specifically authorized by law.