A. In addition to all other requirements of the Metropolitan Redevelopment Code, prior to 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 metropolitan redevelopment area and before a distribution attributable to the state gross receipts tax is made pursuant to Section 11 [7-1-6.71 NMSA 1978] of this 2023 act, 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 metropolitan redevelopment project in accordance with the area's metropolitan redevelopment 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 2023, ch. 112, § 6. Compiler's notes. — Laws 2024, ch. 62, § 3 changed the effective date of Laws 2023, ch. 112 from July 1, 2024 to January 1, 2025.
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