1. As used in Chapter 3, Article 31 NMSA 1978:
2. A. "bond" means any obligation of a municipality issued under Chapter 3, Article 31 NMSA 1978, whether designated as a bond, note, loan, warrant, debenture, lease-purchase agreement or other instrument evidencing an obligation of a municipality to make payments;
3. B. "emergency medical services bonds" means the bonds authorized by Subsection K of Section 3-31-1 NMSA 1978;
4. C. "flood recovery revenue bonds" means the bonds authorized by Subsection I of Section 3-31-1 NMSA 1978;
5. D. "gasoline tax revenue" means all or portions of the amounts of tax revenues distributed to municipalities pursuant to Sections 7-1-6.9 and 7-1-6.27 NMSA 1978;
6. E. "gasoline tax revenue bonds" means the bonds authorized by Subsection E of Section 3-31-1 NMSA 1978;
7. F. "gross receipts tax revenue" means the amount of money distributed to a municipality pursuant to Section 7-1-6.4 NMSA 1978 and transferred to a municipality pursuant to Section 7-1-6.12 NMSA 1978 for any municipal gross receipts tax imposed pursuant to the Municipal Local Option Gross Receipts and Compensating Taxes Act [Chapter 7, Article 19D NMSA 1978];
8. G. "gross receipts tax revenue bonds" means the bonds authorized by Subsection D of Section 3-31-1 NMSA 1978;
9. H. "joint utility revenue bonds" or "joint utility bonds" means the bonds authorized by Subsection C of Section 3-31-1 NMSA 1978;
10. I. "pledged revenues" means the revenues, net income or net revenues authorized to be pledged to the payment of revenue bonds as specifically provided in Chapter 3, Article 31 NMSA 1978;
11. J. "project revenue bonds" means the bonds authorized by Subsection F of Section 3-31-1 NMSA 1978; and
12. K. "utility revenue bonds" or "utility bonds" means the bonds authorized by Subsection B of Section 3-31-1 NMSA 1978.

History: 1978 Comp., § 3-31-1.1, enacted by Laws 2019, ch. 274, § 2; 2025, ch. 23, § 2; 2025, ch. 24, § 2.

ANNOTATIONS

2025 Multiple Amendments. — Laws 2025, ch. 24, § 2, effective March 28, 2025, and Laws 2025, ch. 23, § 2, effective July 1, 2025, enacted different amendments to this section that can be reconciled. Pursuant to 12-1-8 NMSA 1978, Laws 2025, ch. 24, § 2 as the last act signed by the governor is set out above and incorporates both amendments. The amendments enacted by Laws 2025, ch. 23, § 2 and Laws 2025, ch. 24, § 2 are described below. To view the session laws in their entirety, see the 2025 session laws on NMOneSource.com.

The nature of the difference between the amendments is that Section 3-31-1.1 NMSA 1978, as amended by Laws 2025, ch. 23, § 2, defined the term "emergency medical services bonds" as used in Chapter 3, Article 31 NMSA 1978, and made certain technical amendments, and Laws 2025, ch. 24, § 2, defined the term "flood recovery revenue bonds" as used in Chapter 3, Article 31 NMSA 1978, and made certain technical amendments.

Laws 2025, ch. 24, § 2, effective March 28, 2025, defined the term "flood recovery revenue bonds" as used in Chapter 3, Article 31 NMSA 1978, and made certain technical amendments; added a new Subsection B and redesignated the succeeding subsections accordingly, and in Subsection E, after "Section 7-1-6.4 NMSA" added "1978", and after "Municipal Local Option Gross Receipts" added "and Compensating".

Laws 2025, ch. 23, § 2, effective July 1, 2025, defined the term "emergency medical services bonds" as used in Chapter 3, Article 31 NMSA 1978, and made certain technical amendments; added new Subsection B and redesignated the succeeding subsections accordingly; and in Subsection E, after "Section 7-1-6.4 NMSA," added "1978" and after "Municipal Local Option Gross Receipts," added "and Compensating".