A. Prior to adopting an ordinance issuing county industrial revenue bonds, a county shall give notice to the county assessor and any entity located within the county authorized to levy taxes on property in the county of its intent to consider the matter. The county assessor and entities authorized to levy taxes shall be notified by certified mail, return receipt requested, at least thirty calendar days prior to the meeting at which final action is to be taken so that comments can be transmitted to the county. The notice shall include the amount, the purpose and the time period of the proposed industrial revenue bonds.

B. The county assessor and entities authorized to levy taxes shall be able to forward their comments and any concerns to the board of county commissioners, but there is no approval required from the county assessor or entities authorized to levy taxes and they do not have veto over the proposed county industrial revenue bond issuance.

C. The county and entities authorized to levy taxes shall jointly develop criteria for issuance of industrial revenue bonds; provided, however, that county industrial revenue bonds may be authorized and issued before development of the criteria is completed.

D. The county shall notify the board of county commissioners, the county assessor and any entity levying taxes on property in the county when an industrial revenue bond has matured, expired or been replaced by a refunding bond.

History: Laws 1997, ch. 216, § 4; 1997, ch. 226, § 4; 2003, ch. 221, § 4; 2011, ch. 80, § 1; 2011, ch. 82, § 1.

The 2011 amendment, effective June 17, 2011, required counties to give all entities authorized to levy taxes in the county notice of the amount, purpose and time period of proposed industrial revenue bonds.

Laws 2011, ch. 80, § 1 and Laws 2011, ch. 82, § 1 enacted identical amendments to this section. The section was set out as amended by Laws 2011, ch. 82, § 1. See Section 12-1-8 NMSA 1978.

The 2003 amendment, effective June 20, 2003, in the section heading, deleted "Class A county" at the beginning, and substituted "and county assessor" for "over two hundred thousand" at the end; in Subsection A, deleted "class A" following "revenue bonds, a", substituted "the county assessor and the largest municipality" for "a municipality with a population in excess of two hundred thousand" following "give notice to", inserted "county assessor and the" following "the matter. The", deleted "by the municipality" near the end; in Subsection B, inserted "county assessor and the" near the beginning, substituted "their" for "its" following "able to forward", substituted "or the county assessor and they do" for "and the municipality does" following "from the municipality"; and added Subsection D.