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. ANNOTATIONSEmergency clause. — Laws 2006, ch. 75, § 36 contained an emergency clause and was approved March 6, 2006.
New Mexico Legal Code