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SB48 • 2026

STATE FAIRGROUNDS DISTRICT BONDS

STATE FAIRGROUNDS DISTRICT BONDS

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Representative Janelle Anyanonu, Senator Mimi Stewart
Last action
Official status
[1] SCC/STBTC/SFC-SCC-germane-STBTC [5] DP-SFC- DP [8] PASSED/S (26-12) [6] HCEDC/HTRC-HCEDC [7] DP-HTRC [9] DP [12] PASSED/H (42-6) SGND BY GOV (Mar. 5) Ch. 33.
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

STATE FAIRGROUNDS DISTRICT BONDS

STATE FAIRGROUNDS DISTRICT BONDS

What This Bill Does

  • STATE FAIRGROUNDS DISTRICT BONDS

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-02-19 New Mexico Legislature

    Passed in the House of Representatives - Y:42 N:6

  2. 2026-02-14 New Mexico Legislature

    HTRC: Reported by committee with Do Pass recommendation

  3. 2026-02-12 New Mexico Legislature

    HCEDC: Reported by committee with Do Pass recommendation

  4. 2026-02-09 New Mexico Legislature

    Sent to HCEDC - Referrals: HCEDC/HTRC

  5. 2026-02-06 New Mexico Legislature

    Passed in the Senate - Y:26 N:12

  6. 2026-02-02 New Mexico Legislature

    SFC: Reported by committee with Do Pass recommendation

  7. 2026-01-28 New Mexico Legislature

    STBTC: Reported by committee with Do Pass recommendation

  8. 2026-01-22 New Mexico Legislature

    SCC: Reported by committee to fall within the purview of a 30 day session

  9. 2026-01-21 New Mexico Legislature

    Sent to SCC - Referrals: SCC/STBTC/SFC

  10. New Mexico Legislature

    Signed by Governor - Chapter 33 - Mar. 5

Official Summary Text

STATE FAIRGROUNDS DISTRICT BONDS

Current Bill Text

Read the full stored bill text 
SB 48
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AN ACT
RELATING TO FINANCE; AUTHORIZING THE ISSUANCE OF BONDS
SECURED BY THE STATE GROSS RECEIPTS TAX DISTRIBUTION AND THE
GAMING TAX DISTRIBUTION FOR THE STATE FAIRGROUNDS DISTRICT
PURSUANT TO THE STATE FAIRGROUNDS DISTRICT ACT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 6-35-1 NMSA 1978 (being Laws 2025,
Chapter 83, Section 1) is amended to read:
"6-35-1. SHORT TITLE.--Chapter 6, Article 35 NMSA 1978
may be cited as the "State Fairgrounds District Act"."
SECTION 2. A new section of the State Fairgrounds
District Act is enacted to read:
"AUTHORIZATION OF ISSUANCE OF BONDS.--The legislature
authorizes and approves the district to issue bonds, pursuant
to the provisions of Paragraph (5) of Subsection C of Section
6-35-7 NMSA 1978, in an amount not to exceed ninety-two
million dollars ($92,000,000) in net proceeds of the five
hundred million dollars ($500,000,000) in net proceeds
authorized to be issued by the district by Subsection A of
Section 6-35-7 NMSA 1978, secured by all or a portion of the
gross receipts tax distribution and the gaming tax
distribution made pursuant to the provisions of Section
7-1-6.73 NMSA 1978, pledged to pay the principal of and
interest on the bonds, with such issuance of bonds by the
SB 48
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district pursuant to the provisions of the State Fairgrounds
District Act."