A. A majority of the members of the governing body of a county within which a county electric generating facility economic district is located and a bordering county within twenty miles of a qualifying electric generating facility may enact an ordinance imposing an excise tax of up to one-fourth percent of the gross receipts of any person engaging in business in the county or county area for the privilege of engaging in business in the county or county area. The tax authorized by this section may be referred to as the “county electric generating facility economic district gross receipts tax”.

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B. An ordinance imposing a county electric generating facility economic district gross receipts tax shall impose the tax in any number of increments of one-thousandth percent; provided that the aggregate amount of increments shall not exceed one-fourth percent.

C. The governing body, at the time of enacting an ordinance imposing a county electric generating facility economic district gross receipts tax, shall dedicate the revenue only for the payment of the interest on and principal of revenue bonds issued pursuant to the Electric Generating Facility Economic District Act N.M. Stat. Ann. § 71-10-1 to 71-10-11. Revenue from a county electric generating facility economic district gross receipts tax shall not be used for any other purpose.