A. A municipality may levy a tax upon all property subject to property taxation within the municipality for such length of time as is necessary to accomplish the purpose authorized in Sections 3-41-1 and 3-41-3 N.M. Stat. Ann.. The rate of the tax authorized by this subsection shall not exceed five dollars ($5.00), or any lower maximum amount required by operation of the rate limitation provisions of Section 7-37-7.1 N.M. Stat. Ann. upon a tax levied under this section, on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Chapter 7, Articles 35 to 38 NMSA 1978].

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B. Before levying the tax, the municipality shall submit to the qualified electors of the municipality the question of levying the tax. The question may be submitted at any regular or special local election called for that purpose. Notice of the election shall be given as provided in the Local Election Act [N.M. Stat. Ann. Chapter 1, Article 22].

C. The municipality shall print the words “For tax levy for flood protection purposes” and “Against tax levy for flood protection purposes” or words of like import. The vote upon the question shall be separately canvassed as other municipal elections are canvassed.

D. If a majority of the votes cast favors the levy of the tax, the governing body shall levy and certify the levy as any other tax is levied for municipal purposes.

E. Nothing in this section shall be construed as prohibiting the issuance of negotiable bonds as authorized in Section 3-30-5 N.M. Stat. Ann. to pay the cost of preventing flood damage.

F. If a county has levied a tax for flood control purposes as authorized in Sections 4-50-1 through 4-50-9 N.M. Stat. Ann. or any other law, the municipality is not prohibited from levying a tax as authorized in this section.