A. In addition to all other requirements of the Metropolitan Redevelopment Code, prior to issuing bonds that are issued in whole or in part against a gross receipts tax increment attributable to the state gross receipts tax within a metropolitan redevelopment area and before a distribution attributable to the state gross receipts tax is made pursuant to Section 11 [7-1-6.71 N.M. Stat. Ann.] of this 2023 act, the New Mexico finance authority shall review the proposed issuance of the bonds and determine that the proceeds of the bonds will be used for a metropolitan redevelopment project in accordance with the area’s metropolitan redevelopment plan and present the proposed issuance of the bonds to the legislature for approval.

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B. The issuance of the bonds and the maximum amount of bonds to be issued shall be specifically authorized by law.