The district may establish a property tax levy upon real property located within the boundaries of the district, with the following limitations:
A. the maximum property tax levy the district may impose is five dollars ($5.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [Articles 35 through 38 of Chapter 7 NMSA 1978], which may be used for operation, maintenance and capital improvements, in furtherance of the purposes of the State Fairgrounds District Act;
B. the district may impose a property tax levy only after authorization by a majority of votes cast by the qualified electors of the district in an election held in accordance with the Local Election Act [Chapter 1, Article 22 NMSA 1978]; and
C. a property tax levy imposed by the district shall not be effective for more than four years.