A. The majority of the members of the governing body of a municipality may impose by ordinance an excise tax at a rate not to exceed three-eighths percent of the gross receipts of a person engaging in business in the municipality for the privilege of engaging in business. The tax may be imposed in increments of one-thousandth percent not to exceed an aggregate rate of three-eighths percent. The tax shall be imposed until the flood recovery revenue bonds issued pursuant to Section 3-31-1 NMSA 1978 are fully discharged or otherwise provided for in full.
B. The tax imposed pursuant to this section may be referred to as the "municipal flood recovery gross receipts tax".
C. A governing body, at the time of enacting an ordinance imposing a rate of tax authorized in Subsection A of this section, shall dedicate the revenue only for payment of flood recovery revenue bonds issued pursuant to Section 3-31-1 NMSA 1978.