A PID provides financing based on levying property taxes on land within a PID, imposing special levies based on benefit to property, front footage, acreage, cost of improvements (or other factors apart from assessed valuation), or by providing for use charges of improvements or revenue-producing projects or facilities. PID taxes, levies and charges may be pledged to pay debt service on bonds issued by a PID. PID bonds are obligations solely of the PID issuing the bonds.
PIDs are authorized to finance various infrastructure and improvements (water and sewer systems, streets, gas and telecommunications systems, parks, public buildings, libraries, school facilities, equipment) and related costs of operation and administration.
Requires Rio Rancho Governing Body approval to be enacted.