I would not expect it to die in only one year. But it is probably on
its way out. Sometimes bamboo will flower for several years in a row.
(I think F. nitida puts out seeds pretty well, but sometimes bamboo
will flower but not actually produce seeds.)

Sometime in September or October (perhaps a little later in New
Mexico), the seeds should be ready. Be sure not to collect them too
early (i.e. clip branches before they are fully ripe). But you also
might have to worry about birds eating them. I am not sure.

Anyway, F. nitida flowered around here in 2002. Yours could be a
(literally) late bloomer, or it could be from a different original
propagation. I don't know a lot about flowering bamboo, but one thing I
am sure of is that I really want some F. nitida seeds! I wasn't into
bamboo yet when they flowered around here.

If you would be willing to put me on a list, I would love to buy some
seeds from you if they develop.

Cheers!