0001| HOUSE BILL 477 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| JERRY W. SANDEL | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO THE FINANCING OF HIGHWAY PROJECTS; INCREASING THE | 0012| BONDING AUTHORITY OF THE STATE HIGHWAY COMMISSION AND | 0013| AUTHORIZING CONSTRUCTION OF CERTAIN HIGHWAY PROJECTS; | 0014| AUTHORIZING THE PLEDGING OF TAXES, FEES AND FEDERAL FUNDS IN | 0015| THE STATE ROAD FUND TO THE PAYMENT OF BONDS; AMENDING A | 0016| SECTION OF THE NMSA 1978. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. Section 67-3-59.1 NMSA 1978 (being Laws 1989, | 0020| Chapter 157, Section 1, as amended) is amended to read: | 0021| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS-- | 0022| APPROVAL--COUPONS.-- | 0023| A. In order to provide funds to finance state | 0024| highway projects, including state highway projects that are | 0025| required for the waste isolation pilot project and are | - 1 - 0001| eligible for federal reimbursement |or payment| as authorized | 0002| by federal legislation, the state highway commission is | 0003| authorized to issue bonds from time to time, payable from | 0004| |federal funds not otherwise obligated that are paid into the | 0005| state road fund|, the proceeds of the collection of ~[gasoline | 0006| excise]~ taxes and ~[motor vehicle registration]~ fees that | 0007| are required by law to be paid into the state road fund and | 0008| not otherwise pledged solely to the payment of outstanding | 0009| bonds and debentures. | 0010| B. The total aggregate outstanding principal | 0011| amount of bonds issued from time to time pursuant to this | 0012| section, secured by or payable from ~[the gasoline excise | 0013| taxes and motor vehicle registration fees]~ |federal funds not | 0014| otherwise obligated that are paid into the state road fund and | 0015| the proceeds from the collection of taxes and fees required by | 0016| law to be paid into the state road fund| shall not, without | 0017| additional authorization of the state legislature, exceed | 0018| ~[one hundred fifty million dollars ($150,000,000)]~ at any | 0019| given time, subject to the ~[following]~ provisions |of | 0020| Subsection C of this section, the following amounts:| | 0021| |(1) prior to July 1, 1998, one hundred fifty | 0022| million dollars ($150,000,000); | 0023| (2) from July 1, 1998 through June 30, 1999, | 0024| four hundred fifty million dollars ($450,000,000); | 0025| (3) from July 1, 1999 through June 30, 2000, | - 2 - 0001| seven hundred fifty million dollars ($750,000,000); and | 0002| (4) after June 30, 2000, one billion dollars | 0003| ($1,000,000,000). | 0004| | |C. The total aggregate outstanding principal | 0005| amount of bonds authorized pursuant to Subsection B of this | 0006| section shall be subject to the following provisions|: | 0007| (1) the total aggregate outstanding principal | 0008| amount of bonds issued for state highway projects that are | 0009| required for the waste isolation pilot project and are | 0010| eligible for federal reimbursement |or payment| as authorized | 0011| by federal legislation shall not exceed ~[one hundred million | 0012| dollars ($100,000,000); and]~ |two hundred million dollars | 0013| ($200,000,000)|; | 0014| (2) the total aggregate outstanding principal | 0015| amount of bonds issued for state highway projects other than | 0016| state highway projects that are required for the waste | 0017| isolation pilot project and are eligible for federal | 0018| reimbursement |or payment| as authorized by federal | 0019| legislation shall not exceed: | 0020| |(a) prior to July 1, 1998|, fifty | 0021| million dollars ($50,000,000); | 0022| |(b) from July 1, 1998 through June 30, | 0023| 1999, two hundred fifty million dollars ($250,000,000); | 0024| (c) from July 1, 1999 through June 30, | 0025| 2000, five hundred fifty million dollars ($550,000,000); and| | - 3 - 0001| (d) after June 30, 2000, eight hundred | 0002| million dollars ($800,000,000); and | 0003| |(3) the proceeds from the sale of the bonds | 0004| after June 30, 1998 using the additional authority added in | 0005| Subparagraphs (b) through (d) of Paragraph (2) of this | 0006| subsection shall be used for planning, designing, engineering | 0007| and constructing and for acquiring rights of way for the | 0008| following projects:| | 0009| |(a) the four-lane construction and | 0010| improvement of state highway 44 from Bernalillo to Bloomfield; | 0011| (b) the reconstruction of the | 0012| interstate 40 and interstate 25 interchange in Albuquerque; | 0013| (c) the limited-access construction and | 0014| necessary interchanges for United States highway 70 from Las | 0015| Cruces east to White Sands missile range road; | 0016| (d) construction of United States | 0017| highway 84 and 285 from Santa Fe to Pojoaque; and | 0018| (e) construction of the Santa Fe relief | 0019| route and required interchanges. | 0020| | ~[C.]~ |D.| The state highway commission may issue | 0021| bonds to refund other bonds issued pursuant to this section by | 0022| exchange or current or advance refunding. | 0023| ~[D.]~ |E.| Each series of bonds shall have a | 0024| maturity of no more than twenty-five years from the date of | 0025| issuance; |provided that bonds issued for the projects | - 4 - 0001| authorized in Subparagraphs (b) through (e) of Paragraph (3) | 0002| of Subsection C of this section shall have a maturity of no | 0003| more than ten years from the date of issuance|. ||The state | 0004| highway commission shall determine all other terms, covenants | 0005| and conditions of the bonds; provided that the bonds shall not | 0006| be issued pursuant to this section unless the state board of | 0007| finance approves the issuance of the bonds and the principal | 0008| amount of and interest rate or maximum net effective interest | 0009| rate on the bonds. | 0010| ~[E.]~ |F.| The bonds shall be executed with the | 0011| manual or facsimile ~[signatures]~ |signature| of the chairman | 0012| of the state highway commission, countersigned by the state | 0013| treasurer and attested to by the secretary of the state | 0014| highway commission, with the seal of the state highway | 0015| commission imprinted or otherwise affixed to the bonds. | 0016| ~[F.]~ |G.| Proceeds of the bonds may be used to | 0017| pay expenses incurred in the preparation, issuance and sale of | 0018| the bonds and, together with the earnings on the proceeds of | 0019| the bonds, may be used to pay rebate, penalty, interest and | 0020| other obligations relating to the bonds and the proceeds of | 0021| the bonds under the Internal Revenue Code of 1986, as amended. | 0022| ~[G.]~ |H.| The bonds may be sold at public or | 0023| private sale |or through the New Mexico finance authority|. | 0024| If sold at public sale, a notice of the time and place of sale | 0025| shall be published in a newspaper of general circulation in | - 5 - 0001| the state, and in any other newspaper determined in the | 0002| resolution authorizing the issuance of the bonds, once each | 0003| week for two consecutive weeks prior to the date of sale. The | 0004| bonds may be purchased by the state treasurer or state | 0005| investment officer. | 0006| ~[H.]~ |I.| This section is full authority for the | 0007| issuance and sale of the bonds, and the bonds shall not be | 0008| invalid for any irregularity or defect in the proceedings for | 0009| their issuance and sale and shall be incontestable in the | 0010| hands of bona fide purchasers or holders of the bond for | 0011| value. | 0012| ~[I.]~ |J.| The bonds shall be legal investments | 0013| for any person or board charged with the investment of public | 0014| funds and may be accepted as security for any deposit of | 0015| public money and, with the interest thereon, are exempt from | 0016| taxation by the state and any political subdivision or agency | 0017| of the state. | 0018| |K. Any law authorizing the imposition or | 0019| distribution of taxes or fees paid into the state road fund or | 0020| that affects those taxes and fees shall not be amended or | 0021| repealed or otherwise directly or indirectly modified so as to | 0022| impair any outstanding bonds secured by a pledge of revenues | 0023| from those taxes and fees paid into the state road fund, | 0024| unless the bonds have been discharged in full or provisions | 0025| have been made for a full discharge. In addition, while any | - 6 - 0001| bonds issued by the state highway commission pursuant to the | 0002| provisions of this section remain outstanding, the powers or | 0003| duties of the commission shall not be diminished or impaired | 0004| in any manner that will affect adversely the interests and | 0005| rights of the holder of such bonds.| | 0006| |L. Bonds issued pursuant to this section shall be | 0007| paid solely from federal funds not otherwise obligated, and | 0008| taxes and fees deposited into the state road fund and shall | 0009| not constitute a general obligation of the state.|" | 0010|  |