0001|                            SENATE BILL 33
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - FIRST SPECIAL SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                           Patrick H. Lyons
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO FINANCING OF HIGHWAY PROJECTS; AUTHORIZING THE
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0012|     ISSUANCE OF STATE HIGHWAY BONDS FOR FOUR-LANE CONSTRUCTION OF
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0013|     UNITED STATES HIGHWAY 87 FROM RATON TO CLAYTON IN COLFAX AND
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0014|     UNION COUNTIES AND IMPROVEMENT OF UNITED STATES HIGHWAY 54
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0015|     FROM TUCUMCARI TO NARA VISA IN QUAY COUNTY; MAKING AN
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0016|     APPROPRIATION.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  STATE HIGHWAY BONDS--PURPOSE FOR WHICH
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0020|     ISSUED--APPROPRIATION OF PROCEEDS.--
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0021|               A.  The state highway commission may issue and sell
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0022|     state highway bonds in compliance with the provisions of
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0023|     Section 67-3-59.1 NMSA 1978 in an amount not exceeding one
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0024|     hundred forty-three million dollars ($143,000,000) when the
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0025|     commission determines the need for the issuance of the bonds,
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0001|     contingent upon appropriation pursuant to federal law of all
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0002|     or a portion of the four and three-tenths cents ($.043) per
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0003|     gallon federal excise tax on gasoline in the federal highway
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0004|     trust fund for highway infrastructure and New Mexico receiving
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0005|     appropriate additional obligation authority.  The state
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0006|     highway commission shall schedule the issuance and sale of the
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0007|     bonds in the most expeditious and economic manner possible
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0008|     upon a finding by the commission that the project has
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0009|     developed sufficiently to justify the issuance and that the
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0010|     project can proceed to contract within a reasonable time.  The
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0011|     proceeds from the sale of the bonds are appropriated to the
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0012|     state highway and transportation department for the
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0013|     acquisition of rights of way for and the planning, design,
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0014|     engineering and four-lane construction of United States
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0015|     highway 87 between Raton and Clayton.
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0016|               B.  The state highway commission may issue and sell
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0017|     state highway bonds in compliance with the provisions of
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0018|     Section 67-3-59.1 NMSA 1978 in an amount not exceeding seventy
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0019|     million dollars ($70,000,000) when the commission determines
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0020|     the need for the issuance of the bonds, contingent upon
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0021|     appropriation pursuant to federal law of all or a portion of
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0022|     the four and three-tenths cents ($.043) per gallon federal
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0023|     excise tax on gasoline in the federal highway trust fund for
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0024|     highway infrastructure and New Mexico receiving appropriate
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0025|     additional obligation authority.  The state highway commission
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0001|     shall schedule the issuance and sale of the bonds in the most
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0002|     expeditious and economic manner possible upon a finding by the
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0003|     commission that the project has developed sufficiently to
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0004|     justify the issuance and that the project can proceed to
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0005|     contract within a reasonable time.  The proceeds from the sale
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0006|     of the bonds are appropriated to the state highway and
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0007|     transportation department for the improvement of United States
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0008|     highway 54 between Nara Visa and Tucumcari, including any
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0009|     necessary planning, design, engineering and acquisition of
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0010|     rights of way.
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0011|                              
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