45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO FINANCING OF HIGHWAY PROJECTS; INCREASING CERTAIN FUEL TAXES; DISTRIBUTING A PORTION OF MOTOR VEHICLE EXCISE TAX REVENUES TO THE STATE ROAD FUND; ADJUSTING DISTRIBUTIONS OF CERTAIN TAX PROCEEDS; AUTHORIZING THE ISSUANCE OF STATE HIGHWAY BONDS FOR VARIOUS HIGHWAY PROJECTS THROUGHOUT THE STATE; AMENDING SECTIONS OF THE NMSA 1978 AND AMENDING AND REPEALING SECTIONS OF LAWS 1995; MAKING APPROPRIATIONS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-1-6.7 NMSA 1978 (being Laws 1994, Chapter 5, Section 2, as amended by Laws 1995, Chapter 6, Section 1 and also by Laws 1995, Chapter 36, Section 1) is amended to read:

"7-1-6.7. DISTRIBUTIONS--STATE AVIATION FUND.--

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to three and fifty-nine hundredths percent of the gross receipts attributable to the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department.

B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to [twenty-six hundredths of one percent] the following percentage of gasoline taxes, exclusive of penalties and interest, collected pursuant to the Gasoline Tax Act:

(1) prior to February 1, 2003, twenty-six hundredths of one percent;

(2) from February 1, 2003 through January 31, 2004, twenty-five hundredths of one percent;

(3) from February 1, 2004 through January 31, 2005, twenty-four hundredths of one percent;

(4) from February 1, 2005 through January 31, 2006, twenty-three hundredths of one percent; and

(5) after January 31, 2006, twenty-one hundredths of one percent."

Section 2. Section 7-1-6.8 NMSA 1978 (being Laws 1983, Chapter 211, Section 13, as amended) is amended to read:

"7-1-6.8. DISTRIBUTION--MOTORBOAT FUEL TAX FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the motorboat fuel tax fund in an amount equal to [thirteen hundredths of one percent] the following percentage of the net receipts attributable to the gasoline tax:

A. prior to February 1, 2003, thirteen hundredths of one percent;

B. from February 1, 2003 through January 31, 2004, thirteen hundredths of one percent;

C. from February 1, 2004 through January 31, 2005, twelve hundredths of one percent;

D. from February 1, 2005 through January 31, 2006, twelve hundredths of one percent; and

E. after January 31, 2006, one-tenth of one percent."

Section 3. Section 7-1-6.9 NMSA 1978 (being Laws 1991, Chapter 9, Section 11, as amended) is amended to read:

"7-1-6.9. DISTRIBUTION OF GASOLINE TAXES TO MUNICIPALITIES AND COUNTIES.--

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made in an amount equal to [ten and thirty-eight hundredths percent] the following percentage of the net receipts attributable to the taxes, exclusive of penalties and interest, imposed by the Gasoline Tax Act:

(1) prior to February 1, 2003, ten and thirty-eight hundredths percent;

(2) from February 1, 2003 through January 31, 2004, nine and eight-tenths percent;

(3) from February 1, 2004 through January 31, 2005, nine and twenty-nine hundredths percent;

(4) from February 1, 2005 through January 31, 2006, eight and eighty-three hundredths percent; and

(5) after January 31, 2006, eight and four-tenths percent.

B. The amount determined in Subsection A of this section shall be distributed as follows:

(1) ninety percent of the amount shall be paid to the treasurers of municipalities and H class counties in the proportion that the taxable motor fuel sales in each of the municipalities and H class counties bears to the aggregate taxable motor fuel sales in all of these municipalities and H class counties; and

(2) ten percent of the amount shall be paid to the treasurers of the counties, including H class counties, in the proportion that the taxable motor fuel sales outside of incorporated municipalities in each of the counties bears to the aggregate taxable motor fuel sales outside of incorporated municipalities in all of the counties.

C. This distribution shall be paid into a separate road fund in the municipal treasury or county road fund for expenditure only for construction, reconstruction, resurfacing or other improvement or maintenance of public roads, streets, alleys or bridges, including right-of-way and materials acquisition. Money distributed pursuant to this section may be used by a municipality or county to provide matching funds for projects subject to cooperative agreements entered into with the state highway and transportation department pursuant to Section 67-3-28 NMSA 1978. Any municipality or H class county that has created or that creates a "street improvement fund" to which gasoline tax revenues or distributions are irrevocably pledged under Sections 3-34-1 through 3-34-4 NMSA 1978 or that has pledged all or a portion of gasoline tax revenues or distributions to the payment of bonds shall receive its proportion of the distribution of revenues under this section impressed with and subject to these pledges."

Section 4. Section 7-1-6.19 NMSA 1978 (being Laws 1991, Chapter 9, Section 15, as amended) is amended to read:

"7-1-6.19. DISTRIBUTION--COUNTY GOVERNMENT ROAD FUND CREATED.--

A. There is created in the state treasury the "county government road fund".

B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the county government road fund in an amount equal to [five and seventy-six hundredths percent] the following percentage of the net receipts attributable to the gasoline tax:

(1) prior to February 1, 2003, five and seventy-six hundredths percent;

(2) from February 1, 2003 through January 31, 2004, five and forty-four hundredths percent;

(3) from February 1, 2004 through January 31, 2005, five and sixteen hundredths percent;

(4) from February 1, 2005 through January 31, 2006, four and nine-tenths percent; and

(5) after January 31, 2006, four and sixty-six hundredths percent."

Section 5. Section 7-1-6.27 NMSA 1978 (being Laws 1991, Chapter 9, Section 20, as amended) is amended to read:

"7-1-6.27. DISTRIBUTION--MUNICIPAL ROADS.--

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to municipalities for the purposes and amounts specified in this section in an aggregate amount equal to [five and seventy-six hundredths percent] the following percentage of the net receipts attributable to the gasoline tax:

(1) prior to February 1, 2003, five and seventy-six hundredths percent;

(2) from February 1, 2003 through January 31, 2004, five and forty-four hundredths percent;

(3) from February 1, 2004 through January 31, 2005, five and sixteen hundredths percent;

(4) from February 1, 2005 through January 31, 2006, four and nine-tenths percent; and

(5) after January 31, 2006, four and sixty-six hundredths percent.

B. The distribution authorized in this section shall be used for the following purposes:

(1) reconstructing, resurfacing, maintaining, repairing or otherwise improving existing alleys, streets, roads or bridges, or any combination of the foregoing; or laying off, opening, constructing or otherwise acquiring new alleys, streets, roads or bridges, or any combination of the foregoing; provided that any of the foregoing improvements may include, but are not limited to, the acquisition of rights of way;

(2) to provide matching funds for projects subject to cooperative agreements with the state highway and transportation department pursuant to Section 67-3-28 NMSA 1978; and

(3) for expenses of purchasing, maintaining and operating transit operations and facilities, for the operation of a transit authority established by the municipal transit law and for the operation of a vehicle emission inspection program. A municipality may engage in the business of the transportation of passengers and property within the political subdivision by whatever means the municipality may decide and may acquire cars, trucks, motor buses and other equipment necessary for operating the business. A municipality may acquire land, erect buildings and equip the buildings with all the necessary machinery and facilities for the operation, maintenance, modification, repair and storage of the cars, trucks, motor buses and other equipment needed. A municipality may do all things necessary for the acquisition and the conduct of the business of public transportation.

C. For the purposes of this section:

(1) "computed distribution amount" means the distribution amount calculated for a municipality for a month pursuant to Paragraph (2) of Subsection D of this section prior to any adjustments to the amount due to the provisions of Subsections E and F of this section;

(2) "floor amount" means four hundred seventeen dollars ($417);

(3) "floor municipality" means a municipality whose computed distribution amount is less than the floor amount; and

(4) "full distribution municipality" means a municipality whose population at the last federal decennial census was at least two hundred thousand.

D. Subject to the provisions of Subsections E and F of this section, each municipality shall be distributed a portion of the aggregate amount distributable under this section in an amount equal to the greater of:

(1) the floor amount; or

(2) eighty-five percent of the aggregate amount distributable under this section times a fraction, the numerator of which is the municipality's reported taxable gallons of gasoline for the immediately preceding state fiscal year and the denominator of which is the reported total taxable gallons for all municipalities for the same period.

E. Fifteen percent of the aggregate amount distributable under this section shall be referred to as the "redistribution amount". Beginning in August 1990, and each month thereafter, from the redistribution amount there shall be taken an amount sufficient to increase the computed distribution amount of every floor municipality to the floor amount. In the event that the redistribution amount is insufficient for this purpose, the computed distribution amount for each floor municipality shall be increased by an amount equal to the redistribution amount times a fraction, the numerator of which is the difference between the floor amount and the municipality's computed distribution amount and the denominator of which is the difference between the product of the floor amount multiplied by the number of floor municipalities and the total of the computed distribution amounts for all floor municipalities.

F. If a balance remains after the redistribution amount has been reduced pursuant to Subsection E of this section, there shall be added to the computed distribution amount of each municipality that is neither a full distribution municipality nor a floor municipality an amount that equals the balance of the redistribution amount times a fraction, the numerator of which is the computed distribution amount of the municipality and the denominator of which is the sum of the computed distribution amounts of all municipalities that are neither full distribution municipalities nor floor municipalities."

Section 6. Section 7-1-6.28 NMSA 1978 (being Laws 1991, Chapter 9, Section 22, as amended) is amended to read:

"7-1-6.28. DISTRIBUTION--MUNICIPAL ARTERIAL PROGRAM OF LOCAL GOVERNMENTS ROAD FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the municipal arterial program of the local governments road fund created in Section 67-3-28.2 NMSA 1978 in an amount equal to [one and forty-four hundredths percent] the following percentage of the net receipts attributable to the gasoline tax:

A. prior to February 1, 2003, one and forty-four hundredths percent;

B. from February 1, 2003 through January 31, 2004, one and thirty-six hundredths percent;

C. from February 1, 2004 through January 31, 2005, one and twenty-nine hundredths percent;

D. from February 1, 2005 through January 31, 2006, one and twenty-three hundredths percent; and

E. after January 31, 2006, one and seventeen hundredths percent."

Section 7. Section 7-1-6.39 NMSA 1978 (being Laws 1995, Chapter 6, Section 9) is amended to read:

"7-1-6.39. DISTRIBUTION OF SPECIAL FUEL EXCISE TAX TO LOCAL GOVERNMENTS ROAD FUND.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the local governments road fund in an amount equal to [eleven and eleven hundredths percent] the following percentage of the net receipts attributable to the taxes, exclusive of penalties and interest, from the special fuel excise tax imposed by the Special Fuels Supplier Tax Act:

A. prior to February 1, 2003, eleven and eleven hundredths percent;

B. from February 1, 2003 through January 31, 2004, ten and fifty-two hundredths percent;

C. from February 1, 2004 through January 31, 2005, ten percent;

D. from February 1, 2005 through July 31, 2006, nine and fifty-two hundredths percent; and

E. after January 31, 2006, nine and nine hundredths percent."

Section 8. Section 7-13-3 NMSA 1978 (being Laws 1971, Chapter 207, Section 3, as amended) is amended to read:

"7-13-3. IMPOSITION AND RATE OF TAX--DENOMINATION AS "GASOLINE TAX".--

A. For the privilege of receiving gasoline in this state, there is imposed an excise tax at a rate provided in Subsection B of this section on each gallon of gasoline

received in New Mexico.

B. The tax imposed by Subsection A of this section shall be [seventeen cents ($.17)] at the following rate per gallon received in New Mexico:

(1) prior to January 1, 2003, seventeen cents ($.17);

(2) from January 1, 2003 through December 31, 2003, eighteen cents ($.18);

(3) from January 1, 2004 through December 31, 2004, nineteen cents ($.19);

(4) from January 1, 2005 through December 31, 2005, twenty cents ($.20); and

(5) after December 31, 2005, twenty-one cents ($.21).

C. The tax imposed by this section may be called the "gasoline tax"."

Section 9. Section 7-14-10 NMSA 1978 (being Laws 1988, Chapter 73, Section 20, as amended) is amended to read:

"7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from the tax and any associated interest and penalties shall be deposited in the "motor vehicle suspense fund", hereby created in the state treasury. As of the end of each month, the net receipts attributable to the tax and associated penalties and interest shall be distributed [to the general fund] as follows:

A. for the period prior to January 1, 2003, one hundred percent to the general fund;

B. from January 1, 2003 through December 31, 2003, eighty-seven and one-half percent to the general fund and twelve and one-half percent to the state road fund;

C. from January 1, 2004 through December 31, 2004, seventy-five percent to the general fund and twenty-five percent to the state road fund;

D. from January 1, 2005 through December 31, 2005, sixty-two and one-half percent to the general fund and thirty-seven and one-half percent to the state road fund; and

E. after December 31, 2005, fifty percent to the general fund and fifty percent to the state road fund."

Section 10. Section 7-16A-3 NMSA 1978 (being Laws 1992, Chapter 51, Section 3, as amended) is amended to read:

"7-16A-3. IMPOSITION AND RATE OF TAX--DENOMINATION AS SPECIAL FUEL EXCISE TAX.--

A. For the privilege of receiving or using special fuel in this state, there is imposed an excise tax at a rate provided in Subsection B of this section on each gallon of special fuel received in New Mexico.

B. The tax imposed by Subsection A of this section shall be [eighteen cents ($.18)] at the following rate per gallon of special fuel received or used in New Mexico:

(1) prior to January 1, 2003, eighteen cents ($.18);

(2) from January 1, 2003 through December 31, 2003, nineteen cents ($.19);

(3) from January 1, 2004 through December 31, 2004, twenty cents ($.20);

(4) from January 1, 2005 through December 31, 2005, twenty-one cents ($.21); and

(5) after December 31, 2005, twenty-two cents ($.22).

C. The tax imposed by this section may be called the "special fuel excise tax"."

Section 11. Section 67-3-59.1 NMSA 1978 (being Laws 1989, Chapter 157, Section 1, as amended) is amended to read:

"67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--APPROVAL--COUPONS.--

A. In order to provide funds to finance state highway projects, including state highway projects that are required for the waste isolation pilot project and are eligible for federal reimbursement or payment as authorized by federal legislation, the state highway commission is authorized, subject to the limitations of this section, to issue bonds from time to time, payable from federal funds not otherwise obligated that are paid into the state road fund, the proceeds of the collection of taxes and fees that are required by law to be paid into the state road fund and not otherwise pledged solely to the payment of outstanding bonds and debentures.

B. Except as provided in [Subsections C and D] Subsection C of this section, the total aggregate outstanding principal amount of bonds issued from time to time pursuant to this section, secured by or payable from federal funds not otherwise obligated that are paid into the state road fund and the proceeds from the collection of taxes and fees required by law to be paid into the state road fund, shall not, without additional authorization of the state legislature, exceed one hundred fifty million dollars ($150,000,000) at any given time, subject to the following provisions:

(1) the total aggregate outstanding principal amount of bonds issued for state highway projects that are required for the waste isolation pilot project and are eligible for federal reimbursement or payment as authorized by federal legislation shall not exceed one hundred million dollars ($100,000,000); and

(2) the total aggregate outstanding principal amount of bonds issued for state highway projects other than state highway projects that are required for the waste isolation pilot project and are eligible for federal reimbursement or payment as authorized by federal legislation shall not exceed fifty million dollars ($50,000,000).

C. Upon specific authorization and appropriation by the legislature, [and subject to the limitations of Subsection D of this section] an additional amount of bonds may be issued pursuant to this section for state highway projects, to be secured by or payable from taxes or fees required by law to be paid into the state road fund and federal funds not otherwise obligated that are paid into the state road fund, and, as applicable, taxes or fees required by law to be paid into the highway infrastructure fund, as follows:

(1) an aggregate outstanding principal amount of bonds, not to exceed six hundred twenty-four million dollars ($624,000,000), for major highway infrastructure projects for which the department has, prior to January 1, 1998, submitted or initiated the process of submitting a plan to the federal highway administration for innovative financing pursuant to 23 USCA Sections 122 and 307;

(2) an aggregate outstanding principal amount of bonds, not to exceed one hundred million dollars ($100,000,000), for state highway projects that are required for the waste isolation pilot project and are eligible for federal reimbursement; and

(3) an aggregate outstanding principal amount of bonds, not to exceed [four hundred million dollars ($400,000,000)] one billion seven hundred thirty-three million eight hundred ninety thousand dollars ($1,733,890,000), for other state highway projects.

[D. The total amount of bonds that may be issued by the state highway commission for state highway projects pursuant to Subsection C of this section shall not exceed a total aggregate outstanding principal amount of:

(1) three hundred million dollars ($300,000,000) prior to July 1, 1999;

(2) six hundred million dollars ($600,000,000) from July 1, 1999 through June 30, 2000;

(3) nine hundred million dollars ($900,000,000) from July 1, 2000 through June 30, 2001; and

(4) one billion one hundred twenty-four million dollars ($1,124,000,000) after June 30, 2001.

E.] D. The state highway commission may issue bonds to refund other bonds issued pursuant to this section by exchange or current or advance refunding.

[F.] E. Each series of bonds shall have a maturity of no more than twenty-five years from the date of issuance. The state highway commission shall determine all other terms, covenants and conditions of the bonds; provided that the bonds shall not be issued pursuant to this section unless the state board of finance approves the issuance of the bonds and the principal amount of and interest rate or maximum net effective interest rate on the bonds.

[G.] F. The bonds shall be executed with the manual or facsimile signature of the chairman of the state highway commission, countersigned by the state treasurer and attested to by the secretary of the state highway commission, with the seal of the state highway commission imprinted or otherwise affixed to the bonds.

[H.] G. Proceeds of the bonds may be used to pay expenses incurred in the preparation, issuance and sale of the bonds and, together with the earnings on the proceeds of the bonds, may be used to pay rebate, penalty, interest and other obligations relating to the bonds and the proceeds of the bonds under the Internal Revenue Code of 1986, as amended.

[I.] H. The bonds may be sold at a public or negotiated sale at, above or below par or through the New Mexico finance authority. Any negotiated sale shall be made with one or more investment [banker] bankers whose services are obtained through a competitive proposal process. For any sale, the state highway commission or the New Mexico finance authority shall also procure the services of any financial advisor or bond counsel through a competitive proposal process. If sold at public sale, a notice of the time and place of sale shall be published in a newspaper of general circulation in the state, and in any other newspaper determined in the resolution authorizing the issuance of the bonds, once each week for two consecutive weeks prior to the date of sale. The bonds may be purchased by the state treasurer or state investment officer.

[J.] I. This section is full authority for the issuance and sale of the bonds, and the bonds shall not be invalid for any irregularity or defect in the proceedings for their issuance and sale and shall be incontestable in the hands of bona fide purchasers or holders of the bond for value.

[K.] J. The bonds shall be legal investments for any person or board charged with the investment of public funds and may be accepted as security for any deposit of public money and, with the interest thereon, are exempt from taxation by the state and any political subdivision or agency of the state.

[L.] K. Any law authorizing the imposition or distribution of taxes or fees paid into the state road fund or the highway infrastructure fund or that affects those taxes and fees shall not be amended or repealed or otherwise directly or indirectly modified so as to impair any outstanding bonds secured by a pledge of revenues from those taxes and fees paid into the state road fund or the highway infrastructure fund, unless the bonds have been discharged in full or provisions have been made for a full discharge. In addition, while any bonds issued by the state highway commission pursuant to the provisions of this section remain outstanding, the powers or duties of the commission shall not be diminished or impaired in any manner that will affect adversely the interests and rights of the holder of such bonds.

[M.] L. In contracting for state highway projects to be paid in whole or in part with proceeds of bonds authorized by this section, the department shall require that any sand, gravel, caliche or similar material needed for the project shall, if practicable, be mined from state lands. Each contract shall provide that the contractor notify the commissioner of public lands of the need for the material and that, through lease or purchase, the material shall be mined from state lands if:

(1) the material needed is available from state lands in the vicinity of the project;

(2) the commissioner determines that the lease or purchase is in the best interest of the state land trust beneficiaries; and

(3) the cost to the contractor for the material, including the costs of transportation, is competitive with other available material from non-state lands.

[N.] M. Bonds issued pursuant to this section shall be paid solely from federal funds not otherwise obligated and taxes and fees deposited into the state road fund and, as applicable, the highway infrastructure fund, and shall not constitute a general obligation of the state."

Section 12. STATE HIGHWAY BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--

A. The state highway commission may issue and sell state highway bonds in compliance with the provisions of Section 67-3-59.1 NMSA 1978 in an amount not to exceed the total of the amounts authorized for purposes specified in this section when the commission determines the need for the issuance of the bonds. The state highway commission shall schedule the issuance and sale of the bonds in the most expeditious and economic manner possible upon a finding by the commission that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. The proceeds from the sale of the bonds are appropriated to the state highway and transportation department in the following amounts for the following purposes:

(1) seventy-two million dollars ($72,000,000) for the four-lane construction of United States highway 180 from Silver City to Deming;

(2) fifty-three million five hundred sixty thousand dollars ($53,560,000) for the six-lane construction of interstate 10 from the interstate 25 interchange to the Texas state line;

(3) thirty-one million two hundred thousand dollars ($31,200,000) for the six-lane construction of interstate 25 from the tramway interchange to the United States highway 550 interchange;

(4) seventy-four million six hundred ninety thousand dollars ($74,690,000) for the four-lane construction of United States highway 666 from Sheep Springs to the Colorado state line;

(5) one hundred eighty-five million three hundred seventy thousand dollars ($185,370,000) for the four-lane construction of United States highways 64 and 87 from Raton to Clayton;

(6) eighty-eight million six hundred ten thousand dollars ($88,610,000) for construction of a new four-lane northwest loop highway from New Mexico 550 to interstate 40 near the rio puerco;

(7) seventy-nine million one hundred seventy thousand dollars ($79,170,000) for the four-lane construction of United States highway 285 from Clines Corners to Lamy;

(8) three hundred twenty-nine million ten thousand dollars ($329,010,000) for the four-lane construction of United States highway 54 from Tularosa to Santa Rosa;

(9) eighty-five million dollars ($85,000,000) for the four-lane construction of United States highway 54 from Tucumcari to the Texas state line;

(10) fifteen million two hundred forty thousand dollars ($15,240,000) for construction of New Mexico 404 from interstate 10 to United States highway 54;

(11) seventy-five million two hundred ten thousand dollars ($75,210,000) for the four-lane construction of United States highways 62 and 180 from Carlsbad to the Texas state line;

(12) forty-five million dollars ($45,000,000) for the four-lane construction of United States highway 285 from Carlsbad to the Texas state line;

(13) eleven million two hundred twenty thousand dollars ($11,220,000) for the four-lane construction of New Mexico 18 from Jal to the Texas state line;

(14) eighteen million dollars ($18,000,000) for a new east loop Espanola relief route;

(15) ninety-four million two hundred thousand dollars ($94,200,000) for the four-lane construction of United States highway 82 from Artesia to Lovington;

(16) twenty-five million four hundred thousand dollars ($25,400,000) for the six-lane construction of interstate 25 from New Mexico 47 to Cesar Chavez boulevard;

(17) twelve million ten thousand dollars ($12,010,000) for a new bypass route in Deming off interstate 10;

(18) fifteen million dollars ($15,000,000) for a new Richards avenue interchange on interstate 25 in Santa Fe county;

(19) fifteen million dollars ($15,000,000) for the construction and expansion of Paseo del Norte west to Unser boulevard in Bernalillo county; and

(20) nine million dollars ($9,000,000) for improvements to Isleta boulevard in Bernalillo county.

B. The appropriations of state highway bond proceeds in Subsection A of this section are in addition to the amounts of bonds authorized in Laws 1998, Chapter 84, Section 1 and Laws 1998, Chapter 85, Section 1.

C. For the purposes of this section, "construction" and "improvement" include planning, design, engineering, construction and acquisition of rights of way.

Section 13. Laws 1995, Chapter 6, Section 23 is amended to read:

"Section 23. EFFECTIVE DATE.--

A. The effective date of the provisions of Sections 10 and 12 through 14 of [this act] Laws 1995, Chapter 6 is July 1, 1995.

B. The effective date of the provisions of Sections 1 through 9 and 21 of [this act] Laws 1995, Chapter 6 is August 1, 1995.

[C. The effective date of the provisions of Section 11 of this act is July 1, 2003 or the July 1 or January 1 immediately following any earlier date on which the obligations for payment of principal and interest on the series 1993 state highway debentures have been defeased.]"

Section 14. REPEAL.--Laws 1995, Chapter 6, Section 11 is repealed.