SENATE BILL 123

49th legislature - STATE OF NEW MEXICO - second session, 2010

INTRODUCED BY

Carlos R. Cisneros

FOR THE LEGISLATIVE FINANCE COMMITTEE

AN ACT

RELATING TO PUBLIC EXPENDITURES; REDUCING THE AUTHORIZATION FOR STATE TRANSPORTATION PROJECT BONDS; LIMITING THE ISSUANCE OF FUTURE BONDS; DECLARING AN EMERGENCY.

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

     Section 1. Section 67-3-59.4 NMSA 1978 (being Laws 2003 (1st S.S.), Chapter 3, Section 26) is amended to read:

     "67-3-59.4. STATE TRANSPORTATION PROJECT BONDS--AUTHORIZATION AND APPROPRIATION--PRIORITIES--CRITERIA--REPORTS.--

          A. Subject to the limitation of Subsection F of this section, it is the intent of the legislature to authorize the New Mexico finance authority to issue state transportation bonds for projects specified in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 [of this 2003 act] in the total aggregate principal amount of [one billion five hundred eighty-five million dollars ($1,585,000,000)] one billion three hundred fifty-one million dollars ($1,351,000,000) in annual increments of no more than three hundred fifty million dollars ($350,000,000) beginning with the appropriation for 2003 provided for in Subsection B of this section.

          B. After [the effective date of this act] February 3, 2004, the state [transporation] transportation commission may authorize the New Mexico finance authority to issue and sell state transportation bonds. The proceeds of the bonds are appropriated to the department of transportation for projects listed in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 [of this 2003 act].

          C. The department of transportation shall provide to the legislature and the governor a report on transportation priorities and progress. The report shall include:

                (1) justification of priority ranking of projects, including the following for each highway project enumerated in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 [of this 2003 act]:

                     (a) traffic counts and accident rates and the expected improvements to traffic flow, health and safety;

                     (b) the ranking of the pavement and substructure conditions;

                     (c) an assessment of economic development impacts; and

                     (d) other information deemed significant by the department;

                (2) the expected life of the proposed improvement;

                (3) sufficiency of revenue to pay the principal and interest of all outstanding and proposed bonds based on a five- and twenty-year financial forecast for the state road fund and the effect of the bond program on the department's construction and maintenance program;

                (4) status report of ongoing major construction;

                (5) the relationship between the requested projects and the statewide transportation improvement program; and

                (6) any other information requested by the legislature or the executive.

          D. The department of transportation shall provide quarterly progress reports to the department of finance and administration and the legislative finance committee.

          E. The department of transportation shall adopt and enforce rules with the goal that no less than seventy percent of the work force of an exclusively state-funded project authorized in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 [of this 2003 act] shall be residents of New Mexico.

          F. Except for bonds necessary to make payments on existing debt obligations, after the effective date of this 2010 act, no additional bonds shall be issued pursuant to this section and Section 67-3-59.3 NMSA 1978."

     Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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