SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE SUBSTITUTE FOR

SENATE BILL 678

52nd legislature - STATE OF NEW MEXICO - first session, 2015

AN ACT

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE; CREATING THE ROAD MAINTENANCE AND PUBLIC TRANSIT FUND; MAKING AN APPROPRIATION.

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

     SECTION 1. A new section of Chapter 67, Article 3 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] ROAD MAINTENANCE AND PUBLIC TRANSIT FUND--CREATED--DISTRIBUTION.--

          A. The "road maintenance and public transit fund" is created in the state treasury. The fund shall consist of money appropriated, donated or otherwise accrued to the fund. The fund shall be administered by the department of transportation. Income from investment of money in the road maintenance and public transit fund shall be credited to the fund. Balances in the fund at the end of any fiscal year shall not revert to the general fund. The road maintenance and public transit fund may consist of such subaccounts as the department deems necessary to carry out the purposes of the fund.

          B. Money in the road maintenance and public transit fund shall be distributed in the following amounts for the specified purposes:

                (1) ninety-five percent for maintenance of state transportation infrastructure projects; and

                (2) five percent for the operation of public transit systems operated by county and municipal governments and regional transportation districts."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2015.

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