0001| HOUSE BILL 359
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| LORENZO A. LARRANAGA
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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|
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0011| AN ACT
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0012| RELATING TO STATE HIGHWAY DEBENTURES; AUTHORIZING THE PLEDGING
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0013| OF TAXES, FEES AND FEDERAL FUNDS IN THE STATE ROAD FUND TO THE
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0014| PAYMENT OF REVENUE BONDS; INCREASING BONDING AUTHORIZATION
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0015| LIMITS OF THE STATE HIGHWAY COMMISSION; AMENDING A CERTAIN
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0016| SECTION OF THE NMSA 1978.
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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. Section 67-3-59.1 NMSA 1978 (being Laws 1989,
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0020| Chapter 157, Section 1, as amended) is amended to read:
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0021| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
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0022| APPROVAL--COUPONS.--
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0023| A. In order to provide funds to finance state
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0024| highway projects, including state highway projects that are
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0025| required for the waste isolation pilot project and are eligible
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0001| for federal reimbursement or payment as authorized by federal
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0002| legislation, the state highway commission is authorized to issue
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0003| bonds from time to time, payable from federal funds, not
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0004| otherwise obligated, that are paid into the state road fund and
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0005| from the proceeds of the collection of [gasoline excise]
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0006| taxes and [motor vehicle registration] fees that are required
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0007| by law to be paid into the state road fund and not otherwise
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0008| pledged solely to the payment of outstanding bonds and
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0009| debentures. Bonds issued pursuant to this section shall be paid
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0010| solely from taxes, fees and federal funds deposited in the state
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0011| road fund and shall not constitute a general obligation of the
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0012| state.
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0013| B. The total aggregate outstanding principal amount
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0014| of bonds issued from time to time pursuant to this section,
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0015| secured by or payable from [the gasoline excise] taxes and
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0016| [motor vehicle registration] fees in the state road fund,
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0017| shall not [without additional authorization of the state
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legislature, exceed one hundred fifty million dollars
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($150,000,000) at any given time, subject to the following
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provisions:
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(1) the total aggregate outstanding principal
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amount of bonds issued for state highway projects that are
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required for the waste isolation pilot project and are eligible
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for federal reimbursement as authorized by federal legislation
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shall not exceed one hundred million dollars ($100,000,000); and
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(2) the total aggregate outstanding principal
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amount of bonds issued for state highway projects other than
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state highway projects that are required for the waste isolation
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pilot project and are eligible for federal reimbursement as
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authorized by federal legislation shall not exceed fifty million
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dollars ($50,000,000)] exceed an amount that can be serviced
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0007| with not more than fifty percent of the annual deposits into the
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0008| state road fund as determined by the deposits during the
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0009| preceding fiscal year.
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0010| C. The state highway commission may issue bonds to
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0011| refund other bonds issued pursuant to this section by exchange
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0012| or current or advance refunding.
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0013| D. Each series of bonds shall have a maturity of no
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0014| more than twenty-five years from the date of issuance. The
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0015| state highway commission shall determine all other terms,
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0016| covenants and conditions of the bonds; provided that the bonds
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0017| shall not be issued pursuant to this section unless the state
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0018| board of finance approves the issuance of the bonds and the
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0019| principal amount of and interest rate or maximum net effective
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0020| interest rate on the bonds.
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0021| E. The bonds shall be executed with the manual or
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0022| facsimile signatures of the chairman of the state highway
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0023| commission, countersigned by the state treasurer and attested to
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0024| by the secretary of the state highway commission, with the seal
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0025| of the state highway commission imprinted or otherwise affixed
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0001| to the bonds.
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0002| F. Proceeds of the bonds may be used to pay expenses
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0003| incurred in the preparation, issuance and sale of the bonds and,
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0004| together with the earnings on the proceeds of the bonds, may be
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0005| used to pay rebate, penalty, interest and other obligations
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0006| relating to the bonds and the proceeds of the bonds under the
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0007| Internal Revenue Code of 1986, as amended.
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0008| G. The bonds may be sold at public or private sale.
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0009| If sold at public sale, a notice of the time and place of sale
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0010| shall be published in a newspaper of general circulation in the
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0011| state, and in any other newspaper determined in the resolution
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0012| authorizing the issuance of the bonds, once each week for two
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0013| consecutive weeks prior to the date of sale. The bonds may be
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0014| purchased by the state treasurer or state investment officer.
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0015| H. This section is full authority for the issuance
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0016| and sale of the bonds, and the bonds shall not be invalid for
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0017| any irregularity or defect in the proceedings for their issuance
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0018| and sale and shall be incontestable in the hands of bona fide
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0019| purchasers or holders of the bond for value.
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0020| I. The bonds shall be legal investments for any
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0021| person or board charged with the investment of public funds and
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0022| may be accepted as security for any deposit of public money and,
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0023| with the interest thereon, are exempt from taxation by the state
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0024| and any political subdivision or agency of the state."
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