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AN ACT
RELATING TO FINANCING OF HIGHWAY PROJECTS; AUTHORIZING THE
ISSUANCE OF STATE HIGHWAY BONDS FOR CERTAIN STATE HIGHWAY
PROJECTS CONTINGENT UPON RECEIPT OF CERTAIN ADDITIONAL
FEDERAL FUNDS; MAKING APPROPRIATIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. STATE HIGHWAY BONDS--PURPOSES 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 exceeding one
hundred fifty-five million dollars ($155,000,000) when the
commission determines the need for the issuance of the bonds,
contingent upon appropriation pursuant to federal law of all
or a portion of the four and three-tenths cents ($.043) per
gallon federal excise tax on gasoline in the federal highway
trust fund for highway infrastructure and New Mexico
receiving appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
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maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for the four-
lane construction and improvement of United States highway
70.
B. 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 exceeding
twenty-four million dollars ($24,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for
construction of a new east-west connecting route from state
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road 47 to interstate 25 south of Los Lunas.
C. 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 exceeding forty-
nine million dollars ($49,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for four-lane
construction of United States highway 54 from the Texas state
line north to Alamogordo.
D. 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 exceeding
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fifteen million dollars ($15,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for
construction of the Silver City relief route.
E. 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 exceeding
eighteen million dollars ($18,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
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fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for four-lane
construction of United States highway 285 from interstate 25
to Lamy.
F. 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 exceeding
twenty-five million dollars ($25,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. The state
highway commission shall schedule the issuance and sale of
the bonds in the most expeditious and economic manner
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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. Bonds issued pursuant to this subsection shall have a
maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for
improvement of United States highway 84 from Espanola through
Hernandez.
G. 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 exceeding
fifteen million dollars ($15,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
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maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for
improvement of United States highway 180 from Silver City to
Deming.
H. 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 exceeding
fourteen million dollars ($14,000,000) when the commission
determines the need for the issuance of the bonds, contingent
upon appropriation pursuant to federal law of all or a
portion of the four and three-tenths cents ($.043) per gallon
federal excise tax on gasoline in the federal highway trust
fund for highway infrastructure and New Mexico receiving
appropriate additional obligation authority. 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. Bonds issued pursuant to this subsection shall have a
maturity of no more than ten years from the date of issuance.
The proceeds from the sale of the bonds are appropriated to
the state highway and transportation department for
improvement of state highway 18 between Eunice and Jal.
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I. For the purposes of this section,
"construction" and "improvement" include planning, designing,
engineering, constructing and acquiring rights-
of-way.