SFC/SB 292
Page 1
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