0001| SENATE BILL 168
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| LEONARD LEE RAWSON
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0005|
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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| AN ACT
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0011| RELATING TO FINANCING OF HIGHWAY PROJECTS; INCREASING THE
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0012| BONDING AUTHORITY OF THE STATE HIGHWAY COMMISSION FOR CERTAIN
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0013| CONSTRUCTION OF AND IMPROVEMENTS TO UNITED STATES HIGHWAY 70;
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0014| CHANGING THE DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX
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0015| REVENUES; AMENDING SECTIONS OF THE NMSA 1978; MAKING AN
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0016| APPROPRIATION.
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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 7-14-10 NMSA 1978 (being Laws 1988,
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0020| Chapter 73, Section 20, as amended) is amended to read:
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0021| "7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from
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0022| the tax and any associated interest and penalties shall be
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0023| deposited in the "motor vehicle suspense fund", hereby created
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0024| in the state treasury. As of the end of each month, the net
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0025| receipts attributable to the tax and associated penalties and
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0001| interest shall be distributed [to the general fund] as
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0002| follows:
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0003| A. prior to July 1, 1999, to the general fund;
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0004| and
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0005| B. after June 30, 1999, two-thirds to the general
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0006| fund and one-third to the state road fund."
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0007| Section 2. Section 67-3-59.1 NMSA 1978 (being Laws 1989,
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0008| Chapter 157, Section 1, as amended) is amended to read:
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0009| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
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0010| APPROVAL--COUPONS.--
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0011| A. In order to provide funds to finance state
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0012| highway projects, including state highway projects that are
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0013| required for the waste isolation pilot project and are
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0014| eligible for federal reimbursement or payment as authorized
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0015| by federal legislation, the state highway commission is
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0016| authorized to issue bonds from time to time, payable from
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0017| federal funds not otherwise obligated that are paid into the
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0018| state road fund, the proceeds of the collection of [gasoline
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excise] taxes and [motor vehicle registration] fees that
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0020| are required by law to be paid into the state road fund and
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0021| not otherwise pledged solely to the payment of outstanding
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0022| bonds and debentures.
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0023| B. The total aggregate outstanding principal
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0024| amount of bonds issued from time to time pursuant to this
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0025| section, secured by or payable from [the gasoline excise
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taxes and motor vehicle registration fees] federal funds not
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0002| otherwise obligated that are paid into the state road fund and
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0003| the proceeds from the collection of taxes and fees required by
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0004| law to be paid into the state road fund shall not, without
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0005| additional authorization of the state legislature, exceed
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0006| [one hundred fifty million dollars ($150,000,000)] at any
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0007| given time, subject to the [following] provisions of
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0008| Subsection C of this section, the following amounts:
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0009| (1) prior to July 1, 1998, one hundred fifty
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0010| million dollars ($150,000,000); and
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0011| (2) after June 30, 1998, two hundred fifty
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0012| million dollars ($250,000,000).
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0013| C. The total aggregate outstanding principal
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0014| amount of bonds authorized pursuant to Subsection B of this
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0015| section shall be subject to the following provisions:
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0016| (1) the total aggregate outstanding principal
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0017| amount of bonds issued for state highway projects that are
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0018| required for the waste isolation pilot project and are
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0019| eligible for federal reimbursement or payment as authorized
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0020| by federal legislation shall not exceed one hundred million
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0021| dollars ($100,000,000); [and]
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0022| (2) the total aggregate outstanding principal
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0023| amount of bonds issued for state highway projects other than
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0024| state highway projects that are required for the waste
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0025| isolation pilot project and are eligible for federal
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0001| reimbursement or payment as authorized by federal
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0002| legislation shall not exceed:
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0003| (a) prior to July 1, 1998, fifty
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0004| million dollars ($50,000,000); and
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0005| (b) after June 30, 1998, one hundred
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0006| fifty million dollars ($150,000,000); and
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0007| (3) the proceeds from the sale of the bonds
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0008| after June 30, 1998 using the additional authority added in
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0009| Subparagraph (b) of Paragraph (2) of this subsection shall be
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0010| used for planning, designing, engineering and constructing and
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0011| for acquiring rights of way for the limited access
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0012| construction and necessary interchanges for United States
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0013| highway 70 from Las Cruces east to White Sands missile range
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0014| road.
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0015| [C.] D. The state highway commission may issue
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0016| bonds to refund other bonds issued pursuant to this section by
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0017| exchange or current or advance refunding.
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0018| [D.] E. Each series of bonds shall have a
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0019| maturity of no more than twenty-five years from the date of
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0020| issuance. The state highway commission shall determine all
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0021| other terms, covenants and conditions of the bonds; provided
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0022| that the bonds shall not be issued pursuant to this section
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0023| unless the state board of finance approves the issuance of the
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0024| bonds and the principal amount of and interest rate or maximum
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0025| net effective interest rate on the bonds.
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0001| [E.] F. The bonds shall be executed with the
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0002| manual or facsimile signatures of the chairman of the state
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0003| highway commission, countersigned by the state treasurer and
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0004| attested to by the secretary of the state highway commission,
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0005| with the seal of the state highway commission imprinted or
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0006| otherwise affixed to the bonds.
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0007| [F.] G. Proceeds of the bonds may be used to
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0008| pay expenses incurred in the preparation, issuance and sale of
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0009| the bonds and, together with the earnings on the proceeds of
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0010| the bonds, may be used to pay rebate, penalty, interest and
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0011| other obligations relating to the bonds and the proceeds of
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0012| the bonds under the Internal Revenue Code of 1986, as amended.
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0013| [G.] H. The bonds may be sold at public or
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0014| private sale. If sold at public sale, a notice of the time
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0015| and place of sale shall be published in a newspaper of general
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0016| circulation in the state, and in any other newspaper
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0017| determined in the resolution authorizing the issuance of the
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0018| bonds, once each week for two consecutive weeks prior to the
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0019| date of sale. The bonds may be purchased by the state
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0020| treasurer or state investment officer.
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0021| [H.] I. This section is full authority for the
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0022| issuance and sale of the bonds, and the bonds shall not be
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0023| invalid for any irregularity or defect in the proceedings for
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0024| their issuance and sale and shall be incontestable in the
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0025| hands of bona fide purchasers or holders of the bond for
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0001| value.
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0002| [I.] J. The bonds shall be legal investments
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0003| for any person or board charged with the investment of public
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0004| funds and may be accepted as security for any deposit of
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0005| public money and, with the interest thereon, are exempt from
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0006| taxation by the state and any political subdivision or agency
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0007| of the state.
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0008| K. Any law authorizing the imposition or
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0009| distribution of taxes or fees paid into the state road fund or
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0010| that affects those taxes and fees shall not be amended or
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0011| repealed or otherwise directly or indirectly modified so as to
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0012| impair any outstanding bonds secured by a pledge of revenues
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0013| from those taxes and fees paid into the state road fund,
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0014| unless the bonds have been discharged in full or provisions
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0015| have been made for a full discharge. In addition, while any
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0016| bonds issued by the state highway commission pursuant to the
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0017| provisions of this section remain outstanding, the powers or
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0018| duties of the commission shall not be diminished or impaired
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0019| in any manner that will affect adversely the interests and
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0020| rights of the holder of such bonds.
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0021| L. Bonds issued pursuant to this section shall be
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0022| paid solely from federal funds not otherwise obligated and
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0023| taxes and fees deposited into the state road fund and shall
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0024| not constitute a general obligation of the state."
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0025|
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