0001| SENATE BILL 292
|
0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
|
0003| INTRODUCED BY
|
0004| TIMOTHY Z. JENNINGS
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO FINANCING OF HIGHWAY PROJECTS; INCREASING THE
|
0012| BONDING AUTHORITY OF THE STATE HIGHWAY COMMISSION AND
|
0013| AUTHORIZING CERTAIN HIGHWAY PROJECTS CONTINGENT UPON THE
|
0014| RECEIPT OF CERTAIN FEDERAL HIGHWAY FUNDS; AUTHORIZING THE
|
0015| PLEDGING OF TAXES, FEES AND FEDERAL FUNDS IN THE STATE ROAD
|
0016| FUND TO THE PAYMENT OF BONDS; AMENDING A SECTION OF THE NMSA
|
0017| 1978.
|
0018|
|
0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0020| Section 1. Section 67-3-59.1 NMSA 1978 (being Laws
|
0021| 1989, Chapter 157, Section 1, as amended) is amended to read:
|
0022| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
|
0023| APPROVAL--COUPONS.--
|
0024| A. In order to provide funds to finance state
|
0025| highway projects, including state highway projects that are
|
- 1 -
0001| required for the waste isolation pilot project and are
|
0002| eligible for federal reimbursement or payment as authorized
|
0003| by federal legislation, the state highway commission is
|
0004| authorized to issue bonds from time to time, payable from
|
0005| federal funds not otherwise obligated that are paid into the
|
0006| state road fund, the proceeds of the collection of [gasoline
|
excise] taxes and [motor vehicle registration] fees that
|
0008| are required by law to be paid into the state road fund and
|
0009| not otherwise pledged solely to the payment of outstanding
|
0010| bonds and debentures.
|
0011| B. The total aggregate outstanding principal
|
0012| amount of bonds issued from time to time pursuant to this
|
0013| section, secured by or payable from [the gasoline excise
|
taxes and motor vehicle registration fees] federal funds not
|
0015| otherwise obligated that are paid into the state road fund and
|
0016| the proceeds from the collection of taxes and fees required by
|
0017| law to be paid into the state road fund shall not, without
|
0018| additional authorization of the state legislature, exceed
|
0019| [one hundred fifty million dollars ($150,000,000)] at any
|
0020| given time, subject to the [following] provisions of
|
0021| Subsection C of this section, the following amounts:
|
0022| (1) prior to July 1, 1998, one hundred fifty
|
0023| million dollars ($150,000,000);
|
0024| (2) from July 1, 1998 through June 30, 1999,
|
0025| five hundred million dollars ($500,000,000); and
|
- 2 -
0001| (3) after June 30, 1999, one billion dollars
|
0002| ($1,000,000,000).
|
0003| C. The total aggregate outstanding principal
|
0004| amount of bonds authorized pursuant to Subsection B of this
|
0005| section shall be subject to the following provisions:
|
0006| (1) the total aggregate outstanding principal
|
0007| amount of bonds issued for state highway projects that are
|
0008| required for the waste isolation pilot project and are
|
0009| eligible for federal reimbursement or payment as authorized
|
0010| by federal legislation shall not exceed one hundred million
|
0011| dollars ($100,000,000); [and]
|
0012| (2) the total aggregate outstanding principal
|
0013| amount of bonds issued for state highway projects other than
|
0014| state highway projects that are required for the waste
|
0015| isolation pilot project and are eligible for federal
|
0016| reimbursement or payment as authorized by federal
|
0017| legislation shall not exceed:
|
0018| (a) prior to July 1, 1998, fifty
|
0019| million dollars ($50,000,000);
|
0020| (b) from July 1, 1998 through June 30,
|
0021| 1999, four hundred million dollars ($400,000,000); and
|
0022| (c) after June 30, 1999, nine hundred
|
0023| million dollars ($900,000,000); and
|
0024| (3) the proceeds from the sale of the bonds
|
0025| after June 30, 1998 using the additional authority added in
|
- 3 -
0001| Subparagraph (b) of Paragraph (2) of this subsection shall be
|
0002| used for planning, designing, engineering and constructing and
|
0003| for acquiring rights of way for the following projects,
|
0004| contingent upon New Mexico receiving additional obligation
|
0005| authority from the federal highway trust fund pursuant to
|
0006| federal authorization to obligate the four and three-tenths
|
0007| cents ($.043) per gallon federal excise tax on gasoline for
|
0008| highway infrastructure:
|
0009| (a) four-lane construction of United
|
0010| States highway 70 from Alamogordo to Texico;
|
0011| (b) four-lane construction of United
|
0012| States highway 54 from the Texas state line north to
|
0013| Alamogordo;
|
0014| (c) construction of the Silver City
|
0015| relief route;
|
0016| (d) construction of the Alamogordo
|
0017| relief route;
|
0018| (e) four-lane construction of United
|
0019| States highway 285 from interstate 25 to Carlsbad;
|
0020| (f) construction of a new east-west
|
0021| connecting route from state road 47 to interstate 25 south of
|
0022| Los Lunas;
|
0023| (g) improvements to United States
|
0024| highway 666; and
|
0025| (h) construction of the Rio Bravo west
|
- 4 -
0001| extension and an interchange at the Paseo del Volcan and
|
0002| interstate 40 in Bernalillo county.
|
0003| [C.] D. The state highway commission may issue
|
0004| bonds to refund other bonds issued pursuant to this section by
|
0005| exchange or current or advance refunding.
|
0006| [D.] E. Each series of bonds shall have a
|
0007| maturity of no more than twenty-five years from the date of
|
0008| issuance. The state highway commission shall determine all
|
0009| other terms, covenants and conditions of the bonds; provided
|
0010| that the bonds shall not be issued pursuant to this section
|
0011| unless the state board of finance approves the issuance of the
|
0012| bonds and the principal amount of and interest rate or maximum
|
0013| net effective interest rate on the bonds.
|
0014| [E.] F. The bonds shall be executed with the
|
0015| manual or facsimile [signatures] signature of the chairman
|
0016| of the state highway commission, countersigned by the state
|
0017| treasurer and attested to by the secretary of the state
|
0018| highway commission, with the seal of the state highway
|
0019| commission imprinted or otherwise affixed to the bonds.
|
0020| [F.] G. Proceeds of the bonds may be used to
|
0021| pay expenses incurred in the preparation, issuance and sale of
|
0022| the bonds and, together with the earnings on the proceeds of
|
0023| the bonds, may be used to pay rebate, penalty, interest and
|
0024| other obligations relating to the bonds and the proceeds of
|
0025| the bonds under the Internal Revenue Code of 1986, as amended.
|
- 5 -
0001| [G.] H. The bonds may be sold at public or
|
0002| private sale. If sold at public sale, a notice of the time
|
0003| and place of sale shall be published in a newspaper of general
|
0004| circulation in the state, and in any other newspaper
|
0005| determined in the resolution authorizing the issuance of the
|
0006| bonds, once each week for two consecutive weeks prior to the
|
0007| date of sale. The bonds may be purchased by the state
|
0008| treasurer or state investment officer.
|
0009| [H.] I. This section is full authority for the
|
0010| issuance and sale of the bonds, and the bonds shall not be
|
0011| invalid for any irregularity or defect in the proceedings for
|
0012| their issuance and sale and shall be incontestable in the
|
0013| hands of bona fide purchasers or holders of the bond for
|
0014| value.
|
0015| [I.] J. The bonds shall be legal investments
|
0016| for any person or board charged with the investment of public
|
0017| funds and may be accepted as security for any deposit of
|
0018| public money and, with the interest thereon, are exempt from
|
0019| taxation by the state and any political subdivision or agency
|
0020| of the state.
|
0021| K. Any law authorizing the imposition or
|
0022| distribution of taxes or fees paid into the state road fund or
|
0023| that affects those taxes and fees shall not be amended or
|
0024| repealed or otherwise directly or indirectly modified so as to
|
0025| impair any outstanding bonds secured by a pledge of revenues
|
- 6 -
0001| from those taxes and fees paid into the state road fund,
|
0002| unless the bonds have been discharged in full or provisions
|
0003| have been made for a full discharge. In addition, while any
|
0004| bonds issued by the state highway commission pursuant to the
|
0005| provisions of this section remain outstanding, the powers or
|
0006| duties of the commission shall not be diminished or impaired
|
0007| in any manner that will affect adversely the interests and
|
0008| rights of the holder of such bonds.
|
0009| L. Bonds issued pursuant to this section shall be
|
0010| paid solely from federal funds not otherwise obligated, taxes
|
0011| and fees and county and municipal contributions deposited into
|
0012| the state road fund and shall not constitute a general
|
0013| obligation of the state."
|
0014|
|