0001| SENATE FINANCE COMMITTEE SUBSTITUTE FOR | 0002| SENATE BILL 292 | 0003| 43rd legislature - STATE OF NEW MEXICO - second session, 1998 | 0004| | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO FINANCING OF HIGHWAY PROJECTS; AUTHORIZING THE | 0013| ISSUANCE OF STATE HIGHWAY BONDS FOR CERTAIN STATE HIGHWAY | 0014| PROJECTS CONTINGENT UPON RECEIPT OF CERTAIN ADDITIONAL FEDERAL | 0015| FUNDS; MAKING APPROPRIATIONS. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. STATE HIGHWAY BONDS--PURPOSES FOR WHICH | 0019| ISSUED--APPROPRIATION OF PROCEEDS.-- | 0020| A. The state highway commission may issue and | 0021| sell state highway bonds in compliance with the provisions of | 0022| Section 67-3-59.1 NMSA 1978 in an amount not exceeding one | 0023| hundred fifty-five million dollars ($155,000,000) when the | 0024| commission determines the need for the issuance of the bonds, | 0025| contingent upon appropriation pursuant to federal law of the | - 1 -0001| four and three-tenths cents ($.043) per gallon federal excise | 0002| tax on gasoline in the federal highway trust fund for highway | 0003| infrastructure and New Mexico receiving appropriate additional | 0004| obligation authority. The state highway commission shall | 0005| schedule the issuance and sale of the bonds in the most | 0006| expeditious and economic manner possible upon a finding by the | 0007| commission that the project has been developed sufficiently to | 0008| justify the issuance and that the project can proceed to | 0009| contract within a reasonable time. Bonds issued pursuant to | 0010| this subsection shall have a maturity of no more than ten | 0011| years from the date of issuance. The proceeds from the sale | 0012| of the bonds are appropriated to the state highway and | 0013| transportation department for the four-lane construction and | 0014| improvement of United States highway 70. | 0015| B. The state highway commission may issue and | 0016| sell state highway bonds in compliance with the provisions of | 0017| Section 67-3-59.1 NMSA 1978 in an amount not exceeding twenty- | 0018| four million dollars ($24,000,000) when the commission | 0019| determines the need for the issuance of the bonds, contingent | 0020| upon appropriation pursuant to federal law of the four and | 0021| three-tenths cents ($.043) per gallon federal excise tax on | 0022| gasoline in the federal highway trust fund for highway | 0023| infrastructure and New Mexico receiving appropriate additional | 0024| obligation authority. The state highway commission shall | 0025| schedule the issuance and sale of the bonds in the most | - 2 -0001| expeditious and economic manner possible upon a finding by the | 0002| commission that the project has been developed sufficiently to | 0003| justify the issuance and that the project can proceed to contract | 0004| within a reasonable time. Bonds issued pursuant to this | 0005| subsection shall have a maturity of no more than ten years from | 0006| the date of issuance. The proceeds from the sale of the bonds | 0007| are appropriated to the state highway and transportation | 0008| department for construction of a new east-west connecting route | 0009| from state road 47 to interstate 25 south of Los Lunas. | 0010| C. The state highway commission may issue and sell | 0011| state highway bonds in compliance with the provisions of Section | 0012| 67-3-59.1 NMSA 1978 in an amount not exceeding forty-nine million | 0013| dollars ($49,000,000) when the commission determines the need for | 0014| the issuance of the bonds, contingent upon appropriation pursuant | 0015| to federal law of the four and three-tenths cents ($.043) per | 0016| gallon federal excise tax on gasoline in the federal highway | 0017| trust fund for highway infrastructure and New Mexico receiving | 0018| appropriate additional obligation authority. The state highway | 0019| commission shall schedule the issuance and sale of the bonds in | 0020| the most expeditious and economic manner possible upon a finding | 0021| by the commission that the project has been developed | 0022| sufficiently to justify the issuance and that the project can | 0023| proceed to contract within a reasonable time. Bonds issued | 0024| pursuant to this subsection shall have a maturity of no more than | 0025| ten years from the date of issuance. The proceeds from the sale | - 3 -0001| of the bonds are appropriated to the state highway and | 0002| transportation department for four-lane construction of United | 0003| States highway 54 from the Texas state line north to Alamogordo. | 0004| D. The state highway commission may issue and sell | 0005| state highway bonds in compliance with the provisions of Section | 0006| 67-3-59.1 NMSA 1978 in an amount not exceeding fifteen million | 0007| dollars ($15,000,000) when the commission determines the need for | 0008| the issuance of the bonds, contingent upon appropriation pursuant | 0009| to federal law of the four and three-tenths cents ($.043) per | 0010| gallon federal excise tax on gasoline in the federal highway | 0011| trust fund for highway infrastructure and New Mexico receiving | 0012| appropriate additional obligation authority. The state highway | 0013| commission shall schedule the issuance and sale of the bonds in | 0014| the most expeditious and economic manner possible upon a finding | 0015| by the commission that the project has been developed | 0016| sufficiently to justify the issuance and that the project can | 0017| proceed to contract within a reasonable time. Bonds issued | 0018| pursuant to this subsection shall have a maturity of no more than | 0019| ten years from the date of issuance. The proceeds from the sale | 0020| of the bonds are appropriated to the state highway and | 0021| transportation department for construction of the Silver City | 0022| relief route. | 0023| E. The state highway commission may issue and sell | 0024| state highway bonds in compliance with the provisions of Section | 0025| 67-3-59.1 NMSA 1978 in an amount not exceeding eighteen million | - 4 -0001| dollars ($18,000,000) when the commission determines the need for | 0002| the issuance of the bonds, contingent upon appropriation pursuant | 0003| to federal law of the four and three-tenths cents ($.043) per | 0004| gallon federal excise tax on gasoline in the federal highway | 0005| trust fund for highway infrastructure and New Mexico receiving | 0006| appropriate additional obligation authority. The state highway | 0007| commission shall schedule the issuance and sale of the bonds in | 0008| the most expeditious and economic manner possible upon a finding | 0009| by the commission that the project has been developed | 0010| sufficiently to justify the issuance and that the project can | 0011| proceed to contract within a reasonable time. Bonds issued | 0012| pursuant to this subsection shall have a maturity of no more than | 0013| ten years from the date of issuance. The proceeds from the sale | 0014| of the bonds are appropriated to the state highway and | 0015| transportation department for four-lane construction of United | 0016| States highway 285 from interstate 25 to Lamy. | 0017| F. The state highway commission may issue and sell | 0018| state highway bonds in compliance with the provisions of Section | 0019| 67-3-59.1 NMSA 1978 in an amount not exceeding twenty-five | 0020| million dollars ($25,000,000) when the commission determines the | 0021| need for the issuance of the bonds, contingent upon appropriation | 0022| pursuant to federal law of the four and three-tenths cents | 0023| ($.043) per gallon federal excise tax on gasoline in the federal | 0024| highway trust fund for highway infrastructure and New Mexico | 0025| receiving appropriate additional obligation authority. The state | - 5 -0001| highway commission shall schedule the issuance and sale of the | 0002| bonds in the most expeditious and economic manner possible upon a | 0003| finding by the commission that the project has been developed | 0004| sufficiently to justify the issuance and that the project can | 0005| proceed to contract within a reasonable time. Bonds issued | 0006| pursuant to this subsection shall have a maturity of no more than | 0007| ten years from the date of issuance. The proceeds from the sale | 0008| of the bonds are appropriated to the state highway and | 0009| transportation department for improvement of United States | 0010| highway 84 from Espanola through Hernandez. | 0011| G. The state highway commission may issue and sell | 0012| state highway bonds in compliance with the provisions of Section | 0013| 67-3-59.1 NMSA 1978 in an amount not exceeding fifteen million | 0014| dollars ($15,000,000) when the commission determines the need for | 0015| the issuance of the bonds, contingent upon appropriation pursuant | 0016| to federal law of the four and three-tenths cents ($.043) per | 0017| gallon federal excise tax on gasoline in the federal highway | 0018| trust fund for highway infrastructure and New Mexico receiving | 0019| appropriate additional obligation authority. The state highway | 0020| commission shall schedule the issuance and sale of the bonds in | 0021| the most expeditious and economic manner possible upon a finding | 0022| by the commission that the project has been developed | 0023| sufficiently to justify the issuance and that the project can | 0024| proceed to contract within a reasonable time. Bonds issued | 0025| pursuant to this subsection shall have a maturity of no more than | - 6 -0001| ten years from the date of issuance. The proceeds from the sale | 0002| of the bonds are appropriated to the state highway and | 0003| transportation department for improvement of United States | 0004| highway 180 from Silver City to Deming. | 0005| H. The state highway commission may issue and sell | 0006| state highway bonds in compliance with the provisions of Section | 0007| 67-3-59.1 NMSA 1978 in an amount not exceeding fourteen million | 0008| dollars ($14,000,000) when the commission determines the need for | 0009| the issuance of the bonds, contingent upon appropriation pursuant | 0010| to federal law of the four and three-tenths cents ($.043) per | 0011| gallon federal excise tax on gasoline in the federal highway | 0012| trust fund for highway infrastructure and New Mexico receiving | 0013| appropriate additional obligation authority. The state highway | 0014| commission shall schedule the issuance and sale of the bonds in | 0015| the most expeditious and economic manner possible upon a finding | 0016| by the commission that the project has been developed | 0017| sufficiently to justify the issuance and that the project can | 0018| proceed to contract within a reasonable time. Bonds issued | 0019| pursuant to this subsection shall have a maturity of no more than | 0020| ten years from the date of issuance. The proceeds from the sale | 0021| of the bonds are appropriated to the state highway and | 0022| transportation department for improvement of state highway 18 | 0023| between Eunice and Jal. | 0024| |