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 | 0007| 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 | 0014| 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|  |