44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO FINANCING OF HIGHWAY PROJECTS; AUTHORIZING THE ISSUANCE OF STATE HIGHWAY BONDS FOR FOUR-LANE CONSTRUCTION OF UNITED STATES HIGHWAY 87 FROM RATON TO CLAYTON IN COLFAX AND UNION COUNTIES; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. STATE HIGHWAY BONDS--UNITED STATES HIGHWAY 87 CONSTRUCTION--APPROPRIATION OF PROCEEDS.--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 forty-three million dollars ($143,000,000) when the commission determines the need for the issuance of the bonds, contingent upon appropriation pursuant to federal law of all or a portion of the four and three-tenths cents ($.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 developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. The proceeds from the sale of the bonds are appropriated to the state highway and transportation department for the acquisition of rights of way for and the planning, design, engineering and four-lane construction of United States highway 87 between Raton and Clayton.