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| SPONSOR: | Adair | DATE TYPED: | 2/9/99 | HB | |||
| SHORT TITLE: | Complete Construction of US Highway 70 | SB | 362 | ||||
| ANALYST: | Esquibel | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY99 | FY2000 | |||
| $*8,150.0 | $ 8,150.0 | Recurring | Road Fund | |
| *(8,150.0) | $ (8,150.0) | Recurring | General Fund | |
(Parenthesis ( ) Indicate Revenue Decreases)
*The revenue exchange from the general fund to the road fund would commence in FY2002.
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
State Highway and Transportation Department
LFC Files
SUMMARY
Synopsis of Bill
The bill proposes to divert one-twelfth of the motor vehicle excise tax from the general fund to the road fund commencing in FY2002. The revenue would be used to retire bonds to fund four-lane construction of US Highway 70 from Ruidoso to Roswell.
FISCAL IMPLICATIONS
The revenue impact of the bill would be a loss of $8.15 million from the general fund with a commensurate increase within the road fund. The State Highway and Transportation Department indicates the bonds could be issued for a 12 year period.
RAE/gm