New Mexico 2025 Regular Session

New Mexico House Bill HB145 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 145
29	29	57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
30	30	INTRODUCED BY
31	31	Dayan Hochman-Vigil
32	32	AN ACT
33	33	RELATING TO THE FINANCING OF HIGHWAY PROJECTS; PROVIDING
34	34	ADDITIONAL BONDING AUTHORITY OF THE STATE TRANSPORTATION
35	35	COMMISSION FOR STATE HIGHWAY PROJECTS.
36	36	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
37	37	SECTION 1. Section 67-3-59.1 NMSA 1978 (being Laws 1989,
38	38	Chapter 157, Section 1, as amended) is amended to read:
39	39	"67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
40	40	APPROVAL--COUPONS.--
41	41	A. In order to provide funds to finance state
42	42	highway projects, including state highway projects that are
43	43	required for the waste isolation pilot project and are eligible
44	44	for federal reimbursement or payment as authorized by federal
45	45	legislation, the state transportation commission is authorized,
46	46	subject to the limitations of this section, to issue bonds from
47	47	.229572.2GLG underscored material = new
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74	74	time to time, payable from federal funds not otherwise
75	75	obligated that are paid into the state road fund and the
76	76	proceeds of the collection of taxes and fees that are required
77	77	by law to be paid into the state road fund and not otherwise
78	78	pledged solely to the payment of outstanding bonds and
79	79	debentures.
80	80	B. Except as provided in Subsections C, [and ] D and
81	81	E of this section, the total aggregate outstanding principal
82	82	amount of bonds issued from time to time pursuant to this
83	83	section, secured by or payable from federal funds not otherwise
84	84	obligated that are paid into the state road fund and the
85	85	proceeds from the collection of taxes and fees required by law
86	86	to be paid into the state road fund, shall not, without
87	87	additional authorization of the state legislature, exceed one
88	88	hundred fifty million dollars ($150,000,000) at any given time,
89	89	subject to the following provisions:
90	90	(1) the total aggregate outstanding principal
91	91	amount of bonds issued for state highway projects that are
92	92	required for the waste isolation pilot project and are eligible
93	93	for federal reimbursement or payment as authorized by federal
94	94	legislation shall not exceed one hundred million dollars
95	95	($100,000,000); and
96	96	(2) the total aggregate outstanding principal
97	97	amount of bonds issued for state highway projects other than
98	98	state highway projects that are required for the waste
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127	127	isolation pilot project and are eligible for federal
128	128	reimbursement or payment as authorized by federal legislation
129	129	shall not exceed fifty million dollars ($50,000,000).
130	130	C. Upon specific authorization and appropriation by
131	131	the legislature, and subject to the limitations of Subsection D
132	132	of this section, an additional amount of bonds may be issued
133	133	pursuant to this section for state highway projects, to be
134	134	secured by or payable from taxes or fees required by law to be
135	135	paid into the state road fund and federal funds not otherwise
136	136	obligated that are paid into the state road fund, and, as
137	137	applicable, taxes or fees required by law to be paid into the
138	138	highway infrastructure fund, as follows:
139	139	(1) an aggregate outstanding principal amount
140	140	of bonds, not to exceed six hundred twenty-four million dollars
141	141	($624,000,000), for major highway infrastructure projects for
142	142	which the department has, prior to January 1, 1998, submitted
143	143	or initiated the process of submitting a plan to the federal
144	144	highway administration for innovative financing pursuant to 23
145	145	USCA Sections 122 and 307;
146	146	(2) an aggregate outstanding principal amount
147	147	of bonds, not to exceed one hundred million dollars
148	148	($100,000,000), for state highway projects that are required
149	149	for the waste isolation pilot project and are eligible for
150	150	federal reimbursement; and
151	151	(3) an aggregate outstanding principal amount
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180	180	of bonds, not to exceed four hundred million dollars
181	181	($400,000,000), for other state highway projects.
182	182	D. The total amount of bonds that may be issued by
183	183	the state transportation commission for state highway projects
184	184	pursuant to Subsection C of this section shall not exceed a
185	185	total aggregate outstanding principal amount of:
186	186	(1) three hundred million dollars
187	187	($300,000,000) prior to July 1, 1999;
188	188	(2) six hundred million dollars ($600,000,000)
189	189	from July 1, 1999 through June 30, 2000;
190	190	(3) nine hundred million dollars
191	191	($900,000,000) from July 1, 2000 through June 30, 2001; and
192	192	(4) one billion one hundred twenty-four
193	193	million dollars ($1,124,000,000) after June 30, 2001.
194	194	E. An additional one billion five hundred million
195	195	dollars ($1,500,000,000) of bonds may be issued pursuant to
196	196	this section for state highway projects to be secured by or
197	197	payable from federal funds or from taxes or fees not otherwise
198	198	obligated and required by law to be paid into the state road
199	199	fund; provided that the issuance of the bonds shall not cause
200	200	the aggregate outstanding principal amount of bonds issued by
201	201	the commission to exceed one billion one hundred twenty-four
202	202	million dollars ($1,124,000,000).
203	203	[E.] F. The state transportation commission may
204	204	issue bonds to refund other bonds issued pursuant to this
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233	233	section by exchange or current or advance refunding.
234	234	[F.] G. Each series of bonds shall have a maturity
235	235	of no more than twenty-five years from the date of issuance.
236	236	The state transportation commission shall determine all other
237	237	terms, covenants and conditions of the bonds; provided that the
238	238	bonds shall not be issued pursuant to this section unless the
239	239	state board of finance approves the issuance of the bonds and
240	240	the principal amount of and interest rate or maximum net
241	241	effective interest rate on the bonds.
242	242	[G.] H. The bonds shall be executed with the manual
243	243	or facsimile signature of the [chairman ] chair of the state
244	244	transportation commission, countersigned by the state treasurer
245	245	and attested to by the secretary of the state transportation
246	246	commission, with the seal of the state transportation
247	247	commission imprinted or otherwise affixed to the bonds.
248	248	[H.] I. Proceeds of the bonds may be used to pay
249	249	expenses incurred in the preparation, issuance and sale of the
250	250	bonds and, together with the earnings on the proceeds of the
251	251	bonds, may be used to pay rebate, penalty, interest and other
252	252	obligations relating to the bonds and the proceeds of the bonds
253	253	under the Internal Revenue Code of 1986, as amended.
254	254	[I.] J. The bonds may be sold at a public or
255	255	negotiated sale at, above or below par or through the New
256	256	Mexico finance authority. A negotiated sale shall be made with
257	257	one or more investment bankers whose services are obtained
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286	286	through a competitive proposal process. For any sale, the
287	287	state transportation commission or the New Mexico finance
288	288	authority shall also procure the services of any financial
289	289	advisor or bond counsel through a competitive proposal process.
290	290	If sold at public sale, a notice of the time and place of sale
291	291	shall be published in a newspaper of general circulation in the
292	292	state, and in any other newspaper determined in the resolution
293	293	authorizing the issuance of the bonds, once each week for two
294	294	consecutive weeks prior to the date of sale. The bonds may be
295	295	purchased by the state treasurer or state investment officer.
296	296	[J.] K. This section is full authority for the
297	297	issuance and sale of the bonds, and the bonds shall not be
298	298	invalid for any irregularity or defect in the proceedings for
299	299	their issuance and sale and shall be incontestable in the hands
300	300	of bona fide purchasers or holders of the bond for value.
301	301	[K.] L. The bonds shall be legal investments for a
302	302	person or board charged with the investment of public funds and
303	303	may be accepted as security for a deposit of public money and,
304	304	with the interest thereon, are exempt from taxation by the
305	305	state and a political subdivision or agency of the state.
306	306	[L.] M. Any law authorizing the imposition or
307	307	distribution of taxes or fees paid into the state road fund or
308	308	the highway infrastructure fund or that affects those taxes and
309	309	fees shall not be amended or repealed or otherwise directly or
310	310	indirectly modified so as to impair outstanding bonds secured
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339	339	by a pledge of revenues from those taxes and fees paid into the
340	340	state road fund or the highway infrastructure fund, unless the
341	341	bonds have been discharged in full or provisions have been made
342	342	for a full discharge. In addition, while any bonds issued by
343	343	the state transportation commission pursuant to the provisions
344	344	of this section remain outstanding, the powers or duties of the
345	345	commission shall not be diminished or impaired in any manner
346	346	that will affect adversely the interests and rights of the
347	347	holder of such bonds.
348	348	[M.] N. In contracting for state highway projects
349	349	to be paid in whole or in part with proceeds of bonds
350	350	authorized by this section, the department shall require that
351	351	any sand, gravel, caliche or similar material needed for the
352	352	project shall, if practicable, be mined from state lands. Each
353	353	contract shall provide that the contractor notify the
354	354	commissioner of public lands of the need for the material and
355	355	that, through lease or purchase, the material shall be mined
356	356	from state lands if:
357	357	(1) the material needed is available from
358	358	state lands in the vicinity of the project;
359	359	(2) the commissioner determines that the lease
360	360	or purchase is in the best interest of the state land trust
361	361	beneficiaries; and
362	362	(3) the cost to the contractor for the
363	363	material, including the costs of transportation, is competitive
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392	392	with other available material from non-state lands.
393	393	[N.] O. Bonds issued pursuant to this section shall
394	394	be paid solely from federal funds not otherwise obligated and
395	395	taxes and fees deposited into the state road fund and, as
396	396	applicable, the highway infrastructure fund, and shall not
397	397	constitute a general obligation of the state."
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