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F I S C A L I M P A C T R E P O R T
SPONSOR HTPWC
ORIGINAL DATE
LAST UPDATED
3/7/2007
HB 1346/HTPWCS
SHORT TITLE
Public Peace, Health, Safety & Welfare
(Transportation Commission Lease Proceeds)
SB
ANALYST Moser
APPROPRIATION (dollars in thousands)
Appropriation
Recurring
or Non-Rec
Fund
Affected
FY07
FY08
NFI
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
NM Department of Transportation
SUMMARY
Synopsis of Bill
House Transportation and Public Works Committee Substitute for House Bill l1346 provides for
disposition of lease proceeds by the State Transportation Commission and authorizes the deposit
of lease proceeds into a fund or account to secure bonds or make bond payments.
FISCAL IMPLICATIONS
Under this Bill the NMDOT may incur debt that will be secured by the lease payments received.
SIGNIFICANT ISSUES
This bill amends NMSA 1978, Section 67-3-12, Subsection G.1.(b) to allow the New Mexico
Department of Transportation (NMDOT), at its discretion, to finance the development of its
facilities, such as its General Office Complex in Santa Fe, by applying lease payments from
leased NMDOT property to pay or secure bonds for such development. This will allow NMDOT
to use the lease payments from the developer “…to secure bonds issued for the development of
land or facilities that will be financed wholly or in part by the issuance by the state, the