SENATE BILL 55
56th legislature - STATE OF NEW MEXICO - first session, 2023
RELATING TO TRANSPORTATION; CREATING THE STATE TRANSIT FUND; ALLOWING MONEY IN THE FUND TO PROVIDE UP TO FIFTY PERCENT OF MATCHING FUNDS FOR PUBLIC TRANSIT AGENCIES; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. [NEW MATERIAL] STATE TRANSIT FUND.--
A. The "state transit fund" is created as a nonreverting fund in the state treasury. The fund consists of appropriations, donations, interest from investment of the fund and other money distributed to the fund. The fund shall be administered by the department, and money in the fund is appropriated to the department to provide funds to public transit agencies as provided by this section. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of transportation or the secretary's designee.
B. A public transit agency that submits a funding request to the department to match federal grant funds for general public transit operations and public transit infrastructure of a public transit agency shall be eligible to receive money from the state transit fund; provided that, for the purpose of providing matching funds, money from the fund may only be used to provide up to fifty percent of the matching funds required to be provided by the public transit agency for public transit operations and for public transit infrastructure. Money in the fund shall not be used for expenses associated with commuter rail services.
C. As used in this section:
(1) "department" means the department of transportation;
(2) "public transit agency" means a tribal entity or a municipality, county, regional transit district created pursuant to the Regional Transit District Act or other instrumentality of the state or of a municipality or county that provides public transportation services; and
(3) "public transit infrastructure" means vehicles, including buses and vans, bus stops, passenger stations, telecommunications systems and other infrastructure and real property necessary to provide public transportation services.
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