0001| HOUSE BILL 147
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| LARRY A. LARRANAGA
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO STATE HIGHWAY REVENUES; CHANGING THE LIMITATIONS
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0012| ON THE AGGREGATE OUTSTANDING AMOUNT OF REVENUE BONDS THAT MAY
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0013| BE PAYABLE FROM THE TAXES AND FEES IN THE STATE ROAD FUND;
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0014| AUTHORIZING THE PLEDGING OF FEDERAL FUNDS IN THE STATE ROAD
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0015| FUND TO THE PAYMENT OF REVENUE BONDS; CHANGING THE
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0016| DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX REVENUES; AMENDING
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0017| SECTIONS OF THE NMSA 1978; MAKING APPROPRIATIONS.
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0018|
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0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020| Section 1. Section 7-14-10 NMSA 1978 (being Laws 1988,
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0021| Chapter 73, Section 20, as amended) is amended to read:
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0022| "7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from
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0023| the tax and any associated interest and penalties shall be
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0024| deposited in the "motor vehicle suspense fund", hereby created
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0025| in the state treasury. As of the end of each month, the net
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0001| receipts attributable to the tax and associated penalties and
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0002| interest shall be distributed [to the general fund] as
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0003| follows:
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0004| A. prior to July 1, 1999, to the general
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0005| fund;
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0006| B. for the period from July 1, 1999 through
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0007| June 30, 2000, one-third to the state road fund and two-thirds
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0008| to the general fund;
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0009| C. for the period from July 1, 2000 through
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0010| June 30, 2001, two-thirds to the state road fund and one-third
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0011| to the general fund; and
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0012| D. after June 30, 2001, to the state road
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0013| fund."
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0014| Section 2. Section 67-3-59.1 NMSA 1978 (being Laws 1989,
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0015| Chapter 157, Section 1, as amended) is amended to read:
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0016| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
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0017| APPROVAL--COUPONS.--
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0018| A. In order to provide funds to finance state
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0019| highway projects, including state highway projects that are
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0020| required for the waste isolation pilot project and are
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0021| eligible for federal reimbursement or payment as authorized
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0022| by federal legislation, the state highway commission is
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0023| authorized to issue bonds from time to time, payable from
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0024| federal funds not otherwise obligated, that are paid into the
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0025| state road fund and from the proceeds of the collection of
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0001| [gasoline excise] taxes and [motor vehicle registration]
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0002| fees that are required by law to be paid into the state road
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0003| fund and not otherwise pledged solely to the payment of
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0004| outstanding bonds and debentures. Bonds issued pursuant to
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0005| this section shall be paid solely from taxes, fees and federal
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0006| funds deposited in the state road fund and shall not
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0007| constitute a general obligation of the state.
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0008| B. The total aggregate outstanding principal
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0009| amount of bonds issued from time to time pursuant to this
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0010| section, secured by or payable from the [gasoline excise]
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0011| taxes and [motor vehicle registration] fees in the state
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0012| road fund, shall not [without additional authorization of
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the state legislature, exceed one hundred fifty million
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dollars ($150,000,000) at any given time, subject to the
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following provisions:
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(1) the total aggregate outstanding principal
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amount of bonds issued for state highway projects that are
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required for the waste isolation pilot project and are
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eligible for federal reimbursement as authorized by federal
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legislation shall not exceed one hundred million dollars
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($100,000,000); and
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(2) the total aggregate outstanding principal
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amount of bonds issued for state highway projects other than
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state highway projects that are required for the waste
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isolation pilot project and are eligible for federal
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reimbursement as authorized by federal legislation shall not
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exceed fifty million dollars ($50,000,000)] exceed an amount
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0003| that can be serviced with not more than fifty percent of the
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0004| annual deposits into the state road fund as determined by the
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0005| deposits during the preceding fiscal year.
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0006| C. The state highway commission may issue bonds to
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0007| refund other bonds issued pursuant to this section by exchange
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0008| or current or advance refunding.
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0009| D. Each series of bonds shall have a maturity of
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0010| no more than twenty-five years from the date of issuance. The
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0011| state highway commission shall determine all other terms,
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0012| covenants and conditions of the bonds; provided that the bonds
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0013| shall not be issued pursuant to this section unless the state
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0014| board of finance approves the issuance of the bonds and the
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0015| principal amount of and interest rate or maximum net effective
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0016| interest rate on the bonds.
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0017| E. The bonds shall be executed with the manual or
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0018| facsimile signatures of the chairman of the state highway
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0019| commission, countersigned by the state treasurer and attested
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0020| to by the secretary of the state highway commission, with the
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0021| seal of the state highway commission imprinted or otherwise
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0022| affixed to the bonds.
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0023| F. Proceeds of the bonds may be used to pay
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0024| expenses incurred in the preparation, issuance and sale of the
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0025| bonds and, together with the earnings on the proceeds of the
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0001| bonds, may be used to pay rebate, penalty, interest and other
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0002| obligations relating to the bonds and the proceeds of the
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0003| bonds under the Internal Revenue Code of 1986, as amended.
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0004| G. The bonds may be sold at public or private
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0005| sale. If sold at public sale, a notice of the time and place
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0006| of sale shall be published in a newspaper of general
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0007| circulation in the state, and in any other newspaper
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0008| determined in the resolution authorizing the issuance of the
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0009| bonds, once each week for two consecutive weeks prior to the
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0010| date of sale. The bonds may be purchased by the state
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0011| treasurer or state investment officer.
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0012| H. This section is full authority for the issuance
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0013| and sale of the bonds, and the bonds shall not be invalid for
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0014| any irregularity or defect in the proceedings for their
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0015| issuance and sale and shall be incontestable in the hands of
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0016| bona fide purchasers or holders of the bond for value.
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0017| I. The bonds shall be legal investments for any
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0018| person or board charged with the investment of public funds
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0019| and may be accepted as security for any deposit of public
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0020| money and, with the interest thereon, are exempt from taxation
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0021| by the state and any political subdivision or agency of the
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0022| state.
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0023| J. Any law authorizing the imposition or
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0024| distribution of taxes or fees paid into the state road fund or
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0025| that affects those taxes and fees shall not be amended or
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0001| repealed or otherwise directly or indirectly modified so as to
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0002| impair any outstanding bonds secured by a pledge of revenues
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0003| from those taxes and fees paid into the state road fund,
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0004| unless the bonds have been discharged in full or provisions
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0005| have been made for a full discharge. In addition, while any
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0006| bonds issued by the state highway commission pursuant to the
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0007| provisions of this section remain outstanding, the powers or
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0008| duties of the commission shall not be diminished or impaired
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0009| in any manner that will affect adversely the interests and
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0010| rights of the holder of such bonds."
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0011| Section 3. Section 67-3-65 NMSA 1978 (being Laws 1973,
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0012| Chapter 145, Section 1, as amended) is amended to read:
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0013| "67-3-65. STATE ROAD FUND CREATED.--The "state road
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0014| fund" is created within the state treasury to which shall be
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0015| credited all receipts authorized by law to be paid into it.
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0016| No income earned on the fund shall be transferred to another
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0017| fund. For the 1999 and subsequent fiscal years, money in the
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0018| state road fund shall be used solely for highway and
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0019| transportation programs and purposes administered by the state
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0020| highway and transportation department."
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0021|
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