0001| HOUSE BILL 477
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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| JERRY W. SANDEL
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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 THE FINANCING OF HIGHWAY PROJECTS; INCREASING THE
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0012| BONDING AUTHORITY OF THE STATE HIGHWAY COMMISSION AND
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0013| AUTHORIZING CONSTRUCTION OF CERTAIN HIGHWAY PROJECTS;
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0014| AUTHORIZING THE PLEDGING OF TAXES, FEES AND FEDERAL FUNDS IN
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0015| THE STATE ROAD FUND TO THE PAYMENT OF BONDS; AMENDING A
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0016| SECTION OF THE NMSA 1978.
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0017|
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0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019| Section 1. Section 67-3-59.1 NMSA 1978 (being Laws 1989,
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0020| Chapter 157, Section 1, as amended) is amended to read:
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0021| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
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0022| APPROVAL--COUPONS.--
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0023| A. In order to provide funds to finance state
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0024| highway projects, including state highway projects that are
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0025| required for the waste isolation pilot project and are
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0001| eligible for federal reimbursement or payment as authorized
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0002| by federal legislation, the state highway commission is
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0003| authorized to issue bonds from time to time, payable from
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0004| federal funds not otherwise obligated that are paid into the
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0005| state road fund, the proceeds of the collection of [gasoline
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excise] taxes and [motor vehicle registration] fees that
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0007| are required by law to be paid into the state road fund and
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0008| not otherwise pledged solely to the payment of outstanding
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0009| bonds and debentures.
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0010| B. The total aggregate outstanding principal
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0011| amount of bonds issued from time to time pursuant to this
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0012| section, secured by or payable from [the gasoline excise
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taxes and motor vehicle registration fees] federal funds not
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0014| otherwise obligated that are paid into the state road fund and
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0015| the proceeds from the collection of taxes and fees required by
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0016| law to be paid into the state road fund shall not, without
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0017| additional authorization of the state legislature, exceed
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0018| [one hundred fifty million dollars ($150,000,000)] at any
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0019| given time, subject to the [following] provisions of
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0020| Subsection C of this section, the following amounts:
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0021| (1) prior to July 1, 1998, one hundred fifty
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0022| million dollars ($150,000,000);
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0023| (2) from July 1, 1998 through June 30, 1999,
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0024| four hundred fifty million dollars ($450,000,000);
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0025| (3) from July 1, 1999 through June 30, 2000,
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0001| seven hundred fifty million dollars ($750,000,000); and
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0002| (4) after June 30, 2000, one billion dollars
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0003| ($1,000,000,000).
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0004| C. The total aggregate outstanding principal
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0005| amount of bonds authorized pursuant to Subsection B of this
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0006| section shall be subject to the following provisions:
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0007| (1) the total aggregate outstanding principal
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0008| amount of bonds issued for state highway projects that are
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0009| required for the waste isolation pilot project and are
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0010| eligible for federal reimbursement or payment as authorized
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0011| by federal legislation shall not exceed [one hundred million
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dollars ($100,000,000); and] two hundred million dollars
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0013| ($200,000,000);
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0014| (2) the total aggregate outstanding principal
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0015| amount of bonds issued for state highway projects other than
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0016| state highway projects that are required for the waste
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0017| isolation pilot project and are eligible for federal
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0018| reimbursement or payment as authorized by federal
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0019| legislation shall not exceed:
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0020| (a) prior to July 1, 1998, fifty
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0021| million dollars ($50,000,000);
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0022| (b) from July 1, 1998 through June 30,
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0023| 1999, two hundred fifty million dollars ($250,000,000);
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0024| (c) from July 1, 1999 through June 30,
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0025| 2000, five hundred fifty million dollars ($550,000,000); and
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0001| (d) after June 30, 2000, eight hundred
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0002| million dollars ($800,000,000); and
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0003| (3) the proceeds from the sale of the bonds
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0004| after June 30, 1998 using the additional authority added in
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0005| Subparagraphs (b) through (d) of Paragraph (2) of this
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0006| subsection shall be used for planning, designing, engineering
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0007| and constructing and for acquiring rights of way for the
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0008| following projects:
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0009| (a) the four-lane construction and
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0010| improvement of state highway 44 from Bernalillo to Bloomfield;
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0011| (b) the reconstruction of the
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0012| interstate 40 and interstate 25 interchange in Albuquerque;
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0013| (c) the limited-access construction and
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0014| necessary interchanges for United States highway 70 from Las
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0015| Cruces east to White Sands missile range road;
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0016| (d) construction of United States
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0017| highway 84 and 285 from Santa Fe to Pojoaque; and
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0018| (e) construction of the Santa Fe relief
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0019| route and required interchanges.
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0020| [C.] D. The state highway commission may issue
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0021| bonds to refund other bonds issued pursuant to this section by
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0022| exchange or current or advance refunding.
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0023| [D.] E. Each series of bonds shall have a
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0024| maturity of no more than twenty-five years from the date of
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0025| issuance; provided that bonds issued for the projects
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0001| authorized in Subparagraphs (b) through (e) of Paragraph (3)
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0002| of Subsection C of this section shall have a maturity of no
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0003| more than ten years from the date of issuance. The state
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0004| highway commission shall determine all other terms, covenants
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0005| and conditions of the bonds; provided that the bonds shall not
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0006| be issued pursuant to this section unless the state board of
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0007| finance approves the issuance of the bonds and the principal
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0008| amount of and interest rate or maximum net effective interest
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0009| rate on the bonds.
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0010| [E.] F. The bonds shall be executed with the
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0011| manual or facsimile [signatures] signature of the chairman
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0012| of the state highway commission, countersigned by the state
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0013| treasurer and attested to by the secretary of the state
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0014| highway commission, with the seal of the state highway
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0015| commission imprinted or otherwise affixed to the bonds.
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0016| [F.] G. Proceeds of the bonds may be used to
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0017| pay expenses incurred in the preparation, issuance and sale of
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0018| the bonds and, together with the earnings on the proceeds of
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0019| the bonds, may be used to pay rebate, penalty, interest and
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0020| other obligations relating to the bonds and the proceeds of
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0021| the bonds under the Internal Revenue Code of 1986, as amended.
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0022| [G.] H. The bonds may be sold at public or
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0023| private sale or through the New Mexico finance authority.
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0024| If sold at public sale, a notice of the time and place of sale
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0025| shall be published in a newspaper of general circulation in
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0001| the state, and in any other newspaper determined in the
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0002| resolution authorizing the issuance of the bonds, once each
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0003| week for two consecutive weeks prior to the date of sale. The
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0004| bonds may be purchased by the state treasurer or state
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0005| investment officer.
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0006| [H.] I. This section is full authority for the
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0007| issuance and sale of the bonds, and the bonds shall not be
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0008| invalid for any irregularity or defect in the proceedings for
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0009| their issuance and sale and shall be incontestable in the
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0010| hands of bona fide purchasers or holders of the bond for
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0011| value.
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0012| [I.] J. The bonds shall be legal investments
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0013| for any person or board charged with the investment of public
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0014| funds and may be accepted as security for any deposit of
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0015| public money and, with the interest thereon, are exempt from
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0016| taxation by the state and any political subdivision or agency
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0017| of the state.
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0018| K. Any law authorizing the imposition or
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0019| distribution of taxes or fees paid into the state road fund or
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0020| that affects those taxes and fees shall not be amended or
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0021| repealed or otherwise directly or indirectly modified so as to
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0022| impair any outstanding bonds secured by a pledge of revenues
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0023| from those taxes and fees paid into the state road fund,
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0024| unless the bonds have been discharged in full or provisions
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0025| have been made for a full discharge. In addition, while any
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0001| bonds issued by the state highway commission pursuant to the
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0002| provisions of this section remain outstanding, the powers or
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0003| duties of the commission shall not be diminished or impaired
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0004| in any manner that will affect adversely the interests and
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0005| rights of the holder of such bonds.
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0006| L. Bonds issued pursuant to this section shall be
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0007| paid solely from federal funds not otherwise obligated, and
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0008| taxes and fees deposited into the state road fund and shall
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0009| not constitute a general obligation of the state."
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0010|
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