0001| SENATE BILL 168 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| LEONARD LEE RAWSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO FINANCING OF HIGHWAY PROJECTS; INCREASING THE | 0012| BONDING AUTHORITY OF THE STATE HIGHWAY COMMISSION FOR CERTAIN | 0013| CONSTRUCTION OF AND IMPROVEMENTS TO UNITED STATES HIGHWAY 70; | 0014| CHANGING THE DISTRIBUTION OF MOTOR VEHICLE EXCISE TAX | 0015| REVENUES; AMENDING SECTIONS OF THE NMSA 1978; MAKING AN | 0016| APPROPRIATION. | 0017| | 0018| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. Section 7-14-10 NMSA 1978 (being Laws 1988, | 0020| Chapter 73, Section 20, as amended) is amended to read: | 0021| "7-14-10. DISTRIBUTION OF PROCEEDS.--The receipts from | 0022| the tax and any associated interest and penalties shall be | 0023| deposited in the "motor vehicle suspense fund", hereby created | 0024| in the state treasury. As of the end of each month, the net | 0025| receipts attributable to the tax and associated penalties and | - 1 - 0001| interest shall be distributed ~~[to the general fund]~~ as | 0002| follows: | 0003| A. prior to July 1, 1999, to the general fund; | 0004| and | 0005| B. after June 30, 1999, two-thirds to the general | 0006| fund and one-third to the state road fund." | 0007| Section 2. Section 67-3-59.1 NMSA 1978 (being Laws 1989, | 0008| Chapter 157, Section 1, as amended) is amended to read: | 0009| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS-- | 0010| APPROVAL--COUPONS.-- | 0011| A. In order to provide funds to finance state | 0012| highway projects, including state highway projects that are | 0013| required for the waste isolation pilot project and are | 0014| eligible for federal reimbursement or payment as authorized | 0015| by federal legislation, the state highway commission is | 0016| authorized to issue bonds from time to time, payable from | 0017| federal funds not otherwise obligated that are paid into the | 0018| state road fund, the proceeds of the collection of ~~[gasoline~~ | 0019| ~~excise]~~ taxes and ~~[motor vehicle registration]~~ fees that | 0020| are required by law to be paid into the state road fund and | 0021| not otherwise pledged solely to the payment of outstanding | 0022| bonds and debentures. | 0023| B. The total aggregate outstanding principal | 0024| amount of bonds issued from time to time pursuant to this | 0025| section, secured by or payable from ~~[the gasoline excise~~ | - 2 - 0001| ~~taxes and motor vehicle registration fees]~~ federal funds not | 0002| otherwise obligated that are paid into the state road fund and | 0003| the proceeds from the collection of taxes and fees required by | 0004| law to be paid into the state road fund shall not, without | 0005| additional authorization of the state legislature, exceed | 0006| ~~[one hundred fifty million dollars ($150,000,000)]~~ at any | 0007| given time, subject to the ~~[following]~~ provisions of | 0008| Subsection C of this section, the following amounts: | 0009| (1) prior to July 1, 1998, one hundred fifty | 0010| million dollars ($150,000,000); and | 0011| (2) after June 30, 1998, two hundred fifty | 0012| million dollars ($250,000,000). | 0013| C. The total aggregate outstanding principal | 0014| amount of bonds authorized pursuant to Subsection B of this | 0015| section shall be subject to the following provisions: | 0016| (1) the total aggregate outstanding principal | 0017| amount of bonds issued for state highway projects that are | 0018| required for the waste isolation pilot project and are | 0019| eligible for federal reimbursement or payment as authorized | 0020| by federal legislation shall not exceed one hundred million | 0021| dollars ($100,000,000); ~~[and]~~ | 0022| (2) the total aggregate outstanding principal | 0023| amount of bonds issued for state highway projects other than | 0024| state highway projects that are required for the waste | 0025| isolation pilot project and are eligible for federal | - 3 - 0001| reimbursement or payment as authorized by federal | 0002| legislation shall not exceed: | 0003| (a) prior to July 1, 1998, fifty | 0004| million dollars ($50,000,000); and | 0005| (b) after June 30, 1998, one hundred | 0006| fifty million dollars ($150,000,000); and | 0007| (3) the proceeds from the sale of the bonds | 0008| after June 30, 1998 using the additional authority added in | 0009| Subparagraph (b) of Paragraph (2) of this subsection shall be | 0010| used for planning, designing, engineering and constructing and | 0011| for acquiring rights of way for the limited access | 0012| construction and necessary interchanges for United States | 0013| highway 70 from Las Cruces east to White Sands missile range | 0014| road. | 0015| ~~[C.]~~ D. The state highway commission may issue | 0016| bonds to refund other bonds issued pursuant to this section by | 0017| exchange or current or advance refunding. | 0018| ~~[D.]~~ E. Each series of bonds shall have a | 0019| maturity of no more than twenty-five years from the date of | 0020| issuance. The state highway commission shall determine all | 0021| other terms, covenants and conditions of the bonds; provided | 0022| that the bonds shall not be issued pursuant to this section | 0023| unless the state board of finance approves the issuance of the | 0024| bonds and the principal amount of and interest rate or maximum | 0025| net effective interest rate on the bonds. | - 4 - 0001| ~~[E.]~~ F. The bonds shall be executed with the | 0002| manual or facsimile signatures of the chairman of the state | 0003| highway commission, countersigned by the state treasurer and | 0004| attested to by the secretary of the state highway commission, | 0005| with the seal of the state highway commission imprinted or | 0006| otherwise affixed to the bonds. | 0007| ~~[F.]~~ G. Proceeds of the bonds may be used to | 0008| pay expenses incurred in the preparation, issuance and sale of | 0009| the bonds and, together with the earnings on the proceeds of | 0010| the bonds, may be used to pay rebate, penalty, interest and | 0011| other obligations relating to the bonds and the proceeds of | 0012| the bonds under the Internal Revenue Code of 1986, as amended. | 0013| ~~[G.]~~ H. The bonds may be sold at public or | 0014| private sale. If sold at public sale, a notice of the time | 0015| and place of sale shall be published in a newspaper of general | 0016| circulation in the state, and in any other newspaper | 0017| determined in the resolution authorizing the issuance of the | 0018| bonds, once each week for two consecutive weeks prior to the | 0019| date of sale. The bonds may be purchased by the state | 0020| treasurer or state investment officer. | 0021| ~~[H.]~~ I. This section is full authority for the | 0022| issuance and sale of the bonds, and the bonds shall not be | 0023| invalid for any irregularity or defect in the proceedings for | 0024| their issuance and sale and shall be incontestable in the | 0025| hands of bona fide purchasers or holders of the bond for | - 5 - 0001| value. | 0002| ~~[I.]~~ J. The bonds shall be legal investments | 0003| for any person or board charged with the investment of public | 0004| funds and may be accepted as security for any deposit of | 0005| public money and, with the interest thereon, are exempt from | 0006| taxation by the state and any political subdivision or agency | 0007| of the state. | 0008| K. Any law authorizing the imposition or | 0009| distribution of taxes or fees paid into the state road fund or | 0010| that affects those taxes and fees shall not be amended or | 0011| repealed or otherwise directly or indirectly modified so as to | 0012| impair any outstanding bonds secured by a pledge of revenues | 0013| from those taxes and fees paid into the state road fund, | 0014| unless the bonds have been discharged in full or provisions | 0015| have been made for a full discharge. In addition, while any | 0016| bonds issued by the state highway commission pursuant to the | 0017| provisions of this section remain outstanding, the powers or | 0018| duties of the commission shall not be diminished or impaired | 0019| in any manner that will affect adversely the interests and | 0020| rights of the holder of such bonds. | 0021| L. Bonds issued pursuant to this section shall be | 0022| paid solely from federal funds not otherwise obligated and | 0023| taxes and fees deposited into the state road fund and shall | 0024| not constitute a general obligation of the state." | 0025| | - 6 -