0001| SENATE JOINT RESOLUTION 11 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| STUART INGLE | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| A JOINT RESOLUTION | 0011| PROPOSING TO AMEND ARTICLE 9, SECTION 16 OF THE CONSTITUTION | 0012| OF NEW MEXICO TO AUTHORIZE THE ISSUANCE OF HIGHWAY IMPROVEMENT | 0013| REVENUE BONDS IN THE AMOUNT OF ONE BILLION DOLLARS | 0014| ($1,000,000,000) TO BE PAID BY AN IMPOSITION OF GASOLINE TAX | 0015| IN AN AMOUNT OF AN ADDITIONAL FIVE CENTS ($.05) A GALLON AND | 0016| THE PLEDGING OF ALL REVENUE FROM THE MOTOR VEHICLE EXCISE TAX. | 0017| | 0018| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0019| Section 1. It is proposed to amend Article 9, Section 16 | 0020| of the constitution of New Mexico to read: | 0021| "A. Laws enacted by the fifth legislature | 0022| authorizing the issue and sale of state highway bonds for the | 0023| purpose of providing funds for the construction and | 0024| improvement of state highways and to enable the state to meet | 0025| and secure allotments of federal funds to aid in construction | - 1 - 0001| and improvement of roads, and laws so enacted authorizing the | 0002| issue and sale of state highway debentures to anticipate the | 0003| collection of revenues from motor vehicle licenses and other | 0004| revenues provided by law for the state road fund, shall take | 0005| effect without submitting them to the electors of the state, | 0006| and notwithstanding that the total indebtedness of the state | 0007| may thereby temporarily exceed one per centum of the assessed | 0008| valuation of all the property subject to taxation in the | 0009| state. Provided, that the total amount of such state highway | 0010| bonds payable from proceeds of taxes levied on property | 0011| outstanding at any one time shall not exceed two million | 0012| dollars ($2,000,000). The legislature shall not enact any | 0013| law which will decrease the amount of the annual revenues | 0014| pledged for the payment of state highway debentures or which | 0015| will divert any of such revenues to any other purpose so long | 0016| as any of the said debentures issued to anticipate the | 0017| collection thereof remain unpaid. | 0018| B. An excise tax measured at a rate of five cents | 0019| ($.05) a gallon on the privilege of receiving gasoline in this | 0020| state is imposed in addition to all similar or identical taxes | 0021| imposed by law on that event. The tax imposed pursuant to | 0022| this subsection shall be collected and administered in the | 0023| same manner as gasoline taxes imposed by law. The revenue | 0024| from this tax is pledged to the repayment of the highway | 0025| improvement revenue bonds authorized in Subsection D of this | - 2 - 0001| section. | 0002| C. The revenue from the existing motor vehicle | 0003| excise tax is pledged to the repayment of the highway | 0004| improvement revenue bonds authorized by Subsection D of this | 0005| section. That tax shall continue to be collected and | 0006| administered pursuant to existing law. | 0007| D. The state board of finance may issue and sell | 0008| in installments or at one time revenue bonds denominated as | 0009| "highway improvement revenue bonds" in an amount not to exceed | 0010| one billion dollars ($1,000,000,000) for one or more of the | 0011| purposes of reconstructing, maintaining or improving state | 0012| roads within the state highway system. The proceeds of the | 0013| sale of highway improvement revenue bonds shall be deposited | 0014| in a fund in the state treasury hereby created as the "highway | 0015| improvement fund". Expenditures from that fund shall be made | 0016| only upon appropriation by the legislature. | 0017| E. The highway improvement revenue bonds | 0018| authorized to be issued pursuant to this section shall be paid | 0019| in full and retired within ten years of the date of approval | 0020| of this constitutional amendment authorizing them. On that | 0021| date, Subsections B, C, D and E of this section are repealed | 0022| and no longer of any effect." | 0023| Section 2. The amendment proposed by this resolution | 0024| shall be submitted to the people for their approval or | 0025| rejection at the next general election or at any special | - 3 - 0001| election prior to that date called for that purpose. | 0002| |