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