0001| SENATE BILL 292
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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| TIMOTHY Z. JENNINGS
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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 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 CERTAIN HIGHWAY PROJECTS CONTINGENT UPON THE
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0014| RECEIPT OF CERTAIN FEDERAL HIGHWAY FUNDS; AUTHORIZING THE
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0015| PLEDGING OF TAXES, FEES AND FEDERAL FUNDS IN THE STATE ROAD
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0016| FUND TO THE PAYMENT OF BONDS; AMENDING A SECTION OF THE NMSA
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0017| 1978.
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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 67-3-59.1 NMSA 1978 (being Laws
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0021| 1989, Chapter 157, Section 1, as amended) is amended to read:
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0022| "67-3-59.1. STATE HIGHWAY DEBENTURES--ISSUANCE--LIMITS--
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0023| APPROVAL--COUPONS.--
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0024| A. In order to provide funds to finance state
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0025| highway projects, including state highway projects that are
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0001| required for the waste isolation pilot project and are
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0002| eligible for federal reimbursement |or payment| as authorized
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0003| by federal legislation, the state highway commission is
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0004| authorized to issue bonds from time to time, payable from
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0005| |federal funds not otherwise obligated that are paid into the
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0006| state road fund|, the proceeds of the collection of ~[gasoline
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0007| excise]~ taxes and ~[motor vehicle registration]~ fees that
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0008| are required by law to be paid into the state road fund and
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0009| not otherwise pledged solely to the payment of outstanding
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0010| bonds and debentures.
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0011| B. The total aggregate outstanding principal
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0012| amount of bonds issued from time to time pursuant to this
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0013| section, secured by or payable from ~[the gasoline excise
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0014| taxes and motor vehicle registration fees]~ |federal funds not
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0015| otherwise obligated that are paid into the state road fund and
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0016| the proceeds from the collection of taxes and fees required by
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0017| law to be paid into the state road fund| shall not, without
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0018| additional authorization of the state legislature, exceed
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0019| ~[one hundred fifty million dollars ($150,000,000)]~ at any
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0020| given time, subject to the ~[following]~ provisions |of
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0021| Subsection C of this section, the following amounts:|
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0022| |(1) prior to July 1, 1998, one hundred fifty
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0023| million dollars ($150,000,000);
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0024| (2) from July 1, 1998 through June 30, 1999,
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0025| five hundred million dollars ($500,000,000); and|
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0001| |(3) after June 30, 1999, one billion dollars
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0002| ($1,000,000,000)|.
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0003| |C. The total aggregate outstanding principal
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0004| amount of bonds authorized pursuant to Subsection B of this
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0005| section shall be subject to the following provisions|:
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0006| (1) the total aggregate outstanding principal
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0007| amount of bonds issued for state highway projects that are
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0008| required for the waste isolation pilot project and are
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0009| eligible for federal reimbursement |or payment| as authorized
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0010| by federal legislation shall not exceed one hundred million
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0011| dollars ($100,000,000); ~[and]~
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0012| (2) the total aggregate outstanding principal
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0013| amount of bonds issued for state highway projects other than
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0014| state highway projects that are required for the waste
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0015| isolation pilot project and are eligible for federal
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0016| reimbursement |or payment| as authorized by federal
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0017| legislation shall not exceed:
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0018| |(a) prior to July 1, 1998|, fifty
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0019| million dollars ($50,000,000);
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0020| |(b) from July 1, 1998 through June 30,
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0021| 1999, four hundred million dollars ($400,000,000); and|
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0022| | (c) after June 30, 1999, nine hundred
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0023| million dollars ($900,000,000); and|
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0024| |(3) the proceeds from the sale of the bonds
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0025| after June 30, 1998 using the additional authority added in
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0001| Subparagraph (b) of Paragraph (2) of this subsection shall be
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0002| used for planning, designing, engineering and constructing and
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0003| for acquiring rights of way for the following projects,
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0004| contingent upon New Mexico receiving additional obligation
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0005| authority from the federal highway trust fund pursuant to
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0006| federal authorization to obligate the four and three-tenths
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0007| cents ($.043) per gallon federal excise tax on gasoline for
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0008| highway infrastructure:|
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0009| | (a) four-lane construction of United
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0010| States highway 70 from Alamogordo to Texico;
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0011| (b) four-lane construction of United
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0012| States highway 54 from the Texas state line north to
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0013| Alamogordo;
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0014| (c) construction of the Silver City
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0015| relief route;|
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0016| |(d) construction of the Alamogordo
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0017| relief route;|
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0018| |(e) four-lane construction of United
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0019| States highway 285 from interstate 25 to Carlsbad;|
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0020| |(f) construction of a new east-west
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0021| connecting route from state road 47 to interstate 25 south of
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0022| Los Lunas;|
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0023| |(g) improvements to United States
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0024| highway 666; and|
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0025| |(h) construction of the Rio Bravo west
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0001| extension and an interchange at the Paseo del Volcan and
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0002| interstate 40 in Bernalillo county.|
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0003| ~[C.]~ |D.| The state highway commission may issue
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0004| bonds to refund other bonds issued pursuant to this section by
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0005| exchange or current or advance refunding.
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0006| ~[D.]~ |E.| Each series of bonds shall have a
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0007| maturity of no more than twenty-five years from the date of
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0008| issuance. ||The state highway commission shall determine all
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0009| other terms, covenants and conditions of the bonds; provided
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0010| that the bonds shall not be issued pursuant to this section
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0011| unless the state board of finance approves the issuance of the
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0012| bonds and the principal amount of and interest rate or maximum
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0013| net effective interest rate on the bonds.
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0014| ~[E.]~ |F.| The bonds shall be executed with the
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0015| manual or facsimile ~[signatures]~ |signature| of the chairman
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0016| of the state highway commission, countersigned by the state
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0017| treasurer and attested to by the secretary of the state
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0018| highway commission, with the seal of the state highway
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0019| commission imprinted or otherwise affixed to the bonds.
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0020| ~[F.]~ |G.| Proceeds of the bonds may be used to
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0021| pay expenses incurred in the preparation, issuance and sale of
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0022| the bonds and, together with the earnings on the proceeds of
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0023| the bonds, may be used to pay rebate, penalty, interest and
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0024| other obligations relating to the bonds and the proceeds of
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0025| the bonds under the Internal Revenue Code of 1986, as amended.
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0001| ~[G.]~ |H.| The bonds may be sold at public or
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0002| private sale||. If sold at public sale, a notice of the time
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0003| and place of sale shall be published in a newspaper of general
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0004| circulation in the state, and in any other newspaper
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0005| determined in the resolution authorizing the issuance of the
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0006| bonds, once each week for two consecutive weeks prior to the
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0007| date of sale. The bonds may be purchased by the state
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0008| treasurer or state investment officer.
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0009| ~[H.]~ |I.| This section is full authority for the
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0010| issuance and sale of the bonds, and the bonds shall not be
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0011| invalid for any irregularity or defect in the proceedings for
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0012| their issuance and sale and shall be incontestable in the
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0013| hands of bona fide purchasers or holders of the bond for
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0014| value.
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0015| ~[I.]~ |J.| The bonds shall be legal investments
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0016| for any person or board charged with the investment of public
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0017| funds and may be accepted as security for any deposit of
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0018| public money and, with the interest thereon, are exempt from
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0019| taxation by the state and any political subdivision or agency
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0020| of the state.
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0021| |K. Any law authorizing the imposition or
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0022| distribution of taxes or fees paid into the state road fund or
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0023| that affects those taxes and fees shall not be amended or
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0024| repealed or otherwise directly or indirectly modified so as to
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0025| impair any outstanding bonds secured by a pledge of revenues
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0001| from those taxes and fees paid into the state road fund,
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0002| unless the bonds have been discharged in full or provisions
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0003| have been made for a full discharge. In addition, while any
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0004| bonds issued by the state highway commission pursuant to the
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0005| provisions of this section remain outstanding, the powers or
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0006| duties of the commission shall not be diminished or impaired
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0007| in any manner that will affect adversely the interests and
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0008| rights of the holder of such bonds.|
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0009| |L. Bonds issued pursuant to this section shall be
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0010| paid solely from federal funds not otherwise obligated, taxes
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0011| and fees and county and municipal contributions deposited into
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0012| the state road fund and shall not constitute a general
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0013| obligation of the state.|"
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0014|
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