A. It is the intent of the legislature to authorize the New Mexico finance authority to issue state transportation project bonds pursuant to Section 67-3-59.3 NMSA 1978 for projects specified in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28, Laws 2020 (1st S.S.), Chapter 3, Section 8 and Section 1 of this 2021 act in the total aggregate principal amount of one billion five hundred eighty-five million dollars ($1,585,000,000).
B. The state transportation commission may authorize the New Mexico finance authority to issue and sell state transportation project bonds. The proceeds of the bonds are appropriated to the department of transportation for projects listed in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28, Laws 2020 (1st S.S.), Chapter 3, Section 8 and Section 1 of this 2021 act.
C. The department of transportation shall provide to the legislature and the governor a report on transportation priorities and progress. The report shall include:
(1) justification of priority ranking of projects, including the following for each highway project enumerated in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28:
(a) traffic counts and accident rates and the expected improvements to traffic flow, health and safety;
(b) the ranking of the pavement and substructure conditions;
(c) an assessment of economic development impacts; and
(d) other information deemed significant by the department;
(2) the expected life of the proposed improvement;
(3) sufficiency of revenue to pay the principal and interest of all outstanding and proposed bonds based on a five- and twenty-year financial forecast for the state road fund and the effect of the bond program on the department's construction and maintenance program;
(4) status report of ongoing major construction;
(5) the relationship between the requested projects and the statewide transportation improvement program; and
(6) any other information requested by the legislature or the executive.
D. The department of transportation shall provide quarterly progress reports to the department of finance and administration and the legislative finance committee.
E. The department of transportation shall adopt and enforce rules with the goal that no less than seventy percent of the work force of an exclusively state-funded project authorized in Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 shall be residents of New Mexico.
History: Laws 2003 (1st S.S.), ch. 3, § 26; 2020 (1st S.S.), ch. 3, § 7; 2021, ch. 43, § 4.
The 2021 amendment, effective April 5, 2021, authorized the New Mexico finance authority to issue state transportation project bonds for certain state highway construction, reconstruction and improvement projects; and after "Sections 27 and 28,", deleted "and in" and added "Laws 2020 (1st S.S.), Chapter 3", and after "Section 8", deleted "of this 2020 act" and added "and Section 1 of this 2021 act" throughout the section.
The 2020 (1st S.S.) amendment, effective June 26, 2020, authorized the issuance of state transportation project bonds; in Subsection A, after "transportation", added "project", after "bonds", added "pursuant to Section 67-3-59.3 NMSA 1978", after "projects specified in", added "Laws 2003 (1st S.S.), Chapter 3", after "Sections 27 and 28", deleted "of this 2003 act" and added "and in Section 8 of this 2020 act", after "($1,585,000,000)", deleted "in annual increments of three hundred fifty million dollars ($350,000,000) beginning with the appropriation for 2003 provided for in Subsection B of this section"; in Subsection B, deleted "After the effective date of this act", after "projects listed in", added "Laws 2003 (1st S.S.), Chapter 3", after "Sections 27 and 28", added "and in Section 8", and after "of this", deleted "2003" and added "2020"; in Subsection C, Paragraph (1), after "enumerated in", added "Laws 2003 (1st S.S.), Chapter 3", and after "Sections 27 and 28", deleted "of this 2003 act"; and in Subsection E, after "state-funded project authorized in", added "Laws 2003 (1st S.S.), Chapter 3", and after "Sections 27 and 28", deleted "of this 2003 act".
Temporary provisions. — Laws 2020 (1st S.S.), ch. 3, § 11, effective June 26, 2020, provided:
A. Nothing in this act shall be deemed to impair state highway revenue bonds previously issued by the state transportation commission and outstanding on the effective date of this act.
B. If required by the terms, covenants and provisions of state highway revenue bonds previously issued by the state transportation commission and outstanding on the effective date of this act, additional bonds issued by the state transportation commission or the New Mexico finance authority when directed by the state transportation commission pursuant to this act shall contain any required terms, covenants and provisions required to avoid impairment of the previously issued bonds.
Structure New Mexico Statutes
Article 3 - State Transportation Commission
Section 67-3-1 - Reimbursement of state transportation commissioners.
Section 67-3-4 - Method and time of appointment of commissioners.
Section 67-3-5 - Removal of commissioners.
Section 67-3-6 - Creation of department of transportation.
Section 67-3-7 - Secretary of transportation; appointment; qualifications; bond.
Section 67-3-8 - Powers and duties of secretary.
Section 67-3-8.3 - Disposition of surplus personal property or materials.
Section 67-3-10 - Meetings; oaths; seal; policy.
Section 67-3-11 - Rule-making power.
Section 67-3-12 - Powers and duties.
Section 67-3-14 - State transportation commission; powers and duties; road funds.
Section 67-3-15 - [Duty to advise towns, villages and counties; highway system for state.]
Section 67-3-16 - [General duty to construct, repair and maintain highways.]
Section 67-3-17 - Snow removal from designated skiing area parking facilities.
Section 67-3-18 - [Skiing area with parking facilities; rejection of snow removal services.]
Section 67-3-19 - Duty to repair and maintain state park roads, bridges and parking areas.
Section 67-3-20 - El Camino Real; supervision and control.
Section 67-3-22 - State transportation commission; annual report.
Section 67-3-23 - Secretary of transportation; appointment.
Section 67-3-24 - Employees; appointment; compensation.
Section 67-3-26 - Duties of secretary; disbursement of state road fund.
Section 67-3-28.2 - Local governments road fund created; uses.
Section 67-3-29 - Department personnel; county and municipal road technical assistance.
Section 67-3-32 - Cooperative agreements; preference.
Section 67-3-34 - Federal aid road project; document execution.
Section 67-3-35 - Auditor; appointment; duties; bond.
Section 67-3-36 - Acquisition of rights of way; duty of county and district attorney.
Section 67-3-38 - Action by state transportation commission.
Section 67-3-39 - Waiver of immunity.
Section 67-3-40 - Control of state highways; maintenance costs.
Section 67-3-42 - Bridges considered part of highway.
Section 67-3-43 - Road work; bid advertising; restrictions; rejection; bond.
Section 67-3-47 - [Contracts for state aid roads; execution; restrictions.]
Section 67-3-49 - Claims of highway contractor's creditors; state highway suspense fund.
Section 67-3-50 - Account closing; nonliability.
Section 67-3-51 - [Restrictions on disbursements from suspense fund.]
Section 67-3-52 - Payment from state highway suspense fund.
Section 67-3-53 - [Reversion of suspense fund balances.]
Section 67-3-55 - Flight strips, airports and access roads; bidding procedures; bond.
Section 67-3-57 - Annual appropriation; purposes.
Section 67-3-58 - Allotment of appropriation.
Section 67-3-59 - [Balances; continuation of appropriation.]
Section 67-3-59.1 - State highway debentures; issuance; limits; approval; coupons.
Section 67-3-59.2 - Highway infrastructure fund created; purpose.
Section 67-3-59.3 - State transportation project bonds; issuance; procedures; approval.
Section 67-3-60 - Bypasses and relocation projects; expenditure of highway funds; purpose.
Section 67-3-61 - Limitation of expenditures of highway funds for construction of highway bypasses.
Section 67-3-62 - Provisions for pedestrian, bicycle and equestrian traffic required.
Section 67-3-64 - Ramps for handicapped required.
Section 67-3-65 - State road fund created.
Section 67-3-65.1 - State road fund distribution.
Section 67-3-68 - Purpose and interpretation.
Section 67-3-69 - Power to state highway and transportation department.
Section 67-3-70 - Use of appropriated funds.
Section 67-3-71.1 - Right-of-way agreements; Navajo Nation; terms.
Section 67-3-72 - Transportation bonds.
Section 67-3-73 - Transportation bonds; terms.
Section 67-3-74 - Refunding bonds.
Section 67-3-75 - Transportation bonds eligible for investment.
Section 67-3-76 - Transportation bonds; exemption from taxation.