A. The "highway infrastructure fund" is created in the state treasury and shall be administered by the department. The fund shall consist of money from various fees and taxes distributed to the fund. Earnings on investment of the fund shall be credited to the fund. Balances in the fund at the end of any fiscal year shall not revert and shall remain in the fund for the purposes authorized in this section.
B. Money in the fund shall be used solely for acquisition of rights of way or planning, design, engineering, construction or improvement of state highway projects authorized pursuant to the provisions of Laws 1998, Chapter 84, Subsections C through H of Section 1 of Chapter 85 of Laws 1998, Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 and Section 8 of this 2020 act and is appropriated to the department for expenditure for those purposes.
C. The taxes and fees required by law to be distributed to the highway infrastructure fund may be pledged for the payment of bonds issued pursuant to Sections 67-3-59.1, 67-3-59.3 and 67-3-59.4 NMSA 1978 and Section 8 of this 2020 act for the highway projects authorized in the laws specified in Subsection B of this section.
History: Laws 1999 (1st S.S.), ch. 9, § 3; 2003 (1st S.S.), ch. 3, § 23; 2020 (1st S.S.), ch. 3, § 5.
ANNOTATIONSThe 2020 (1st S.S.) amendment, effective June 26, 2020, authorized the issuance of state transportation project bonds; in Subsection B, after "Section 1 of Chapter 85 of Laws 1998", deleted "and" and added "Laws 2003 (1st S.S.), Chapter 3", after "Sections 27 and 28", added "and Section 8", and after "of this", deleted "2003" and added "2020"; in Subsection C, after "payment of", deleted "state highway", after "67-3-59.3", added "and 67-3-59.4", after "NMSA 1978 and", deleted "Section 26" and added "Section 8", and after "of this", deleted "2003" and added "2020".
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.
The 2003 (1st S.S.) amendment, effective February 3, 2004, deleted "and" preceding "Subsections C" and inserted "and Sections 27 and 28 of this 2003 act" in Subsection B, and substituted "Sections 67-3-59.1 and 67-3-59.3 NMSA 1978 and Section 26 of this 2003 act" for "Section 67-3-59.1 NMSA 1978" in Subsection C.