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 and in Section 8 of this 2020 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 and in Section 8 of this 2020 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.
ANNOTATIONSThe 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.