New Mexico § 67-3-59.4 State transportation project bonds; authorization and

New Mexico Statutes

§ 67-3-59.4 — State transportation project bonds; authorization and

New Mexico § 67-3-59.4

Ch. 67Highways

Art. 3State Transportation Commission

This text of New Mexico § 67-3-59.4 (State transportation project bonds; authorization and) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 67-3-59.4 (2026).

Text

appropriation; priorities; criteria; reports.

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.), C

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appropriation; priorities; criteria; reports. 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.