The bill amends Section 67-3-59.1 of the New Mexico Statutes to provide additional bonding authority for the State Transportation Commission to finance state highway projects. It allows the commission to issue bonds payable from federal funds and taxes deposited into the state road fund, with specific limits on the total aggregate outstanding principal amount of bonds. The bill establishes a new cap of $1.5 billion in additional bonds for state highway projects, while ensuring that the total outstanding bonds do not exceed $1.124 billion.

Key changes include the insertion of provisions that allow for the issuance of up to $1.5 billion in bonds for highway projects, which can be secured by federal funds or taxes not otherwise obligated. Additionally, the bill modifies existing limits on bond issuance for specific projects, including those related to the waste isolation pilot project, and introduces new requirements for the sourcing of materials used in highway projects, emphasizing the use of state lands when feasible. The bill also clarifies that bonds issued will not constitute a general obligation of the state, ensuring that they are paid solely from designated funds.

Statutes affected:
introduced version: 67-3-59.1