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 state road fund revenues, with specific limits on the total outstanding principal amount of bonds. The total aggregate outstanding principal amount of bonds is set at $150 million, with $100 million allocated for highway projects related to the waste isolation pilot project and $50 million for other state highway projects.

Additionally, the bill introduces a new provision allowing for the issuance of an extra $1.5 billion in bonds for state highway projects, provided that the total outstanding bonds do not exceed $1.124 billion. Other amendments include changes to the approval process for bond issuance, the maturity terms of the bonds, and stipulations regarding the use of materials sourced from state lands for highway projects. The bill also emphasizes that the bonds will not constitute a general obligation of the state, ensuring that they are secured solely by the specified federal funds and taxes.

Statutes affected:
introduced version: 67-3-59.1