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. The total aggregate outstanding principal amount of bonds is set at $150 million, with further provisions allowing for additional bonds for specific projects, including up to $624 million for major highway infrastructure projects and $100 million for projects related to the waste isolation pilot project.

Significantly, the bill introduces a new provision allowing for an additional $1.5 billion in bonds to be issued for state highway projects, provided that the total outstanding principal does not exceed $1.124 billion. Other amendments include changes to the approval process for bond issuance, the terms of the bonds, and the requirement for materials used in projects to be sourced from state lands when feasible. The bill also clarifies that the bonds will not constitute a general obligation of the state and outlines the legal protections for bondholders.

Statutes affected:
introduced version: 67-3-59.1