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HB 092: SEVERANCE BONDS FOR TRANSPORTATION PROJECTS

An Act Relating To Capital Expenditures; Creating A Fund; Authorizing The Issuance Of Severance Tax Bonds For Transportation Projects; Making An Appropriation.

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MILD HB 092
SEVERANCE BONDS FOR TRANSPORTATION PROJECTS

Legislative URL:
HB 092 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
HWMC
Action:
HPREF [3] HTPWC/HWMC-HTPWC [13] DNP-CS/DP-HWMC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HTPWC Committee Report
HTPWC Committee Substitute
Fiscal Impact Report

Related Events

Upcoming:
Summary

This bill would create the Economic Growth and Energy Development Transportation Fund in the state treasury. The fund shall be administered by the NMDOT to fund projects that the Economic Development Department identifies as critical to local economic development or the development of energy mineral resources as follows:

  • Ninety-five percent of the funds shall be used for planning, design and construction of projects within the statewide transportation improvement plan identified by the Economic Development Department.
  • Five percent of the funds shall be dedicated to support the acquisition of facilities and vehicles by county and municipal governments for public transportation programs.

 

The state board of finance would be authorized to issue and sell severance tax bonds in Fiscal Years 2016 through 2020 in an amount not exceeding $300,000,000 when the NMDOT certifies the need for the issuance of the bonds. No more than $60,000,000 may be issued in any one fiscal year. The proceeds from the sale of the bonds are appropriated to the Economic Growth and Energy Development Transportation Fund for the purposes of the fund.

The House Transportation and Public Works Committee Substitute for HB 92 authorizes the State Board of Finance to issue and sell severance tax bonds in Fiscal Years 2016 through 2020 in an amount not exceeding $300,000,000 when the Department of Transportation (DOT) certifies the need for the issuance of the bonds. No more than $60,000,000 may be issued in any one fiscal year. The proceeds from the sale of the bonds are appropriated to the DOT to be used:

  • ninety-five percent for planning, design and construction of projects identified by the DOT as necessary to improve safety and reduce fatalities, maintain or improve the condition of roadways and other transportation infrastructure, promote economic development or mitigate traffic congestion; and
  • five percent to support the acquisition of facilities and vehicles by county and municipal governments for public transportation programs.

 

A benefit of this bill might be potential improvements in the state’s transportation infrastructure. A concern might be that the bill does not include alternative transportation projects in its purview.