Section 67-3-59.4 - State transportation project bonds; authorization and appropriation; priorities; criteria; reports. - New Mexico Statutes

67-3-59.4. State transportation project bonds; authorization and appropriation; priorities; criteria; reports.

A.     It is the intent of the legislature to authorize the New Mexico finance authority to issue state transportation bonds for projects specified in Sections 27 and 28 of this 2003 act in the total aggregate principal amount of one billion five hundred eighty-five million dollars ($1,585,000,000) in annual increments of three hundred fifty million dollars ($350,000,000), beginning with the appropriation for 2003 provided for in Subsection B of this section.  

B.     After the effective date of this act, the state transporation [transportation] commission may authorize the New Mexico finance authority to issue and sell state transportation bonds.  The proceeds of the bonds are appropriated to the department of transportation for projects listed in Sections 27 and 28 of this 2003 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 Sections 27 and 28 of this 2003 act:

(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