HB 2 — BOND ISSUANCE AND FUND TRANSFERS

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 6 - e a ln e d r ie 20l E.u [ A d Fe in Santa Fe county;

toE. the local government division of the t e a t department of finance and administration:

m m 21 e d r e 22 (1) one hundred seventy-five thousand dollars c e r c 23 ($175,000) to acquirethe propertylocal forgovernment adivision Crestviewof bluffs open e a n b 24 space area and to match funds for a national park service land u [ and water conservation fund grant for the purchasedepartment of Crestviewfinance .217948.4and -administration: 6 - bluffs in Bernalillo county;

(1) one hundred seventy-five thousand dollars ($175,000) to acquire property for a Crestview bluffs open space area and to match funds for a national park service land and water conservation fund grant for the purchase of Crestview bluffs in Bernalillo county;

h (4) six hundred thousand dollars ($600,000) to u » r plan, design and construct phase 1 of the Cibola loop community t h g e l i complex, including a library and multigenerational center, in h r i s Albuquerque in Bernalillo county;

h , e h (5) seventy-five thousand dollars ($75,000) to t u g e b l e e , gh plan, design, construct, purchase, equip and install n d d i = = o h improvements, including heating, ventilation and air el e] 17b ,d i a º r conditioning systems, at a community dental program in e r = t e nw d 18m a n o Albuquerque in Bernalillo county;

=d = l ] 19 (6) three hundred sixty thousand five hundred a l r i 20 dollars ($360,500) to acquire property and to plan, design and t e a t construct an urban green space along the Crestview bluff area m m: 21 e d r e 22 off the Arenal drain from west Central avenue to Bridge c e r c 23 boulevard both within and outside the city limits of e a n b 24 Albuquerque in Bernalillo county;

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 7 - e a n e d r e l u [ (7)A fiftyd (6) three hundred sixty thousand five hundred dollars ($50,000)($360,500) to acquire property and to plan, .217948.4design -and 7construct -an design,urban construct,green equipspace andalong installthe electronicCrestview digitalbluff displayarea signsoff inthe Arenal drain from west Central avenue to Bridge boulevard both within and outside the city limits of Albuquerque in Bernalillo county;

(7) fifty thousand dollars ($50,000) to plan, design, construct, equip and install electronic digital display signs in Albuquerque in Bernalillo county;

(9) eight hundred twenty-three thousand eight hundred ninety-eight dollars ($823,898) to plan, design, construct and renovate a facility for the Holocaust and h Intolerance museum in Albuquerque in Bernalillo county;

u » r (10) ninety-five thousand dollars ($95,000) to t h g e l i furnish, equip and purchase information technology for a h r i s flamenco institute headquarters in Albuquerque in Bernalillo h , e h county;

t u g e b l e e , gh (11) one hundred twenty-five thousand dollars n d d i = = o h ($125,000) to plan, design, construct, renovate, furnish, equip el e] 17b ,d i a º r and install phase 3 improvements, including a basketball court, e r = t e nw d 18m a n o to the Joan Jones community center in Albuquerque in Bernalillo =d =m l: ] 19 county;

ab l r ie 20 (12) one hundred forty-five thousand dollars t eº ao t ($145,000)n to= purchase.217948.4AIC andJune install19, equipment2020 and(2:29pm) furnishings,s mk m 21 e d- r8 e- 22 including sound and audiovisual systems, seating, lighting, c e r c 23 musical instruments and furniture, for a performancen and art e ad nr be 24l spaceu in[ AlbuquerqueA ind Bernalillo county;

u(12) [ (13) one hundred thirty-fiveforty-five thousand dollars .217948.4($145,000) -to 8purchase -and ($135,000)install toequipment plan,and designfurnishings, including sound and equipaudiovisual constructionsystems, ofseating, outdoorlighting, publicmusical muralsinstruments and furniture, for a performance and art space in Albuquerque in Bernalillo county;

(13) one hundred thirty-five thousand dollars ($135,000) to plan, design and equip construction of outdoor public murals in Albuquerque in Bernalillo county;

(15) one hundred five thousand dollars ($105,000) to plan, design, construct, furnish and equip a driver's room at the Spanish Bit transit station in Albuquerque h in Bernalillo county;

u » r (16) four hundred ninety thousand dollars t h g e l i ($490,000) to plan, design, construct, furnish and equip a h r i s bicycle repair education facility in Villela park in h , e h Albuquerque in Bernalillo county;

t u g e b l e e , gh (17) two hundred forty thousand dollars n d d i = = o h ($240,000) to purchase property for the development of a park el e] 17b ,d i a º r near the Wells Park community center in Albuquerque in e r = t e nw d 18m a n o Bernalillo county;

=d = l ] 19 (18) one hundred thousand dollars ($100,000) a l r i 20 to acquire land for and to plan, design, construct and equip t e a t the Westgate little league complex in Albuquerque in Bernalillo m m: 21 e d r e 22 county;

cb r e rt cº 23o (19)t sixty-eightn thousand= dollars.217948.4AIC ($68,000)June to19, 2020 (2:29pm) s k m e - 9 - e a n be 24d plan,r design,e construct,l installu and[ equipA ad recreational(18) uone [hundred vehiclethousand parkdollars on($100,000) theto commonacquire landsland offor theand Canonto deplan, Carnuedesign, landconstruct .217948.4and -equip 9the -Westgate grant-mercedlittle league complex in Albuquerque in Bernalillo county;

(19) sixty-eight thousand dollars ($68,000) to plan, design, construct, install and equip a recreational vehicle park on the common lands of the Canon de Carnue land grant-merced in Bernalillo county;

h (22) two hundred forty thousand dollars u » r ($240,000) to plan, design, construct, furnish and equip t h g e l i improvements, including a new screen, projection equipment, h r i s seats, restrooms and a concession area, to the Chief theater in h , e h Mora county;

t u g e b l e e , gh (23) thirty-eight thousand dollars ($38,000) n d d i = = o h to plan, design, construct and equip a rural electric vehicle el e] 17b ,d i a º r charging network for the Greentree solid waste authority and e r = t e nw d 18m a n o the Mescalero Apache Tribe in Lincoln and Otero counties;

=d = l ] 19 (24) one hundred eighty-five thousand dollars a l r i 20 ($185,000) to purchase property and to plan, design and t e a t construct new recreational spaces and trails in Espanola in Rio m m: 21 e d r e 22 Arriba and Santa Fe counties;

cb r e rt cº 23o (25)t twelven thousand= ninety-five.217948.4AIC dollarsJune 19, 2020 (2:29pm) s k m e - 10 - e a n be 24d ($12,095)r toe plan,l designu and[ constructA improvementsd (24) one hundred eighty-five thousand dollars ($185,000) to thepurchase uproperty [and Sacramentoto mountainsplan, museumdesign and pioneerconstruct villagenew inrecreational Cloudcroftspaces .217948.4and -trails 10in -Espanola in OteroRio county;Arriba and Santa Fe counties;

(25) twelve thousand ninety-five dollars ($12,095) to plan, design and construct improvements to the Sacramento mountains museum and pioneer village in Cloudcroft in Otero county;

(28) thirty thousand dollars ($30,000) to plan h and design improvements to a community park in Jemez Springs in u » r Sandoval county;

t h g e l i (29) ninety-five thousand dollars ($95,000) to h r i s plan, design, construct and equip a yurt for the Santa Fe h , e h mountain center youth and adult programs in Santa Fe county;

t u g e b l e e , gh (30) eighty-four thousand five hundred dollars n d d i = = o h ($84,500) to plan, design, construct and equip improvements to el e] 17b ,d i a º r the Santa Fe mountain center urban adventure center building in e r = t e nw d 18m a n o Santa Fe in Santa Fe county;

=d =m l: ] 19 (31) one hundred thousand dollars ($100,000) a l r i 20 to plan, design, renovate, construct, equip and furnish a t e a t multipurpose center in Cerro in Taos county;

andb mr me 21t eº do rt en 22= (32).217948.4AIC fiftyJune thousand19, dollars2020 ($50,000)(2:29pm) fors thek cm e - 11 - e a n e d r ce 23l landu grant[ councilA tod acquire(31) landone withinhundred andthousand fordollars the($100,000) Cristobalto eplan, adesign, nrenovate, bconstruct, 24equip deand lafurnish Sernaa landmultipurpose grant-mercedcenter in Cerro in Taos county;

uand [(32) F.fifty thousand dollars ($50,000) for the land grant council to acquire land within and for the Cristobal de la Serna land grant-merced in Taos county;

F.

.217948.4 - 11 - (1) twenty-five thousand dollars ($25,000) to plan, design and construct pedestrian walkways and bicycle paths along New Mexico highway 14 in Bernalillo county;

(3) seventy-five thousand dollars ($75,000) to h plan, design and construct pedestrian and traffic calming g o t hr improvements to the Santa Barbara-Martineztown area of g e i k Albuquerque in Bernalillo county;

h r i s (4) one hundred thousand dollars ($100,000) to h , t, plan and design improvements to Palomas avenue NE from e u g e b l e e h Louisiana boulevard to San Pedro road in Albuquerque in n d d i = = o h Bernalillo county;

el e] 17b ,d i a º e (5) one hundred thousand dollars ($100,000) to er i = r t e nw d 18m a n o acquire rights of way for and to plan, design and construct =d =m l: ] 19 sidewalks in La Union in Dona Ana county;

ab le rd is 20º (6)o sixty-sixt thousandn seven= hundred.217948.4AIC fiftyJune t19, e2020 a(2:29pm) ts dollarsk ($66,750)m toe plan,- design,12 construct,- repaire anda mn m 21 e d r e 22l improveu the[ infrastructureA ford roadssidewalks and storm drainage in cLa eUnion r c 23 Corrales in SandovalDona Ana county;

e(6) asixty-six nthousand bseven 24 (7) one hundred thousandfifty dollars ($100,000)($66,750) to uplan, [design, purchaseconstruct, easementsrepair and rightsimprove ofthe wayinfrastructure for androads to plan, design, .217948.4 - 12 - extend and constructstorm Zafaranodrainage drivein fromCorrales Rufina street to Agua Fria street in SantaSandoval Fe county;

(7) one hundred thousand dollars ($100,000) to purchase easements and rights of way for and to plan, design, extend and construct Zafarano drive from Rufina street to Agua Fria street in Santa Fe county;

andHAFCº and»HAFC G.

(1) three hundred thousand dollars ($300,000) to plan, design and construct the central New Mexico community h college film production center of excellence at the rail yards g o t hr in Albuquerque in Bernalillo county;

g e i k (2) seven hundred fifty thousand dollars h r i s ($750,000) for the expansion of the trades program facility at h , t, the Crownpoint campus of Navajo technical university in e u g e b l e e h McKinley county;

and n d d i = = o h (3) ten thousand dollars ($10,000) to plan, el e] 17b ,d i a º e design, construct, renovate, purchase, equip and install er i = r t e nw d 18m a n o infrastructure improvements to Santa Fe community college adult =d =m l: ] 19 education facilities, including flooring, equipment and a l r i 20 training and laboratory space improvements, in Santa Fe county.

b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 13 - e a tn SECTIONe 2.d r e l u [ A d education facilities, including flooring, equipment and training and laboratory space improvements, in Santa Fe county HAFCº .»HAFC HAFCº;

REVERSIONand»HAFC OFHAFCºH. BALANCES FROM LAWS 2019 GENERAL m m 21 e d r e 22 FUND APPROPRIATION TO THE BORDER AUTHORITY.--Notwithstanding c e r c 23 the requirements for reversion contained in Laws 2019, Chapter e a n b 24 277, Section 1, on the effective date of this act, two million u [ four hundred thousand dollars ($2,400,000) of the unexpended or .217948.4 - 13 - unencumbered balance of the appropriation to the border authority to plan, design and construct a road between Santa Teresa and Sunland Park in Dona Ana county as provided in Subsection 1 of Section 6 of Chapter 277 of Laws 2019 shall revert to the general fund, and within thirty days of the effective date of this act, the department of finance and administration shall transfer such unexpended or unencumbered balance to the general fund.

SECTIONto 3.the board of regents of eastern New Mexico university, six hundred fifty thousand dollars ($650,000) to construct a president's residence and public event venue for eastern New Mexico university in Portales in Roosevelt county.

SHORT-TERMSECTION SEVERANCE2. TAX BONDS AND SHORT-TERM SUPPLEMENTAL SEVERANCE TAX BONDS--ISSUANCE--APPROPRIATION OF PROCEEDS.-- A.

InEXCEPTION additionTO toREVERSION theOF bondsBALANCES issuedFROM inLAWS accordanceGENERAL withFUND SectionAPPROPRIATIONS 7-27-14FOR NMSACERTAIN 1978,CAPITAL andPROJECTS.-- notwithstandingA thereversion limitations of thatan section,appropriation, Sectionas 7-27-10.1provided NMSApursuant 1978to or Section 7-27-12.51 NMSAof 1978,this in2020 fiscalact, yearshall 2020,be thevoid stateif boardthe ofagency financefor shall,which in compliance with the Severanceappropriation Taxwas emade ecertifies 17to Bondingthe Act,secretary issueof finance and selladministration, severancebefore tax bonds with a termdate eoccurring eninety ndays dafter 18 that does not extend beyond the endeffective date of thethis fiscal2020 yearact, or = = l ] 19 supplemental severance tax bonds with a term that does not a l r i 20 extend beyond the endagency ofhas theincurred fiscal year, or a combinationsubstantial ofbinding th eobligation to a tthird thoseparty severanceto taxexpend bondsat andleast supplementalfive severancepercent taxof bonds,u m» m 21 e d r et 22h up to the totalappropriation amountfor calculatedthe pursuantproject.»HAFC tog Subsection C of c e rl ci 23SECTION thisHAFCº2»HAFC section,HAFCº3»HAFC. when the:

eREVERSION aOF nBALANCES bh 24r (1)i secretarys ofFROM financeLAWS and2019 administrationGENERAL FUND APPROPRIATION TO THE BORDER h , e h t u [g certifiesAUTHORITY.--Notwithstanding the needrequirements for thereversion severancee taxb bondsl pursuante toe .217948.4, -gh 14contained -in SubsectionLaws B2019, Chapter 277, Section 1, on the n d d i = = o h effective date of this sectionact, andtwo uponmillion afour findinghundred bythousand thel secretary] thatb the,d projectsi fora whichº ther bondse arer to= bedollars issued($2,400,000) haveof beenthe developedunexpended sufficientlyor tounencumbered justifybalance thet issuancee andw thatd m a n o of the projectsappropriation canto proceedthe border authority to contractplan, withindesign ad reasonablem time;:

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 14 - e a n e d r e l u [ A d and construct a road between Santa Teresa and Sunland Park in Dona Ana county as provided in Subsection 1 of Section 6 of Chapter 277 of Laws 2019 shall revert to the general fund, and within thirty days of the effective date of this act, the department of finance and administration shall transfer such unexpended or unencumbered balance to the general fund.

SECTION HAFCº3»HAFC HAFCº4»HAFC.

SHORT-TERM SEVERANCE TAX BONDS AND SHORT-TERM SUPPLEMENTAL SEVERANCE TAX BONDS-- ISSUANCE--APPROPRIATION OF PROCEEDS.-- A.

In addition to the bonds issued in accordance with Section 7-27-14 NMSA 1978, and notwithstanding the limitations of that section, Section 7-27-10.1 NMSA 1978 or Section 7-27-12.5 NMSA 1978, in fiscal year 2020, the state board of finance shall, in compliance with the Severance Tax Bonding Act, issue and sell severance tax bonds with a term that does not extend beyond the end of the fiscal year or h supplemental severance tax bonds with a term that does not u » r extend beyond the end of the fiscal year, or a combination of t h g e l i those severance tax bonds and supplemental severance tax bonds, h r i s up to the total amount calculated pursuant to Subsection C of h , e h this section, when the:

t u g e b l e e , gh (1) secretary of finance and administration n d d i = = o h certifies the need for the severance tax bonds pursuant to l ] b ,d i a º r Subsection B of this section and upon a finding by the e r = t e w d m a n o secretary that the projects for which the bonds are to be d m :

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 15 - e a n e d r e l u [ A d issued have been developed sufficiently to justify the issuance and that the projects can proceed to contract within a reasonable time;

and e e 17 (2) amount necessary to meet all principal and e e n d 18 interest payments on outstanding bonds payable from the =h = l ] 19 severance tax bonding fund on the next two ensuing semiannual au l» r i 20 payment dates.

t h g e al ti C.

The secretary of finance and administration mh m 21 e d r ei 22s shall, prior to the end of fiscal year 2020, determine the ch , e rh c 23 amount of money in the severance tax bonding fund, less the et au ng e b 24l e e , gh amount necessary to meet all principal and interest payments on un [d d i = = o h the:

.217948.4l -] 15b -,d i a º r (1) severance tax bonds and supplemental e r = t e w d m a n o severance tax bonds issued in accordance with this section;

and (2)d bondsm payable: from the severance tax bonding fund on the next two ensuing semiannual payment dates.

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 16 - e a n e d r e l u [ A d (2) bonds payable from the severance tax bonding fund on the next two ensuing semiannual payment dates.

e e 17 (2) Item (2) of Section 25 and Items (4) and e e n d 18 (6) of Section 26 of Chapter 80 of Laws 2018;

and =h = l ] 19 (3) Laws 2019, Chapter 280, Sections 4 and ag lo rt ihr 20 114.

tg e ai tk F.

The agencies for which appropriations are made mh m 21 e d r ei 22s pursuant to Subsection E of this section shall certify the need ch e, rt, c 23 for severance tax bonds when proceeds from the bonds e au ng e b 24l e e h appropriated in this section are needed for the purposes for un [d d i = = o h which the appropriations are made.

.217948.4l -] 16b -,d i a º e G.

The following percentages of the proceeds from r i = r t e w d m a n o the severance tax bonds are appropriated as follows:

(1)d ninem percent: of the proceeds is appropriated to the water project fund to fund water projects statewide, pursuant to the provisions of Subsection C of Section 7-27-10.1 NMSA 1978;

b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 17 - e a n e d r e l u [ A d (1) nine percent of the proceeds is appropriated to the water project fund to fund water projects statewide, pursuant to the provisions of Subsection C of Section 7-27-10.1 NMSA 1978;

Provided that the secretary of finance and administration makes the certification pursuant to Subsection B e e 17 of this section, in addition to proceeds from any other e e n d 18 supplemental severance tax bonds issued in fiscal year 2020, =h = l ] 19 the public school capital outlay council may, in fiscal year au l» r i 20 2020, certify the need for supplemental severance tax bond t h g e al ti proceeds in an aggregate principal amount not to exceed fifty- mh m 21 e d r ei 22s five million dollars ($55,000,000).

ch , e rh c 23 I.

Except as otherwise specifically provided by et au ng e b 24l e e , gh law:

un [d d i = = o h (1) the unexpended balance from the proceeds .217948.4l -] 17b -,d i a º r of severance tax bonds appropriated in this section for a e r = t e w d m a n o project shall revert to the severance tax bonding fund no later thand them following: dates:

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 18 - e a n e d r e l u [ A d than the following dates:

and (c) for any other project for which e e 17 severance tax bonds were appropriated, within six months of the e e n d 18 completion of the project, but no later than the end of fiscal =h = l ] 19 year 2024;

and au l» r i 20 (2) all remaining balances from the proceeds t h g e al ti of severance tax bonds appropriated for a project pursuant to mh m 21 e d r ei 22s this section shall revert to the severance tax bonding fund ch , e rh c 23 three months after the latest reversion date specified for that et au ng e b 24l e e , gh type of project in Paragraph (1) of this subsection.

un [d d i = = o h J.

Except for appropriations to the capital program .217948.4l -] 18b -,d i a º r fund, money from severance tax bond proceeds provided pursuant e r = t e w d m a n o to this section shall not be used to pay indirect project costs.d m :

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 19 - e a n e d r e l u [ A d costs.

SECTION 4.HAFCº 4»HAFC HAFCº5»HAFC.

Section 67-3-59.2 NMSA 1978 (being Laws 1999 (1st S.S.), Chapter 9, Section 3, as amended) is amended to read:

Earnings on investment of the fund e e 17 shall be credited to the fund.

Balances in the fund at the end e e n d 18 of any fiscal year shall not revert and shall remain in the =h = l ] 19 fund for the purposes authorized in this section.

ag lo rt ihr 20 B.

Money in the fund shall be used solely for tg e ai tk acquisition of rights of way or planning, design, engineering, mh m 21 e d r ei 22s construction or improvement of state highway projects ch e, rt, c 23 authorized pursuant to the provisions of Laws 1998, Chapter 84, e au ng e b 24l e e h Subsections C through H of Section 1 of Chapter 85 of Laws un [d d i = = o h 1998, [and][and ] Laws 2003 (1st S.S.), Chapter 3, Sections 27 and 28 .217948.4l -] 19b -,d i a º e and Section 7HAFCº7»HAFC HAFCº8»HAFC of this [2003] 2020 act r i = r t e w d m a n o and is appropriated to the department for expenditure for those purposes.d m :

b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 20 - e a n e d r e l u [ A d purposes.

The taxes and fees required by law to be distributed to the highway infrastructure fund may be pledged ] bonds issued pursuant to for the payment of [state highway ] bonds issued pursuant to Sections 67-3-59.1, [and ] 67-3-59.3 and 67-3-59.4 NMSA 1978 and [Section 26]26 ] Section 7HAFCº7»HAFC HAFCº8»HAFC of this [2003] 2020 act for the highway projects authorized in the laws specified in Subsection B of this section." SECTION 5.HAFCº 5»HAFC HAFCº6»HAFC.

Section 67-3-59.3 NMSA 1978 (being Laws 2003 (1st S.S.), Chapter 3, Section 24) is amended to read:

In order to provide funds to finance state transportation projects, the New Mexico finance authority, when directed by the state transportation commission, is authorized, eh e 17 subject to the limitations of this section [and ], Section [26 eg eo nt dhr 18 of this 2003 act] 67-3-59.4 NMSA 1978 and Section 7HAFCº7»HAFC ofg thise =i =k lHAFCº8»HAFC ]of 19this 2020 act, to issue state transportation projecth bondsr fromi times aproject lbonds rfrom itime 20 to time, payable from:

th , t, e au tg (1) federal funds not otherwise obligated that me mb 21l e d r e 22h are paid into the state road fund;

cn ed rd ci 23= = o h (2) proceeds of the collection of taxes and el a] n b 24,d i a º e fees that are required to be paid into the state road fund and ur [i = r t e w d m a n o not otherwise pledged exclusively to the payment of outstanding .217948.4d -m 20: - bonds and debentures;

b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 21 - e a n e d r e l u [ A d bonds and debentures;

The New eh e 17 Mexico finance authority may enter into interest rate exchange eu e» nr d 18 agreements, interest rate swap contracts, insurance agreements, =t =h lg ]e 19l i remarketing agreements and any other agreements deemed ah l r i 20s necessary in connection with the issuance of the bonds.

th , e ah t D.

Proceeds of the bonds and amounts on deposit in mt mu 21g e db rl e 22e , gh the state road fund and the highway infrastructure fund may be cn ed rd ci 23= = o h used to pay expenses incurred in the preparation, el a] n b 24,d i a º r administration, issuance and sale of the bonds and, together ue [r with= thet earningse onw thed proceedsm ofa then bonds,o maywith be used to .217948.4 - 21 - pay rebate, penalty, interest and other obligations relating to the bondsearnings andon the proceeds of the bondsbonds, undermay thebe Internalused Revenueto Coded ofm 1986,: as amended.

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 22 - e a n e d r e l u [ A d pay rebate, penalty, interest and other obligations relating to the bonds and the proceeds of the bonds under the Internal Revenue Code of 1986, as amended.

Any law authorizing the imposition or distribution of taxes or fees paid into the state road fund or the highway infrastructure fund or that affects those taxes and eh e 17 fees shall not be amended or repealed or otherwise directly or eu e» nr d 18 indirectly modified so as to impair outstanding bonds secured =t =h lg ]e 19l i by a pledge of revenues from those taxes and fees paid into the ah l r i 20s state road fund or the highway infrastructure fund, unless the th , e ah t bonds have been discharged in full or provisions have been made mt mu 21g e db rl e 22e , gh for a full discharge.

In addition, while any bonds issued by cn ed rd ci 23= = o h the New Mexico finance authority pursuant to the provisions of el a] n b 24,d i a º r this section remain outstanding, the powers or duties of the ue [r state= transportationt commissione orw thed authoritym shalla notn beo .217948.4state -transportation 22commission - diminished or impaired in any manner that will affect adversely the interestsauthority andshall rightsnot ofbe thed holderm of: such bonds.

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 23 - e a n e d r e l u [ A d diminished or impaired in any manner that will affect adversely the interests and rights of the holder of such bonds.

and eh e 17 (3) the cost to the contractor for the eu e» nr d 18 material, including the costs of transportation, is competitive =t =h lg ]e 19l i with other available material from nonstate lands.

ah l r i 20s I.

Bonds issued pursuant to this section shall be th , e ah t paid solely from federal funds not otherwise obligated and mt mu 21g e db rl e 22e , gh taxes and fees deposited into the state road fund and the cn ed rd ci 23= = o h highway infrastructure fund and shall not constitute a general el a] n b 24,d i a º r obligation of the state.

ue [r = t e w d m a n o J.

For purposes of this section, "state .217948.4d -m 23: - transportation project bonds" includes only those bonds issued pursuant to this section and excludes transportation bonds as defined in Section 67-3-72 NMSA 1978." SECTION 6.

Sectionb 67-3-59.4r NMSAe 1978t (beingº Lawso 2003t (1stn S.S.),= Chapter.217948.4AIC 3,June Section19, 26)2020 is(2:29pm) amendeds k m e - 24 - e a n e d r e l u [ A d transportation project bonds" includes only those bonds issued pursuant to read:this section and excludes transportation bonds as defined in Section 67-3-72 NMSA 1978." SECTION HAFCº 6»HAFC HAFCº7»HAFC.

Section 67-3-59.4 NMSA (being Laws 2003 (1st S.S.), Chapter 3, Section 26) is amended to read:

It is the intent of the legislature to authorize the New Mexico finance authority to issue state transportation project bonds pursuant to Section 67-3-59.3 NMSA 1978 for projects specified in Laws 2003 (1st S.S.), Chapter 3 , Sections 27 and 28 [of this 2003 act ] and in Section 7HAFCº7»HAFC HAFCº8»HAFC of this 2020 act in the total aggregate principal amount of one billion five hundred eighty-five million dollars h ($1,585,000,000) [in annual increments of three hundred fifty milliong dollarso et ehr 17million dollars ($350,000,000) beginning with the appropriation forg 2003 e ei nk dfor 182003 provided for in Subsection B of this section].

=h =r li ]s 19 B.

[After the effective date of this act ] The state ah l, rt, ie 20u g [transporation ] transportation commission may authorize the New te b l e ae th Mexico finance authority to issue and sell state transportation mn md 21d ei d= r= eo 22h project bonds.

The proceeds of the bonds are appropriated to cl e] rb c,d 23i a º e the department of transportation for projects listed in Laws r i = r t e w d m a n bo 24 2003 (1st S.S.), Chapter 3, Sections 27 and 28 and in Section 7d um [: of this [2003] 2020 act.

.217948.4b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 2425 - C.e a n e d r e l u [ A d HAFCº7»HAFC HAFCº8»HAFC of this [2003] 2020 act.

C.

(1) justification of priority ranking of projects, including the following for each highway project enumerated in Laws 2003 (1st S.S.), Chapter 33, , Sections 27 and 28 [of this 2003 act ]:

and (d) other information deemed significant h by the department;

eg eo 17t hr (2) the expected life of the proposed eg e ni dk 18 improvement;

=h =r li ]s 19 (3) sufficiency of revenue to pay the ah l, rt, i 20 principal and interest of all outstanding and proposed bonds te u g e ab tl e e h based on a five- and twenty-year financial forecast for the mn md 21d ei d= r= eo 22h state road fund and the effect of the bond program on the cl e] rb c,d 23i a º e department's construction and maintenance program;

r i = r t e w d m a n bo 24 (4) status report of ongoing major ud [m construction;:

.217948.4b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 2526 - (5)e thea relationshipn betweene thed requestedr projectse andl theu statewide[ transportationA improvementd program;construction;

(5) the relationship between the requested projects and the statewide transportation improvement program;

The department of transportation shall adopt and enforce rules with the goal that no less than seventy percent of the work force of an exclusively state-funded project authorized in Laws 2003 (1st S.S.), Chapter 3 , Sections 27 and 28 [of this 2003 act ] shall be residents of New Mexico." SECTION 7.HAFCº 7»HAFC HAFCº8»HAFC.

DEPARTMENT OF TRANSPORTATION PROJECTS--PROJECTS--APPROPRIATION APPROPRIATION REVERSION--AUTHORIZATION h TO ISSUE STATE TRANSPORTATION PROJECT BONDS.-- eg eo 17t hr A.

Notwithstanding the provisions of Laws 2019, eg e ni dk 18 Chapter 271, Section 9, seventy-five million dollars =h =r li ]s 19 ($75,000,000) of the unexpended or unencumbered balance of the ah l, rt, i 20 appropriation provided pursuant to that law from the general te u g e ab tl e e h fund to the department of transportation for acquisition of mn md 21d ei d= r= eo 22h rights of way, planning, design and construction and to match cl e] rb c,d 23i a º e federal and other state funds for projects shall not be r i = r t e w d m a n bo 24 expended or encumbered and shall revert to the general fund at ud [m the: end of fiscal year 2020.

.217948.4b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 2627 - B.e a n e d r e l u [ A d the end of fiscal year 2020.

B.

The department of transportation may use the net proceeds of state transportation project bonds issued by the New Mexico finance authority pursuant to Subsection B of this h section for the projects for which general fund appropriations eu e» 17r were made pursuant to Laws 2019, Chapter 271, Section 9.

et eh ng de 18l i D.

Any unexpended or unencumbered balance after the =h =r li ]s 19 completion of the projects authorized in this section shall ah l, re ih 20 revert to the state road fund.

t u g e ab tl e e , gh SECTION 8.HAFCº 8»HAFC HAFCº9»HAFC.

FUND AND OTHER ACCOUNT TRANSFERSn ANDd md mi 21= e= do rh eTRANSFERS 22AND REVERSIONS TO THE GENERAL FUND--FISCAL YEAR 2020.--l c] eb r,d ci 23a Notwithstandingº r 2020.--Notwithstanding any restriction on or use of money in the funds e ar n= bt 24e orw accounts,d them followinga unexpendedn oro unencumbered balances u [ from the followingfunds amountsor fromaccounts, the following fundsunexpended or accountsunencumbered .217948.4d -m 27: - are transferred to the fiscal year 2020 appropriation account of the general fund:

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 28 - e a n e d r e l u [ A d balances from the following amounts from the following funds or accounts are transferred to the fiscal year 2020 appropriation account of the general fund:

seven hundred fifty thousand dollars ($750,000) h from the medical cannabis fund;

eg eo 17t hr H.

two million dollars ($2,000,000) from the eg e ni dk 18 corrective action fund;

=h =r li ]s 19 I.

four million dollars ($4,000,000) from the rural ah l, rt, i 20 infrastructure revolving loan fund;

te u g e ab tl e e h J.

two million dollars ($2,000,000) from the mn md 21d ei d= r= eo 22h college affordability endowment fund;

cl e] rb c,d 23i a º e K.

two million dollars ($2,000,000) from the r i = r t e w d m a n bo 24 student financial aid special programs fund of the higher ud [m education: department;

.217948.4b e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 2829 - L.e a n e d r e l u [ A d education department;

L.

SECTION 9.HAFCº 9»HAFC HAFCº10»HAFC.

TRANSFER TO APPROPRIATION CONTINGENCY FUND.-- Notwithstanding any restriction on or use of money in the executive order fund of the homeland security and emergency management department, two million dollars ($2,000,000) is h transferred from that fund to the appropriation contingency g o t hr fund of the general fund.

eg e 17i k SECTION 10.HAFCº 10»HAFC HAFCº11»HAFC.

TEMPORARY PROVISION--OUTSTANDINGh STATEr ei es nPROVISION--OUTSTANDING dSTATE 18 HIGHWAY REVENUE BONDS.-- =h =, lt, ] 19 A.

Nothing in this act shall be deemed to impair ae u g e b l re ie 20h state highway revenue bonds previously issued by the state tn ed ad ti = = o h transportation commission and outstanding on the effective date ml m] 21b e,d di ra eº 22e of this act.

cr ei = r ct 23e w d m a n o B.

If required by the terms, covenants and ed am n: b 24 provisions of state highway revenue bonds previously issued by u [ the state transportation commission and outstanding on the .217948.4 - 29 - effective date of this act, additional bonds issued by the state transportation commission or the New Mexico finance authority when directed by the state transportation commission pursuant to this act shall contain any required terms, covenants and provisions required to avoid impairment of the previously issued bonds.

SECTIONb 11.e d s º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e - 30 - e a n e d r e l u [ A d provisions of state highway revenue bonds previously issued by the state transportation commission and outstanding on the effective date of this act, additional bonds issued by the state transportation commission or the New Mexico finance authority when directed by the state transportation commission pursuant to this act shall contain any required terms, covenants and provisions required to avoid impairment of the previously issued bonds.

REPEAL.--LawsSECTION 2020,HAFCº Chapter11»HAFC 64,HAFCº12»HAFC. Sections 1 through 4 are repealed.

SECTIONREPEAL.--Laws 12.2020, Chapter 64, Sections 1 through HAFCº4»HAFC HAFCº5»HAFC are repealed.

SECTION HAFCº12»HAFC HAFCº13»HAFC.

- 3031 - 13h 15u e» er 17t h g e l i h r i s h , e nh dt 18u =g =e b l ]e 19e a, lgh rn id 20d ti e= a= to mh ml 21] eb d,d ri ea 22º cr e r c= 23t e w d m a n bo 24d um [: .217948.4

b r e t º o t n = .217948.4AIC June 19, 2020 (2:29pm) s k m e e a n e d r e l u [ A d