Bill > SB280

This bill authorizes the issuance of severance tax bonds, which are a type of government bond, in an amount not to exceed $8.5 million. The purpose of these bonds is to fund the planning, design, and construction required to complete the Paseo del Norte northwest project in Bernalillo County, New Mexico, and to widen the roadway to two lanes. The bill specifies that the funds cannot be used for indirect project costs, and any unexpended or unencumbered balance remaining by the end of fiscal year 2025 will revert to the severance tax bonding fund. If the Department of Transportation does not certify the need for the bond issuance by the end of fiscal year 2022, the authorization will become void.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=280&year=21