summary
Introduced
01/31/2024
01/31/2024
In Committee
02/14/2024
02/14/2024
Crossed Over
02/14/2024
02/14/2024
Passed
02/14/2024
02/14/2024
Dead
Signed/Enacted/Adopted
03/06/2024
03/06/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO CAPITAL EXPENDITURES; MAKING APPROPRIATIONS FROM THE GENERAL FUND AND OTHER STATE FUNDS; AUTHORIZING EXPENDITURES FROM CERTAIN FUNDS AND BALANCES; PROVIDING FOR THE ISSUANCE OF SEVERANCE TAX BONDS AND APPROPRIATION OF SEVERANCE TAX BOND PROCEEDS FOR CERTAIN PROJECTS PREVIOUSLY AUTHORIZED BY LAW AND TO CERTAIN FUNDS AS PROVIDED BY SECTIONS 7-27-10.1 AND 7-27-12.5 NMSA 1978 (BEING LAWS 2003, CHAPTER 134, SECTION 1 AND LAWS 2010, CHAPTER 10, SECTION 9, AS AMENDED); ELIMINATING CERTAIN ENCUMBRANCE REQUIREMENTS, REQUIRING CERTIFICATIONS TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION AND PROVIDING REVERSION DATE EXTENSIONS FOR CERTAIN APPROPRIATIONS FOR PROJECTS MADE IN LAWS 2023, CHAPTER 199; ESTABLISHING CONDITIONS FOR THE REVERSION OF UNEXPENDED BALANCES; AUTHORIZING THE ISSUANCE OF SEVERANCE TAX BONDS FOR CERTAIN TRANSPORTATION PROJECTS AND PROJECTS WITHIN TRIBAL COMMUNITIES; ESTABLISHING CONDITIONS FOR THE EXPENDITURE AND APPROPRIATION OF THE BOND PROCEEDS AND FOR THE REVERSION OF UNEXPENDED BALANCES OF BOND PROCEEDS; ESTABLISHING CRITERIA FOR THE BONDS; MAKING APPROPRIATIONS; DECLARING AN EMERGENCY.
AI Summary
This bill makes the following key provisions:
1. Provides appropriations from the general fund and other state funds for various capital outlay projects across the state, including for the courts, aging and long-term services, behavioral health, public safety, infrastructure, education, water/wastewater systems, and more.
2. Establishes limitations on the reversion of unexpended balances from these appropriations, generally within 6 months of project completion or by the end of fiscal year 2028.
3. Authorizes the issuance of severance tax bonds for certain transportation projects and projects within tribal communities, and provides appropriations of the bond proceeds for these projects.
4. Includes provisions related to indirect project costs, binding written agreements with third parties, and reversion of unexpended bond proceeds.
5. Declares an emergency and that the bill take effect immediately.
Overall, this bill makes significant capital improvements and investments across various state agencies, local governments, and tribal communities in New Mexico.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Signed by Governor - Chapter 66 - Mar. 6 (on 03/06/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=275&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/final/SB0275.pdf |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/senate/SB0275.pdf |
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