Bill > HB450

This bill is a comprehensive capital expenditures bill that authorizes the issuance of severance tax bonds and makes appropriations from various funds to support a wide range of infrastructure, construction, and improvement projects across New Mexico. The bill provides funding for numerous state agencies, educational institutions, local governments, tribal nations, and specific infrastructure initiatives. Key provisions include authorizing the state board of finance to issue severance tax bonds, establishing conditions for the expenditure of bond proceeds, and setting guidelines for how appropriated funds can be used. The bill covers projects ranging from university campus improvements and school infrastructure to road construction, water system upgrades, public safety facilities, cultural centers, and environmental restoration efforts. The appropriations come from multiple funding sources, including the general fund, public school capital outlay fund, state lands maintenance fund, and various other special funds. Agencies receiving appropriations must certify the need for funds and meet specific conditions, such as being able to incur substantial binding obligations within six months and spend a significant portion of the funds within three years. The bill also includes provisions for art in public places and allows for flexible use of appropriations if the total funding is insufficient to complete all specified project purposes.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=450&year=25