Bill > HB241

This bill establishes the "southwest chief rail service fund" to support improvements to the railroad track and infrastructure within New Mexico used by the Amtrak Southwest Chief train, specifically from the state line to Albuquerque. The bill authorizes the state board of finance to issue up to $40 million in severance tax bonds between fiscal years 2016 and 2025, with a limit of $4 million per year, to fund this initiative. The proceeds from these bonds, along with other appropriated or donated funds, will go into the newly created fund, which will be administered by the department of transportation. However, funds cannot be spent until Colorado and Kansas establish similar funds for their portions of the Southwest Chief route and New Mexico enters into a binding agreement with Amtrak and those states to maintain the train service through fiscal year 2035. The bill also allows for negotiations on an interstate compact or agreement for rail improvements and funding from Albuquerque to Hutchinson, Kansas, and a service agreement with Amtrak and the Burlington Northern Santa Fe railway, all subject to legislative approval. Any unexpended bond proceeds in a dedicated subaccount will revert to the general severance tax bonding fund after fiscal year 2029, and the authorization to issue bonds will expire if the department of transportation has not certified the need by the end of fiscal year 2025.