The New Mexico Legislature approved a transportation funding bill earlier this month designed to infuse the state’s priority transportation, public transit and road projects with $1.5 billion in new bond funding. Gov. Michelle Grisham signed the Transportation Bonding Bill in law on Feb. 6.
Supporters say the bonds would help address a multiyear backlog of road and bridge work by providing a more stable, long-term funding source. Bond authority would take effect May 26, after which the state Transportation Commission and Department of Transportation would begin identifying and prioritizing projects. The funded projects would include those identified in the State Transportation Improvement Program.
Under the legislation, revenue to repay the bonds would come from increased commercial vehicle taxes, higher vehicle registration fees, and a new or expanded surcharge on electric and hybrid vehicles. Bill sponsors note that the plan does not include an increase to the state’s gasoline tax, which has remained at 17 cents per gallon for decades.
State officials have not yet released a list of specific projects to be funded. Instead, the bond proceeds would be directed to work already identified in the State Transportation Improvement Program, which includes highway reconstruction, bridge repairs, pavement preservation, and safety upgrades across New Mexico. Transportation leaders say priorities will be determined after the bond authority takes effect and funding becomes available.
Photo by Kenneth C. Zirkel, CC BY 4.0 https://creativecommons.org/licenses/by/4.0, from Wikimedia Commons
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