A. The "highway infrastructure fund" is created in the state treasury and shall be administered by the department. The fund shall consist of money from various fees and taxes distributed to the fund. Earnings on investment of the fund shall be credited to the fund. Balances in the fund at the end of any fiscal year shall not revert and shall remain in the fund for the purposes authorized in this section.

B. Money in the fund shall be used solely for acquisition of rights of way or planning, design, engineering, construction or improvement of state highway projects authorized pursuant to the provisions of Laws 1998, Chapter 84, Subsections C through H of Section 1 of Chapter 85 of Laws 1998 and Sections 27 and 28 of this 2003 act [Laws 2003 (1st S.S.), ch. 3, §§ 27, 28] and is appropriated to the department for expenditure for those purposes.

C. The taxes and fees required by law to be distributed to the highway infrastructure fund may be pledged for the payment of state highway bonds issued pursuant to Sections 67-3-59.1 and 67-3-59.3 NMSA 1978 and Section 26 [Section 67-3-59.4 NMSA 1978] of this 2003 act for the highway projects authorized in the laws specified in Subsection B of this section.

History: Laws 1999 (1st S.S.), ch. 9, § 3; 2003 (1st S.S.), ch. 3, § 23.

Effective dates. — Laws 1999 (1st S.S.), ch. 9, § 5 makes the act effective on July 1, 1999.

The 2003 (1st S.S.) amendment, effective February 3, 2004, deleted "and" preceding "Subsections C" and inserted "and Sections 27 and 28 of this 2003 act" in Subsection B, and substituted "Sections 67-3-59.1 and 67-3-59.3 NMSA 1978 and Section 26 of this 2003 act" for "Section 67-3-59.1 NMSA 1978" in Subsection C.