Sat. Jul 20th, 2024

NEW MEXICO DEPARTMENT OF TRANSPORTATION TO RECEIVE POSSIBLE $234.6 MILLION IN NEW BOND

Legislation introduced in the state Senate will enable the New
Mexico Department of Transportation (NMDOT) to issue $234.6 million in transportation bonds to support projects statewide.

“Road construction and maintenance projects put New Mexicans back to work with good paying jobs and pave the way for safer driving conditions for everyone,” said Transportation Secretary Mike Sandoval. “While building new roads gets more attention, maintaining and repairing our existing roads is just as important.  There are thousands of miles of roads
throughout our state in desperate need of repair. This bill would provide the additional funding needed to address the backlog of postponed or overdue road improvement projects.”

Senate bill 121 requests authorization for the New Mexico Finance
Authority to issue bonds on behalf of the Department of Transportation to fund projects throughout the state.

Advantages to passing the Bond bill include:
*   More job opportunities
*   Increased safety on the roadways
*   Road improvements reduce congestion which leads to reduction in green-house gas emissions
*   Solid infrastructure attracts business
*   Projects provide an opportunity to install conduit to support the
state’s broadband initiatives

“The Bond bill is one of our top priorities this legislative session,”
adds Sandoval. “The Department has projects that are shovel ready and this bill will provide the additional funding needed to move them off the shelf and into production to help local economies.”

Bonds allow state agencies to borrow large amounts of money, funded by taxpayers to pay for capital improvement projects. Payments with interest are spread out over time.

“Interest rates are at all-time lows and the bond proceeds will provide a significant boost to the current economy,” said Sandoval. “The department and the state have excellent credit ratings that will allow us to receive a great interest rate with minimal impact to our current budget.” adds Sandoval.

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