The New Mexico House of Representatives passed Gov. Michelle Lujan Grisham’s $1.5 billion transportation bonding package on Friday and the bill now moves to Lujan Grisham’s desk for her signature.
The legislation’s passage will allow the New Mexico Department of Transportation to address a massive backlog of road and bridge projects. Currently, there is a $7.5 billion transportation funding shortfall. More than half of the state’s roads need maintenance which is costing motorists more than $1,000 annually in vehicle repairs and wasted fuel.
“This major investment in New Mexico’s transportation infrastructure is long overdue, and I’m grateful to House leadership for approving it,” Lujan Grisham, who plans to sign the bill into law, said. “At the halfway point of the 30-day session, New Mexicans should be encouraged by the level of effort and the amount of work being done by the legislature to address our state’s needs.”
Under the bonding package, the state Transportation Commission will have the authority to issue up to $1.5 billion in bonds for projects included in the State Transportation Improvement Program. The program is a plan for regionally significant projects.
Once the bonding authority takes effect on May 20, the department of transportation immediately will begin a commission to fund priority projects.