NM Stat § 6-21-6.12 (2021)
2021 New Mexico Statutes|Chapter 6 - Public Finances|Article 21 - Finance Authority|Section 6-21-6.12 - Local government transportation fund; created; distributions.

A. The "local government transportation fund" is created within the authority. The fund shall be administered by the authority as a separate account, but may consist of subaccounts if the authority deems them necessary to carry out the purpose of the fund. The fund shall consist of general fund appropriations and severance tax bond proceeds appropriated to the fund and, except as provided in Subsection E of this section, all earnings of the fund. B. Except as provided in Subsection D of this section, upon certification by the department of transportation that a project has been approved for payment and upon compliance with the requirements of this section, money in the fund shall be distributed to local governments for projects specifically authorized by the legislature. The authority shall issue payment to the local government named in the project application and certification or to the federal department of transportation, acting as the fiscal agent for the local government. C. Except as provided in Subsection D of this section, distributions from the fund shall be made pursuant to the following criteria: (1) projects shall be funded in the order that a completed application from a local government is received if the application shows, to the satisfaction of the department, that the project is ready to proceed and that the local government has, or will timely have, the required match for the distribution; (2) distributions from the fund shall be used to pay no more than the state's portion of the total cost necessary to develop and construct the project as presented in the approved application; (3) to qualify for funding, a local government shall apply for funding through the department of transportation's regional or metropolitan planning organizations; (4) a local government shall show, to the satisfaction of the department of transportation, that it will match the distribution from the local government transportation fund in the following amounts: (a) for a project with a total cost of less than five hundred thousand dollars ($500,000), the local government shall contribute ten percent of the total project cost; (b) for a project with a total cost of five hundred thousand dollars ($500,000) or greater, but less than or equal to one million dollars ($1,000,000), the local government shall contribute twenty percent of the total project cost; (c) for a project with a total cost greater than one million dollars ($1,000,000), but less than or equal to six million dollars ($6,000,000), the local government shall contribute thirty-five percent of the total project cost; and (d) for a project with a total project cost greater than six million dollars ($6,000,000), the local government shall contribute forty-five percent of the total project cost; and (5) in determining the sufficiency of a local government's matching contribution, the department shall consider actual funds, in-kind contributions, preconstruction design and development costs and other related expenditures made in the furtherance of the project. Matching fund sources may be any money available to the local government for the project, including: (a) grants or loans by the authority from the local transportation infrastructure fund; (b) appropriations from local government road funds; (c) community development block grants; and (d) available federal funds. D. Notwithstanding the requirements of Subsections B and C of this section, up to five hundred thousand dollars ($500,000) of the fund may be expended by the department of transportation for engineering and design services to develop the projects funded with distributions from the fund without a requirement for a local match. E. Earnings from investing the fund are subject to appropriation by the legislature to the department of transportation to be used for payment of administrative costs associated with the fund, including payment for engineering costs. F. As used in this section: (1) "fund" means the local government transportation fund; and (2) "local government" means a municipality acting within its planning and platting jurisdiction, a county or an Indian nation, tribe or pueblo. History: Laws 2007 (1st S.S.), ch. 3, § 2; 2008, ch. 35, § 1. ANNOTATIONSThe 2008 amendment, effective February 28, 2008, in Subsection B, authorized payment to the federal department of transportation, acting as the fiscal agent for the local government.