SANTA FE, New Mexico – New Mexico lawmakers have approved Senate Bill 2 on Friday for the $1.5 billion transportation bonding package. The passage paved the way for the state to address a massive backlog of road and bridge projects without raising fuel taxes.
The approved bill is now in the office of Governor Michelle Lujan Grisham, who is set to sign it into law.
Under the bill, the State Transportation Commission can issue up to $1.5 billion in bonds to fund projects under the State Transportation Improvement Program, New Mexico’s official list of regionally significant road and infrastructure projects. Once implemented, the measure is expected to generate at least $70 million in new, recurring transportation revenue annually.
‘Long overdue on transport funding.’
“This major investment in New Mexico’s transportation infrastructure is long overdue,” Lujan Grisham said. She thanked lawmakers for moving the measure midway through the 30-day legislative session.
Supporters of SB 2 say it is a long-overdue measure to address New Mexico’s transportation funding crisis. Officials estimated a roughly $7.5 billion gap between existing funds and the amount needed to maintain and improve the state’s roads and bridges. Under the bill, the state would authorize bonding and other revenue mechanisms to address this shortfall.
More than half of New Mexico’s roads are rated in poor or mediocre condition.
Motorists lose billions to poor road conditions
New Mexico drivers, according to A National Transportation Research Nonprofit, lost some $3.3 billion annually due to deteriorating roads and bridges. Urban motorists have borne as much as $3,061 annually due to higher vehicle operating costs from poor road conditions, the financial costs of road crashes, and traffic delays.
The report, New Mexico Transportation by the Numbers: Meeting the state’s need for safe, smooth, and efficient mobility, details road and bridge conditions, highway safety data, and cost breakdowns for Albuquerque, Las Cruces, Santa Fe, and the state.
Key sponsors
The bill was a priority measure for the session, according to Senate Majority Leader Peter Wirth. House Speaker Javier Martinez, on his part, sustained the momentum in the House that helped secure its swift passage.
Key sponsors of the bill include Senators Roberto J. Gonzales, George K. Muñoz, Pete Campos, and Benny Shendo Jr. Representative Art De La Cruz, chair of the House Transportation, Public Works, and Capital Improvements Committee, also sponsored the bill. House Majority Whip Day Hochman-Vigil and Representative Patty Lundstrom co-sponsored the measure.
Gonzales said the bill is necessary to invest in “our highways through responsible bonding. It will help create jobs, improve safety, and meet the needs of our communities.”
On his part, De La Cruz said the measure was a move in the right direction.
It would enable long-delayed measures to improve roads, bridges, and other transportation infrastructure, rather than relying on one-time appropriations, he said.
Once signed, the package is expected to reshape New Mexico’s transportation funding.