There is hereby appropriated for each of the thirty-fifth and thirty-sixth fiscal years the sum of nineteen million dollars ($19,000,000) or so much thereof as is necessary for the purpose of carrying out the provisions of the laws relating to the issue, sale and payment of state highway debentures and the interest thereon; for the construction, maintenance and improvement of public highways under the direction of the state transportation commission; for the purchase of equipment therefor; for cooperation with the United States in the construction of roads under the federal aid road law and other laws; and for the payment of salaries and other expenses incurred by the state transportation commission pursuant to law.

The appropriations shall be paid only out of the money in the state treasury to the credit of the state road fund and that may be placed to the credit of said fund, special road funds and funds from time to time set aside for the payment of the principal of and interest on state highway debentures and money received by the state treasurer from allotments of appropriations by congress for road construction or other purposes, from sales of state highway debentures, from special road tax levies and other money provided by law to be expended under the direction of the state transportation commission.

History: 1941 Comp., § 58-264, enacted by Laws 1947, ch. 118, § 1; 1953 Comp., § 55-2-47; 2003, ch. 142, § 62.

The 2003 amendment effective July 1, 2003, added the section heading; and substituted "state transportation commission" for "state highway commission".

Compiler's notes. — This section, 67-3-58 and 67-3-59 NMSA 1978 are deemed to supersede Laws 1939, ch. 74, which reads exactly as Laws 1947, ch. 118, except that the annual appropriation was $15,000,000.

The appropriation made by this section is continued past the thirty-sixth fiscal year by 67-3-59 NMSA 1978.

Bond issues. — Laws 1955, ch. 269, § 1, as amended by Laws 1961, ch. 115, § 1, authorizes the state highway commission (now state transportation commission) to sell debentures not exceeding $20,000,000 to mature 25 years from date for constructing and improving state highways, and includes procedure for sale and payment of such debentures.

Laws 1965, ch. 93, authorizes the state highway commission (now state transportation commission) to sell debentures not exceeding $20,000,000 to mature 25 years from date for constructing and improving state highways, and includes procedure for sale and payment of such debentures.

Laws 1968, ch. 54, approves the state highway commission (now state transportation commission) issue of debentures of $1,125,000 under powers of Laws 1965, ch. 93, for construction or improvement of state secondary highways, and states certain conditions.

Laws 1969, ch. 230, § 1, approves the state highway commission (now state transportation commission) issue of debentures of $2,000,000 under powers of Laws 1965, ch. 93, for construction or improvement of state secondary highway system, and states certain conditions.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 40 C.J.S. Highways § 176.