SANTA FE, NM — Governor Michelle Lujan Grisham’s $1.5 billion transportation bonding package has been signed into law, positioning the state to tackle a massive backlog of road and bridge projects. The bonding package creates a funding source for state road construction for years to come.
“This major investment in New Mexico’s transportation infrastructure is long overdue, and I’m grateful to House leadership for approving it," Grisham said. “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.”
Key sponsors of the bonding package include Senators Roberto “Bobby” J. Gonzales, George K. Muñoz, Pete Campos, and Benny Shendo Jr., along with Representative Art De La Cruz, who chairs the House Transportation, Public Works and Capital Improvements Committee, House Majority Whip Day Hochman-Vigil, and Representative Patty Lundstrom.
The bonding package grants the New Mexico Department of Transportation's State Transportation Commission authority to issue up to $1.5 billion in bonds to fund projects included in the state’s official plan for regionally significant projects. It will generate at least $70 million each year in new, recurring revenue without raising fuel taxes.
This investment helps address the state’s $7.5 billion transportation funding shortfall, which has resulted in more than half of the state’s roads needing maintenance and costing New Mexico drivers more than $1,000 per year in vehicle repairs and wasted fuel.
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Senate Majority Leader Peter Wirth prioritized the legislation, helping push it through the Senate during the session’s first week. House Speaker Javier Martinez maintained the same momentum in the House during the second week of the session.
“Investing in our highways and infrastructure through responsible bonding will help create jobs, improve safety, and ensure New Mexico’s transportation system meets the needs of our communities,” Gonzales said. “The bond authority will create a stable and predictable funding source and reduce ongoing dependency on one-time appropriations.”
