New Mexico Department of Transportation Bonds
Since 2004, the New Mexico Finance Authority has issued bonds on behalf of the New Mexico State Transportation Commission and the New Mexico Department of Transportation (NMDOT) under the GRIP program. NMDOT bonds are issued to fund transportation infrastructure projects in the State of New Mexico for such projects as highways, bridges, and the RailRunner commuter train. Previously, the State Transportation Commission and NMDOT issued New Mexico State Highway Commission bonds and these carry over bonds into the GRIP program are designated as Closed Lien bonds.
Through the Finance Authority’s website, interested parties are able to view bond specific information about NMDOT GRIP bonds and carry over Closed Lien bonds including the following information:
- NMDOT Senior Lien Official Statements
- NMDOT Subordinate Lien Official Statements
- NMDOT Pre-2004 Closed Lien Official Statements
- NMDOT Debt Service Schedules
- NMDOT Rating Agency Reports & Letters
Additionally, the Finance Authority provides on its website certain other information about the NMDOT and revenues projected to support the GRIP bond program that enable the GRIP bonds to be highly rated by Standard & Poor’s and by Moody’s including:
Note that in viewing information about NMDOT bonds, consideration should be given to the following disclaimer:
While NMDOT GRIP bonds are issued by the Finance Authority as New Mexico Finance Authority State Transportation Revenue bonds, GRIP bonds are issued at the direction of the State Transportation Commission and the State of New Mexico. No Finance Authority assets or revenues are pledged in support of the GRIP bonds. Pledged revenues are the sole source of repayment of the bonds. Pledged revenues include State Road Fund revenues and certain Federal revenues.
State Road Revenues include revenues from Gasoline Excise Taxes, Special Fuel Excise Tax, Weight Distance Tax, Motor Vehicle Registration Fees, and, through the New Mexico Highway Infrastructure Fund, Lease Vehicle Gross Receipts Taxes and Tire Recycling Fees. The State Road Fund does not receive General Appropriations from the State as a component of Pledged Revenues. Further information about State Road Fund pledged revenues and about Federal revenues that can be used for GRIP bond debt service can be found in any of the Official Statements for which there are links above.
Questions about NMDOT infrastructure development plans, plans to issue or modify GRIP bonds outstanding, and future revenue projections are best addressed to the Department (NMDOT).