Information about GRIP Debt

Governor Richardson’s Investment Partnership was created with enactment of House Bill 15 during the 2003 special legislative session. This partnership – between the Department of Transportation and the NMFA – is a $1.6 billion statewide transportation expansion and infrastructure improvement initiative financed by the issuance of tax-exempt bonds into the Municipal Capital Markets. While most GRIP funds have been used for highway projects, implementation of Rail Runner Commuter Rail service between Santa Fe and Albuquerque / Belen has been an important GRIP initiative in upgrading New Mexico’s transportation infrastructure.Through December 2009, NMFA has issued $2.181 billion in bonds on behalf of NMDOT under the GRIP legislation. $1.165 billion of the issued bonds are “new money” issues counted against the $1.6 billion authorized for infrastructure expansion and improvement. The other $1.016 billion in bond issuance under GRIP has been in the form of refunding of outstanding bonds at lower interest rates in order to secure savings by reducing annual debt service. $200 million in additional “new money” GRIP bonds are expected to be issued during 2010.

NMFA GRIP bonds are a strong Triple A credit (Rating Agency Reports).  Links to information about GRIP bonds issued by NMFA for NMDOT can be found within the NMFA Investor Resources to the left. Each GRIP bond issued requires an Official Statement that provides detailed information about the NMDOT, including sources of revenue used to pay GRIP financing costs. Links to Official Statements and Debt Service schedules for GRIP bonds can be found on the NMFA Investor Resources home page.