NEW MEXICO
DEPARTMENT OF TRANSPORTATION
TRANSPORTATION COMMISSION MEETING
January 25, 2019
The Lodge at Santa Fe
750 N. St. Francis Dr.
Santa Fe, New Mexico 87501
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NEW MEXICO STATE TRANSPORTATION COMMISSION The Lodge at Santa Fe 750 N. St. Francis Dr.
Santa Fe, New Mexico 87501 January 25, 2019
8:30 am
Meeting Agenda
1. Call to Order: Ronald Schmeits, Chairmana. Pledge of Allegiance
2. Approval of Agenda: Ronald Schmeits, Chairman
3. Approval of Minutes: Regular Meeting of December 13, 2018
4. Introductions: Ronald Schmeits, Chairmana. Elected Officialsb. Commission Membersc. NMDOT Executive Staff
5. Welcoming Remarks: Ronald Schmeits, Chairman
6. Public Comment
7. Request for Approval of Governor Michelle Lujan Grisham’s Appointment of MichaelR. Sandoval as Secretary of Transportation: Ken Baca, Chief Deputy General Counsel,NMDOT
8. District Five Presentation: Paul Brasher, P.E., Acting District Five Engineer, NMDOT
9. District Two Best Practice: Timothy Parker, P.E., District Two Engineer, NMDOT
10. Staff Briefings:a. FHWA Report: J. Don Martinez, Division Administrator, FHWA
b. Secretary Report: Michael R. Sandoval, Cabinet Secretary Designate, NMDOT
11. Finance Reports - Ron Schmeits, Chairmana. Monthly Financial Report: Mallery Manzanares, Budget Director, and Acting
ASD Director, NMDOT
b. NMFA Monthly Report: Mark Lovato, Investment Manager, NMFA
c. Request for Approval of Authorizing Resolution No. 2019-02 (JAN) Extension of$50 Million Line of Credit for BNSF Requirement: Marcos B. Trujillo, ProjectOversight Division Director, NMDOT
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12. Policy Reports - Kenneth White, Chairmana. Annual Determination of Notice Provisions for Open and Closed State
Transportation Commission Meetings : Ken Baca, Chief Deputy GeneralCounsel, NMDOT
13. Adjournment
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Agenda Items 1-2
1. Call to Order: Ronald Schmeits, Chairmana)Pledge of Allegiance
2. Approval of Agenda: Ronald Schmeits, Chairman
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70 December 13, 2018
NEW MEXICO STATE TRANSPORTATION COMMISSION
MEETING
New Mexico Department of Transportation
District Three Auditorium
7500 Pan American Freeway NE
Albuquerque, New Mexico 87199
December 13, 2018
The New Mexico State Transportation Commission (STC or Commission) held a regular
meeting on December 13, 2018, at the New Mexico Department of Transportation, District Three
Auditorium, Albuquerque, New Mexico. Chairman Schmeits called the meeting to order at 8:30
a.m. Commissioner Mortensen led meeting attendees in the Pledge of Allegiance.
Approval of the STC Meeting Agenda
Chairman Schmeits asked for a motion to approve the STC meeting agenda;
Commissioner Sepich made a motion to so approve; Commissioner Mortensen seconded;
motion carried unanimously.
Approval of the STC Minutes
Chairman Schmeits asked for a motion to approve the minutes of the STC regular
meeting of September 20, 2018; Commissioner Sepich made a motion to so approve;
Commissioner White seconded; motion carried unanimously.
Elected Officials and Delegations:
The Honorable Elaine Allen, Lincoln County Commissioner, District 5
Veronica Gonzales, Cabinet Secretary, Department of Cultural Affairs
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71 December 13, 2018
State Transportation Commissioners Present:
Kenneth White, Secretary, District One
David Sepich, Commissioner, District Two
Keith Mortensen, Commissioner, District Three
Ron Schmeits, Chairman, District Four
Butch Mathews, Vice-Chairman, District Five
Billy Moore, Commissioner, District Six
NMDOT Staff Present:
Tom Church, Cabinet Secretary
Anthony Lujan, Deputy Secretary
Kenneth B. Baca, Chief Deputy General Counsel
NMDOT Staff
Welcoming Remarks
Commissioner Schmeits introduced himself and welcomed meeting attendees; the other
Commissioners followed with welcoming remarks.
Elected Officials Presentations
Jeff Pappas, Department of Cultural Affairs, gave a brief presentation on the Lincoln
Historic Site. His presentation included New Mexico’s Cultural Economy; the impact of cultural
tourism; Historic Preservation considerations; Historic Lincoln; protected status; visitor behavior;
and potential impact. There was a brief discussion between the Commissioners and Veronica
Gonzales, Cabinet Secretary, Department of Cultural Affairs.
Public Comment
Herb Marsh, Resident, Lincoln County, gave comment regarding the Lincoln Historic Site.
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72 December 13, 2018
Joyce Nesterbur, Resident, Lincoln County, gave comment regarding the Lincoln Historic
Site.
Tony Davis, Resident, Lincoln County, gave comment regarding the Lincoln Historic Site.
Request for Approval of Proposed Dedication of the Pedestrian Bridge Located at Milepoint
5.791 on FL 4685 (North Main Street) in the City of Roswell (Bridge No. 6774) as the “Sgt.
Christopher A. Sanders Memorial Bridge” and Adoption of related STC Resolution 2018-13
(DEC)
Anthony Lujan, Deputy Secretary, NMDOT, presented the proposed dedication of the
bridge located on North Main Street in the City of Roswell as the “Sgt. Christopher A. Sanders
Memorial Bridge”. On July 12, 2018, the City Council of Roswell, New Mexico, passed and
adopted Resolution No. 18-43 supporting the dedication of the pedestrian bridge over milepoint
5.791 on FL 4685 (North Main Street) in the City of Roswell (Bridge No. 6774) as a memorial to
Sgt. Christopher A. Sanders. Sgt. Christopher Sanders was a native New Mexican, born April 30,
1985. He enlisted in the U.S. Army in 2004 and served two tours of duty in Iraq during operation
Iraqi Freedom. On January 9, 2008, Sgt. Sanders, five other soldiers and their interpreter were
tragically killed when an improvised explosive device in a booby-trapped house detonated during
combat operations in Sinsil, Diyala Province, Iraq. The proposed Resolution dedicates the subject
pedestrian bridge as the “Sgt. Sanders Memorial Bridge” to honor and recognize Sgt. Sanders for
his patriotism, bravery, dedication and distinguished military service.
Chairman Schmeits asked for a motion to approve the proposed dedication of the
bridge located at Milepoint 5.791 on FL 4685 (North Main Street) in the City of Roswell
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73 December 13, 2018
(Bridge No. 6774) as the “Sgt. Christopher A. Sanders Memorial Bridge” Resolution No.
2018-13 (DEC); Commissioner Moore made a motion to so approve the proposed dedication
and adopt related STC Resolution No. 2018-13 (DEC); Commissioner Mortensen seconded;
motion carried unanimously.
District Two Presentation and Employee Recognition
Timothy Parker, P.E., District Two Engineer, NMDOT, gave a presentation regarding
District Two activities, during which he discussed the District’s various projects and maintenance
accomplishments. He also reported on the District’s Employee Recognition Program,
acknowledged the recent award winners, and introduced other District staff members in attendance
at the meeting.
District Two Best Practice
Anthony Lujan, Deputy Secretary, NMDOT, requested that the STC hold this agenda item
until the next STC meeting in January due to the unavailability of the Vaughn Patrol winners, who
were out plowing snow due to a snow storm the previous night. The Commission agreed to hold
off until the January meeting.
District One Best Patrol and Best Project
Anthony Lujan, Deputy Secretary, NMDOT, presented the District One Best Patrol and
Best Project Winners. The Silver City Maintenance Patrol was chosen as the Best Patrol. The
Best Project crew 41-45, was the winner for its repair work to the structure of 6802 located at I-10
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westbound lane milepost 95.54, which had been hit by a semi-tractor trailer causing serious
damage.
Staff Briefings
FHWA Report
J. Don Martinez, Division Administrator, FHWA, thanked Secretary Church and the STC
for the opportunity to work with and for them and delivering the transportation program for the
citizens of New Mexico. Within Federal Highway there is constant talk about stewardship
meaning the taxpayers money. It is very important from his perspective that the taxpayers get
their monies worth and get a quality product for a reasonable price. He believes that has been
done during this time. It happened because of the great direction and leadership of Secretary
Church. He publicly thanked Secretary Church for being a great working partner working with
the federal program in a very straight forward manner.
Secretary Report
Tom Church, Cabinet Secretary, NMDOT, did not have anything to report.
Finance Reports
NMDOT Monthly Financial Report
Mallery Manzanares, Budget Director and Acting ASD Director, NMDOT, presented the
NMDOT operating budget and financial report as of September 4, 2018. Current program vacancy
rates are as follows: District One, 13.99%; District Two, 22.59%; District Three, 21.84%; District
Four, 22.98%; District Five, 18.04%; District Six, 14.58%; and the total for the entire agency is
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20.17%. The current adjusted budget for Project Design and Construction (P562) is $536.7
million; Highway Operations (P563), $247.6 million; Business Operations (P564), $42.8 million;
and Modal (P565), $71.2 million. NMDOT is in good financial standing; and NMDOT’s FY18
Financial Audit was successful.
New Mexico Finance Authority (NMFA) Monthly Report
Mark Lovato, Investment Manager, NMFA, provided an update regarding NMDOT’s
Bond Series and outstanding bond debt service under NMFA management. As of November 30,
2018, there is a set aside payment of $14.7 million; interest in the amount of $117,000.00; with
the total debt service fund currently being held at $83.5 million. There is a debt service payment
coming up on December 17, 2018 for $34.9 million. The arbitrage account has $224,285.00, and
the project funds total is $8.1 million, with a draw in November in the amount of $1.2 million.
NMDOT’s line of credit is in the amount of $50 million with Wells Fargo for the BNSF escrow.
The line of credit has an expiration date at the end of the fiscal year on June 30, 2019, but NMFA
is working with Wells Fargo, as well as attorneys and NMDOT staff to renew the line of credit.
There was a brief discussion regarding the US 491 and US 550 project close outs.
Request for Approval of FY19 Budget Adjustment Requests (BARs) Nos. 9 – Federal Transit
and No. 10- WIPP
Kevin Olinger, Transit Bureau Chief, NMDOT, presented and requested approval of FY19
BAR No. 9 – Federal Transit. The BAR is required to increase budget authority in federal grants
and services for the Transit Bureau in the amount of $1,485.000. These funds will be used by the
Incorporated County of Los Alamo-Atomic City Transit for the purchase of electric buses and
vehicle charging stations. These are federal discretionary (competitive) grant funds awarded to
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NMDOT on behalf of Los Alamos from the Federal Transit Administration. These funds are 100%
federal reimbursable.
Chairman Schmeits asked for a motion to approve FY19 BAR No. 9- Federal Transit;
Commissioner White made a motion to so approve; Commissioner Mortensen seconded;
motion carried unanimously.
Rick Padilla, P.E., State Maintenance Engineer, NMDOT, presented and requested
approval of FY19 BAR No. 10- WIPP. This BAR is required to increase the contractual services
budget authority by $15 million to complete the WIPP Settlement agreement. In FY17 and FY18,
NMDOT received $34 million of federal funds pursuant to the settlement agreement and Stipulated
Final Order between the United States Department of Energy and the State of New Mexico
Environment Department (Part II, B, 33, a and c). NMDOT has expensed $19 million, therefore,
the remaining $15 million will be used on WIPP designated routes to improve and maximize safety
and pavement conditions.
Chairman Schmeits asked for a motion to approve FY1 BAR No. 10- WIPP;
Commissioner Moore made a motion to so approve; Commissioner Mathews seconded;
motion carried unanimously.
FY18 NMDOT Financial Audit
Raul Anaya, Principal, Clifton Larsen, and Natalie Romero, Senior Associate,
Clifton Larsen, presented the FY18 NMDOT Financial Audit. This is the first year Clifton Larsen
has been able to present the audit early to the Commission, the reason being the audit went very
smooth. The audit included audit opinions, audit process overview, hierarchy of deficiencies in
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internal control, review of prior year findings, major federal program, financial statements, review
of findings-federal award findings, and other findings;
Infrastructure Reports
Request for Approval of Continued Use of the “Jal Route” as a Temporary, Negotiated
Alternate Southern WIPP Route and Adoption of STC Resolution No. 2018-14 (DEC)
Rick Padilla, P.E., State Maintenance Engineer, NMDOT, presented and requested
approval of continued use of the “Jal Route” as a temporary, negotiated alternate southern WIPP
route and adoption of STC Resolution No. 2018-14 (DEC). On September 9, 2018, the DOE-
CBFO requested NMDOT extend the term of use of the temporary, negotiated alternate southern
WIPP route (the “Jal Route”) beyond the termination date of December 31, 2018 established by
the STC in Resolution No. 2018-07 (MAY). As justification for continued use of the Jal route,
instead of the existing designated southern WIPP route (US 285 to US 62/180), DOE-CBFO
identifies on-going safety concerns related to portions of US 285 as well as the anticipated impacts,
including lane shifts and detours, that will occur during a planned, multi-year, sink-hole
remediation project south of Carlsbad, adjacent to the US 285 route. The Jal route has been
identified in a NMDOT route analysis to be the preferred, alternate transportation route under
current circumstances that result in a DOE-CBFO determination that the designated route is
effectively unavailable for WIPP shipments from the south. NMDOT suggests a six-month
extension of use of the Jal route as a temporary alternate to the designated southern WIPP route,
allowing use of the Jal route until June 30, 2019, unless terminated earlier by notice.
Chairman Schmeits asked for a motion to approve the continued use of the “Jal
Route” as the temporary, negotiated alternate southern WIPP route and adoption of STC
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Resolution No. 2018-14 (DEC); Commissioner Moore made a motion to so approve;
Commissioner Sepich seconded; motion carried unanimously.
Policy Reports
Request for Approval of Proposed 2019 STC Meeting Schedule
Anthony Lujan, Deputy Secretary, NMDOT, presented and requested approval of the
proposed 2019 STC meeting schedule. According to Commission Policy 1, New Mexico State
Transportation Organization and Meetings (CP1) paragraph d (1) states at the beginning of each
calendar year, the Commission will set a meeting schedule for the year and revise if and when
needed. Regular meetings will generally be held on the third Thursday of a month when designated
to occur and extend to the following Friday if the agenda necessitates additional time. The
Commission may alter the meeting schedule at its discretion. Mr. Lujan requested the January 18,
2019 meeting on the schedule be moved to January 25, 2019 due to the upcoming Legislative
Session and other commitments.
Chairman Schmeits asked for a motion to approve the proposed 2019 STC Meeting
Schedule as amended moving the January meeting to January 25, 2018; Commissioner
Sepich made a motion to so approve as amended; Commissioner Mathews seconded; motion
carried unanimously.
Request for Approval of Proposed Amendments to Commission Policy No. 62, Additions to
and Deletions from the State Highway System (CP62)
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Stephen Thies, Assistant General Counsel, NMDOT, requested approval of proposed
amendments to Commission Policy No. 62, Additions to and Deletions from the State Highway
System (CP62). CP 62, as amended, outlines the procedure by which the Commission will consider
for approval of additions to and deletions from the state highway system. CP62 has been amended
to clarify certain provisions of the policy based upon input from a team of NMDOT subject matter
experts.
Chairman Schmeits asked for a motion to so approve the proposed amendments to
Commission Policy No. 62, Additions to and Deletions from the State Highway System (CP62);
Commissioner Mathews made a motion to so approve; Commissioner Mortensen seconded;
motion carried unanimously.
Request Approval of Proposed Amendments to Commission Policy No. 91, Alternate Bidding
Procedures for Pavement Type Selection (CP91)
Stephen Thies, Assistant General Counsel, NMDOT, requested approval of proposed
amendments to Commission Policy No. 91, Alternate Bidding Procedures for Pavement Type
Selection (CP91). CP 91, as amended, provides that alternative bidding for pavement type
selection on Federal-aid construction projects can be a suitable approach for determining pavement
types when engineering and economic analysis does not indicate a clear choice between different
pavement designs. CP 91 has been amended to clarify certain provisions of the policy based upon
input from a team of NMDOT subject matter experts.
Michael Plese, Chairman, ACPA, New Mexico Chapter, gave comment regarding CP 91,
and the amended word shall/may. As the Policy stands right now, the requirements for the
NMDOT engineering staff to proceed with the alternate bids. The change in his opinion would
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defer the decision at a time when the product is being developed a year or two in advance than
the actual bid time. So at the time the decision is made to proceed with one type of design will
not capture what is happening with the market at the time of the bid opening. Given the volatility
in asphalt prices or anything tied to real markets, he requested that the CP 91 remain enforced as
a requirement that the alternate bidding method be in place, so that the taxpayers can truly obtain
the value of an alternate bid method with current market prices at the bid opening. There was a
brief discussion between the STC and Mr. Plese, Armando Armendariz, P.E., Design and
Construction Division Director, NMDOT, and Tamara Haas, P.E., Asset Management, NMDOT.
Chairman Schmeits asked for a motion to so approve the proposed amendments to
Commission Policy No. 91, Alternate Bidding Procedures for Pavement Type Selection (CP91);
Commissioner White made a motion to so approve; Commissioner Sepich seconded; motion
carried unanimously.
Request for Approval of Proposed New Commission Policy No. 93, Transportation Asset
Management (CP 93)
Stephen Thies, Assistant General Counsel, NMDOT, presented and requested approval of
proposed new Commission Policy No. 93, Transportation Asset Management (CP 93). Section
1106 of Moving Ahead for Progress in the 21st Century (MAP-21) required States to develop and
implement a risk-based Transportation Asset Management Plan for the National Highway
System (NHS) to improve or preserve the condition of the assets and the performance of the
system. The Federal Highway Administration published a final rule, 23 CFR Part 515 which
establishes TAMP requirements, including the processes that State departments of transportation
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81 December 13, 2018
must use to develop plans and meet Federal Requirements with an effective date of October 2,
2017.
23 CFR Part 515 requires submission of an Initial TAMP by April 30, 2018 to FHWA,
which NMDOT did, and submission of a fully compliant TAMP by June 30, 2019 to FHWA. If
NMDOT does not submit to FHWA and implement a fully compliant TAMP beginning by
October 1, 2019 and each fiscal year thereafter, the maximum Federal share for National
Highway Performance Program projects and activities will be reduced to 65 percent for that
fiscal year.
CP 93 is a proposed new Commission Policy that outlines the Secretary’s responsibility
to formulate directives and procedures for the development of a comprehensive Transportation
Asset Management Plan that meets federal requirements in 23 CFR Part 515 for a risk-based,
performance-based asset management plan. Based on input from a team of NMDOT subject
matter experts, CP 93 has been created to establish policy.
Chairman Schmeits asked for a motion to so approve the proposed new Commission
Policy No. 93, Transportation Asset Management (CP 93); Commissioner Mathews made a
motion to so approve; Commissioner Mortensen seconded; motion carried unanimously.
Request for Approval of the Draft FY2018 Annual Report
Tom Church, Cabinet Secretary, NMDOT, presented and requested approval of the draft
FY2018 Annual Report. The draft annual report was presented to the Legislative Finance
Committee at the budget hearing on December 11, 2018. Publicly, Secretary Church pointed out
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that the STC has been a remarkable group to work with and he thanked the six Commissioners.
His report included the following: Governor & State Transportation Commission; NMDOT’s
organizational chart; financial; highway maintenance; highway’s & bridges; program dashboard;
active & completed projects & district operations; ports of entry; public transit; Aviation & ITS;
and Traffic Safety. He ended stating it has been an honor, he has enjoyed his 25 years and
thanked everyone for allowing him to do his job. The STC thanked Secretary Church, Anthony
Lujan, Deputy Secretary, NMDOT, and all staff for work well done.
Chairman Schmeits asked for a motion to so approve the draft FY2018 Annual
Report; Commissioner Mathews made a motion to so approve; Commissioner Mortensen
seconded; motion carried unanimously.
Chairman Schmeits commented it has been a pleasure to work with Secretary Church and
stated Secretary Church has accomplished a tremendous amount with his staff, and also thanked
his fellow Commissioners.
Commissioner Mathews commented that it has been an honor to work with Secretary
Church, he has learned a lot from him and has gained a lot of respect for employees.
Commissioner Moore commented he has learned a lot and has come to appreciate all that
NMDOT does. He stated Secretary Church and Deputy Secretary Lujan have done a tremendous
job with their leadership.
Commissioner Mortensen echoed his fellow Commissioners and thanked the District
Engineers and all NMDOT staff.
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Commissioner Sepich commented since 1987 he has served on several different
commissions, and with this one by far, Secretary Church has been the best manager/ Secretary he
has ever worked with. He encouraged the staff to keep doing a good job.
Commissioner White commented he has spent 45 years interacting with various levels of
NMDOT and has seen good commissions and secretaries over the years. At this point in time
NMDOT is operating at a really high level. He has enjoyed his time working with the STC,
which is dedicated to helping NMDOT. He expressed his appreciation for the great leadership
and the staff.
Adjournment
Chairman Schmeits asked for a motion to adjourn the regular meeting at 12:21 p.m.;
Commissioner Mathews made a motion to so adjourn; Commissioner Sepich seconded;
motion carried unanimously.
__________________________ ________________________
Chairman Secretary
Ronald Schmeits Kenneth R. White
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Agenda Items 4-5
Introductions and Welcoming Remarks: Ronald Schmeits,
Chairman
a. Elected Officials
b. Commission Members
c. NMDOT Executive Staff
22
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: Public Comment
PRESENTER:
BACKGROUND:
ACTION: No Action
24
Tab 7 Request for
Approval of
Governor Michelle
Lujan Grisham’s
Appointment of
Michael R. Sandoval
as Secretary of
Transportation
25
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: Proposed approval by the State Transportation Commission of the
appointment of Michael Sandoval as Secretary of Transportation by Governor Michelle
Lujan Grisham.
PRESENTER: Ken Baca, Chief Deputy General Counsel, NMDOT
BACKGROUND:
NMSA 1978, Section 67-3-23, requires the Governor’s appointment of the Secretary of
Transportation to be approved by the State Transportation Commission.
In addition, Commission Policy 3, Approval of Secretary, provides:
A. Upon Governor’s notice to the Commission of a person selected to be
appointed as Secretary of Transportation, the Commission shall meet to
discuss and vote its approval or disapproval.
B. Immediately following the vote to approve or disapprove the Governor’s
selection, the Chairperson shall inform the Governor of the Commission’s
decision by letter.
ACTION: The Commission is requested to unanimously approve Governor
Michelle Lujan Grisham’s appointment of Michael Sandoval as Secretary of
Transportation and to adopt Resolution No. 2019-01 (JAN).
January 25, 2019
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STATE OF NEW MEXICO
STATE TRANSPORTATION COMMISSION
RESOLUTION NO. 2019-01 (JAN)
APPROVING GOVERNOR MICHELLE LUJAN GRISHAM’S APPOINTMENT OF
MICHAEL SANDOVAL AS SECRETARY OF TRANSPORTATION
WHEREAS, Governor Michelle Lujan Grisham has appointed Michael Sandoval as Secretary-
Designate of the Department of Transportation to succeed Tom Church; and
WHEREAS, NMSA 1978, Section 67-3-23 requires that the Governor’s appointment of the
Secretary of Transportation be approved by the State Transportation Commission; and
WHEREAS, the State Transportation Commission desires to approve the appointment of
Michael Sandoval as Secretary of Transportation and is prepared to adopt and act on a resolution
to effectuate this appointment; and
NOW, THEREFORE, BE IT RESOLVED BY THE NEW MEXICO STATE
TRANSPORTATION COMMISSION that it wholeheartedly approves the appointment of
Michael Sandoval as Secretary of Transportation; and
BE IT FURTHER RESOLVED that the original of this Resolution shall be given to Mr.
Sandoval; and
BE IT FURTHER RESOLVED that a copy of this Resolution shall be sent to Governor Lujan
Grisham.
ADOPTED BY THE STATE TRANSPORTATION COMMISSION IN OPEN MEETING ON
January 25, 2019.
Commissioner ________________ moved for approval of the appointment of Michael Sandoval
as Secretary of Transportation; Commissioner ____________ seconded the motion; motion
carried unanimously.
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______________________________________
Ronald Schmeits, Chairman
District 4
_______________________________________
Butch Mathews, Vice-Chairman
District 5
_______________________________________
Dr. Kenneth White, Secretary
District 1
_______________________________________
David Sepich, Commissioner
District 2
________________________________________
Keith Mortensen, Commissioner
District 3
_________________________________________
Billy Moore, Commissioner
District 6
28
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: District Five Presentation
PRESENTER: Paul Brasher, P.E., Acting District Five
Engineer, NMDOT
BACKGROUND:
ACTION: No Action
30
Transportation Commission MeetingPaul Brasher, P.E.
Acting District Engineer
January 25, 2019
New Mexico Department
of
Transportation
District Five
31
Completed Projects
NM 30 (Santa Clara Pueblo)
Roadway ReconstructionSignalization & Lighting
$3.9 Million
32
Completed Projects
NM 68 - Taos
Pavement Preservation $2.4 Million
U.S. 84/285 - Pojoaque
Pavement Preservation $2.03 Million
NM 14 – Santa Fe
Pavement Preservation $941,588.58
33
Completed Projects
NM 68 - Taos
Pavement Preservation $2.4 Million
U.S. 64 - Shiprock
Pavement Preservation $1.17 Million
NM 68 - Taos
Pavement Preservation $2.4 Million
34
Active Projects
U.S. 84/285 (Pojoaque)
Bridge Rehabilitation $ 3.9 Million
NM 502 (Otowi)
Bridge Rehabilitation $ 3.9 Million
38
Upcoming Projects - Summer of 2019
Williams Ranch Rd. Bridge Rehab. – $1.24 Million
I-40 FR 4066 East of MoriartyNM 96 Bridge Replacement - $8.0 Million
GallinaNM 68 / U.S. 64 Phase II - $24.6 Million
Taos Urban Roadway ReconstructionNM 68 Phase II (MP 6.3-10.1) - $24.2 Million
Alcalde to Velarde – Roadway ReconstructionNM 466 (Cerrillos Rd. to St. Francis) - $2.7 Million
Santa Fe – Pavement Preservation
39
Upcoming Highlighted Projects
NM 344 Edgewood
Roadway Reconstruction / Structure Replacement $ 5.0 Million
I-25 La Bajada (MP 264.00- MP 269.00)
Pavement Preservation $ 10.0 Million
NM 14 (Cerrillos Road in Santa Fe)
ADA Improvement Project $1.25 Million
NM 30 Phase II (MP 0.0 – MP 5.2)
Roadway Reconstruction & Widening $19.4 million
40
Maintenance AccomplishmentsEmergency Response & Flood Mitigation
7,053.75 Labor Hours / $ 401,450.63
NM 76 Chimayo
NM 578 Red River
U.S. 64 Bloomfield
43
Maintenance Accomplishments
Litter Pickup
20,243 Labor Hours / $607,673.24
I-25 (La Bajada to Santa Fe)April 2018 - 4.585 Tons
44
Contract Maintenance Accomplishments
U.S. 84/285 – Santa Fe (St. Francis Drive MP 161.00 – 163.60)
• Mill & Inlay (San Mateo to Rabbit Rd.)Total Cost => $1,112,820.93
NM 41 – Estancia (MP 11.7 – 21.7)
• Hot in Place Recycled AsphaltTotal Cost => $602,236.87
U.S. 285 – South of Clines Corners (MP 241.00 - 239.00)
• Nova Chip OverlayTotal Cost => $376,764.00
U.S. 84 – Ghost Ranch to Navajo Canyon (MP 224.00 to 235.00)
• Hot in Place Recycled AsphaltTotal Cost => $888,915.32
45
Local Government Accomplishments
Sidewalk Improvements
San Juan (Kirtland)
$ 775,000.00
Sidewalk / Drive Pad Improvement
San Ildefonso Pueblo
$ 152,599.00
46
Projects In Design:
• Santa Fe Rail Trail Segment 5 Multi-use Trail– Overlay• $455,363.00
• Santa Fe Arroyo Hondo Trail Segment 4 Multi-use Trail• $1,450,000.00
• City of Santa Fe, Guadalupe Road Reconstruction (Diet)• $3,735,000.00
• City of Farmington 20th St. Sidewalk Improvements Phase III• $ 747,400.00
Local Government Accomplishments
47
Employee Recognition Program
2018 Crew of the Year – Moriarty Project Office
Lt –Rt.: Johnny Mora, Gilbert Sanchez, Marie Romero, Steve Marquez, Kim Tribble, Patrick Martinez, Michael Garcia, Consuelo Chavez, Charlie JinzoNot Shown: Andrew Alderete, Danny Apodaca
50
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: District Two Best Practice
PRESENTER: Timothy Parker, P.E., District Two
Engineer, NMDOT
BACKGROUND:
ACTION: No Action
53
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: FHWA Report
PRESENTER: J. Don Martinez, Division
Administrator, FHWA
BACKGROUND:
ACTION: No Action
55
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: Secretary Report
PRESENTER: Michael R. Sandoval, Cabinet Secretary
Designate, NMDOT
BACKGROUND:
ACTION: No Action
57
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT:
FY19 Operating Budget and Financial Report – January 1, 2019
PRESENTER: Mallery Manzanares, Acting Accounting Services Director
BACKGROUND:
ACTION: No Action
59
A B C D E F G H I J K L M O P
1 Department CAT BR Class Original Adj. 1
2 Budget Budget Dollar % Dollar % Balance % Calculation O - K 23 P562 200 119 C0000 25,388,800 - 25,388,800 - 0% 10,105,593 40% 15,283,207 60% 21,895,452 3,542,100 3
4 300 119 C0000 326,065,300 - 326,065,300 129,321,720 40% 11,211,280 3% 185,532,300 57% 156,228,791 169,836,509 4
5 400 119 C0000 185,234,900 - 185,234,900 21,622,530 12% 77,277,095 42% 86,335,275 47% 185,465,029 14,669,871 5
6 500 119 C0000 - - - - 0% - 0% - 0% - - 6
7 536,689,000 - 536,689,000 150,944,250 28% 98,593,968 18% 287,150,781 54% 363,589,273 188,048,480 7
8 8
9 P563 200 119 C0000 106,240,800 - 106,240,800 - 0% 45,856,266 43% 60,384,534 57% 99,355,243 6,829,200 9
10 300 119 C0000 49,407,600 179,500 49,587,100 10,099,008 20% 12,832,842 26% 26,655,251 54% 30,798,821 18,788,279 10
11 400 119 C0000 79,962,200 11,820,500 91,782,700 25,249,919 28% 29,027,830 32% 37,504,951 41% 69,666,792 22,115,908 11
12 500 119 C0000 - - - - 0% - 0% - 0% - - 12
13 235,610,600 12,000,000 247,610,600 35,348,927 14% 87,716,938 35% 124,544,735 50% 199,820,855 47,733,388 13
14 14
15 P564 200 119 C0000 25,340,400 - 25,340,400 - 0% 14,076,996 56% 11,263,404 44% 16,507,608 2,722,400 15
16 300 119 C0000 4,321,900 - 4,321,900 793,027 18% 670,539 16% 2,858,334 66% 1,609,294 2,712,606 16
17 400 119 C0000 13,086,300 - 13,086,300 3,003,385 23% 5,356,886 41% 4,726,028 36% 12,856,527 229,773 17
18 42,748,600 - 42,748,600 3,796,412 9% 20,104,421 47% 18,847,767 44% 30,973,429 5,664,779 18
19 19
20 P565 200 119 C0000 5,194,600 - 5,194,600 - 0% 1,865,902 36% 3,328,698 64% 4,042,787 1,164,600 20
21 300 119 C0000 31,512,800 - 31,512,800 11,922,279 38% 8,000,403 25% 11,590,118 37% 19,200,967 12,311,833 21
22 400 119 C0000 34,581,200 - 34,581,200 22,827,437 66% 1,593,765 5% 10,159,998 29% 3,825,035 30,756,165 22
23 71,288,600 - 71,288,600 34,749,716 49% 11,460,069 16% 25,078,815 35% 27,068,790 44,232,598 23
24 24
25 SubTotal 886,336,800 12,000,000 898,336,800 224,839,304 25% 217,875,397 24% 455,622,099 51% 621,452,347 285,679,244 25
26 26
27 27
28 28
29 29
30 Department CAT BR Class Original Budget Adj. 30
31 Budget Adj. Budget Dollar % Dollar % Balance % 31
32 P562 200 119 C5607 - - - - 0% - 0% - 0% 32
33 300 119 C5607 - 554,812,593 554,812,593 354,278,533 64% 140,832,526 25% 59,701,533 11% 33
34 400 119 C5607 - 20,423,747 20,423,747 13,809,033 68% 5,893,812 29% 720,902 4% 34
35 - 575,236,340 575,236,340 368,087,567 64% 146,726,339 26% 60,422,435 11% 35
36 36
37 P563 200 119 C5608 - - - - 0% - 0% - 0% 37
38 300 119 C5608 - 17,972,211 17,972,211 2,010,716 11% 9,731,091 54% 6,230,404 35% 38
39 400 119 C5608 - 11,633,641 11,633,641 1,970,047 17% 9,178,888 79% 484,706 4% 39
40 - 29,605,852 29,605,852 3,980,763 13% 18,909,979 64% 6,715,110 23% 40
41 41
42 P565 200 119 C5609 - - - - 0% - 0% - 0% 42
43 300 119 C5609 - 11,013,077 11,013,077 8,217,201 75% 1,497,308 14% 1,298,568 12% 43
44 400 119 C5609 - 18,927,312 18,927,312 9,638,904 51% 6,780,859 36% 2,507,549 13% 44
45 - 29,940,389 29,940,389 17,856,104 60% 8,278,167 28% 3,806,117 13% 45
46 46
47 Subtotal - 634,782,581 634,782,581 389,924,434 173,914,485 27% 70,943,661 11% 47
48 Total 886,336,800 646,782,581 1,533,119,381 614,763,739 391,789,883 26% 526,565,760 34% 48
49 49
Adj.
Remaining
Remaining
5/12th of Budget
Encumbrance Expense
New Mexico Department of Transportation
Encumbrance Expense
Base Budget for FY 2019 - as of 1/2/19
Multi-Year FY2018/FY2019 - as of 1/2/19
Budget
60
A B C D E F G
1 1
2 2
3 3
4 4
5 5
6 Begin FY19 +FY19 +FY19 COMBINED 6
7 OPBUD Rollover BARS FY19 BUDGET Rev/Exp PCT 7
8 Revenues 8
9 CURRENT INFLOWS 9
10 State Funds $420.1 $0.0 $12.0 $432.1 159.6$ 36.9% 10
11 FHWA Funding 368.9 473.4 0.0 842.3 135.2 16.1% 11
12 Transfer From Other Agency 3.2 0.0 0.0 3.2 0.0 0.0% 12
13 Fund Balance Reserves 17.2 122.5 0.0 139.7 0.0 0.0% 13
14 1) TOTAL INFLOWS (REVENUES): $809.4 $595.9 $12.0 $1,417.3 $294.8 20.8% 14
15 15
16 Expenditures 16
17 CURRENT OUTFLOWS: 17
18 Personnel Services $160.2 $0.0 $0.0 $160.2 71.3$ 44.5% 18
19 Contractual Services 399.0 581.6 0.2 980.8 180.4 18.4% 19
20 Other Operating Costs 94.2 14.3 11.8 120.3 42.6 35.4% 20
21 CAT 500 Transfer Out 0.0 0.0 0.0 0.0 0.0 0.0% 21
22 Debt Service 156.0 0.0 0.0 156.0 73.5 47.1% 22
23 2) TOTAL OUTFLOWS - EXPENDITURES: $809.4 $595.9 $12.0 $1,417.3 $367.8 26.0% 23
24 24
25 3) CURRENT INFLOWS MINUS OUTFLOWS (Revenues - Expenditures) ($73.0) 25
26 4) PLUS Beginning FY19 FUND BALANCE RESERVES (FY18 less Rebudgeted and RO) 30.0 26
27 5) Adjusted FY19 OPERATING FUND BALANCES ($43.0) 27
28 28
29 CASH POSITION: 29
30 Cash Balance as of 01/2/2019 $104.7 30
Actual FY19
FY2019 NMDOT Financial Summary as of January 2, 2019
UNRESTRICTED STATE ROAD FUND ONLY
(Dollars in Millions)
61
A B C D E F G
1 1
2 2
3 3
4 4
5 5
6 Begin FY19 +FY19 +FY19 COMBINED 6
7 OPBUD Rollover BARS FY19 BUDGET Rev/Exp PCT 7
8 8
9 CURRENT INFLOWS: 9
10 20200- Highway Infrastructure Fund (Restricted) $8.2 $0.0 $0.0 $8.2 $3.5 42.7% 10
11 20200- Highway Infrastructure Fund Reserves 0.0 0.0 0.0 0.0 0.0 0.0% 11
12 20300- Local Gov't Road Fund (Restricted) 22.7 0.0 0.0 22.7 8.8 38.8% 12
13 20300- Local Gov't Road Fund Reserves 0.0 15.7 0.0 15.7 0.0 0.0% 13
14 20500- Aviation Fund - Federal (Restricted) 0.0 0.0 0.0 0.0 2.1 0.0% 14
15 20500- Aviation Fund Balance Reserves 0.0 0.0 0.0 0.0 0.0 0.0% 15
16 Traffic Safety Funds (5 Restricted Funds) 2.6 1.1 0.0 3.7 0.9 24.3% 16
17 Traffic Safety Fund Balance Reserves 0.0 0.0 0.0 0.0 0.0 0.0% 17
18 10010- NHTSA Funding-(Reimbursement Basis) 15.7 8.0 0.0 23.7 10.2 43.0% 18
19 10030- FTA Funding-(Reimbursement Basis) 16.6 8.7 0.0 25.3 5.7 22.5% 19
20 89300- State Infrastructure Bank Reserves 0.0 0.0 0.0 0.0 0.0 0.0% 20
21 1) TOTAL INFLOWS (REVENUES): $65.8 $33.5 $0.0 $99.3 $31.2 31.4% 21
22 22
23 CURRENT OUTFLOWS: 23
24 Personnel Services $1.9 $0.0 $0.0 $1.9 $0.7 36.8% 24
25 Contractual Services 12.3 2.2 0.0 14.5 4.2 29.0% 25
26 Other Operating Costs 54.8 36.7 0.0 91.5 15.3 16.7% 26
27 CAT 500 Transfer Out - - 0.0 - 0.0 0.0% 27
28 Debt Service 7.9 0.0 0.0 7.9 3.6 45.6% 28
29 2) TOTAL OUTFLOWS (EXPENDITURES): $76.9 $38.9 $0.0 $115.8 $23.8 20.6% 29
30 30
31 3) CURRENT INFLOWS MINUS OUTFLOWS $7.4 31
32 4) PLUS Beginning FY19 FUND BALANCE RESERVES (FY18 less ReBudgeted & RO) $35.7 32
33 5) CURRENT FY19 OPERATING FUND BALANCES $43.1 33
34 34
35 CASH POSITION: 35
36 Cash Balance as of 01/2/2019 $62.5 36
Actual FY19
FY2019 NMDOT Financial Summary as of January 2, 2019
RESTRICTED FUNDS ONLY
(Dollars in Millions)
62
CASH BALANCES FOR OPERATING BUDGET (Balances based on data from SHARE Trial Balances on January 1, 2019)
NMDOT-FUNDS Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19
ROAD FUND (10040,20100) Unrestricted 90,521,570 106,058,744 98,073,585 60,289,689 104,245,865 175,924,725 187,904,241 162,275,297 138,005,564 122,946,143 136,957,639 120,817,398 104,658,282
LOCAL GOVT (20300) Restricted 24,199,747 24,864,806 24,087,037 23,147,962 23,188,135 22,142,719 23,716,914 24,205,150 24,205,150 25,595,105 25,389,405 26,231,201 25,374,988
HIF (20200) Restricted 1,452,194 1,267,690 1,131,181 827,625 956,491 1,596,486 2,330,782 3,054,870 2,330,157 2,543,105 2,437,133 2,748,982 2,750,551
SIB (89300) Restricted 20,411,313 20,411,313 20,430,708 20,430,708 20,474,297 20,474,297 20,512,754 20,605,983 20,605,983 20,672,790 20,672,790 20,726,110 20,726,110
AVIATION (20500) Restricted 11,041,705 11,035,309 11,399,922 11,661,893 12,159,235 11,916,292 12,210,225 12,402,246 12,402,383 13,019,743 13,179,843 13,749,712 13,604,867
TRAFF FUNDS (10020,206,207,208) Restricted 1,756,036 1,888,222 1,899,518 1,749,721 2,035,060 2,163,046 2,070,797 2,186,733 2,177,726 2,325,914 2,262,174 2,422,828 2,425,874
NHTSA (10010) Restricted (1,563,438) (2,303,559) (1,280,644) (1,626,280) (1,705,253) (2,751,071) (2,604,810) (2,041,819) (2,056,072) (3,548,509) (3,317,682) (281,679) (1,515,101)
FTA (10030) Restricted (1,040,069) (2,159,016) (2,251,250) (2,721,977) (1,224,211) (980,969) (629,696) (1,504,970) (1,556,922) (995,134) (705,103) (2,169,250) (2,753,640)
INTERLOCK (82600) Restricted 2,368,371 2,648,714 2,628,465 2,595,166 2,630,502 2,531,463 2,478,496 2,445,088 2,444,968 1,907,897 1,869,488 1,869,484 1,850,496
RESTRICTED FUND TOTALS 58,625,859 57,653,480 58,044,938 56,064,818 58,514,256 57,092,263 60,085,462 61,353,280 60,553,371 61,520,911 61,788,047 65,297,389 62,464,145
TOTAL CASH BALANCES 149,147,429 163,712,224 156,118,523 116,354,507 162,760,121 233,016,988 247,989,703 223,628,577 198,558,935 184,467,054 198,745,686 186,114,787 167,122,426
63
(Less) "Projected"
(Less) Encumbrance (Less) Unbudgeted
Fund Balances Re-Budgeted in Rollover-Non-Federal FY19 Fund Balances
NMDOT-FUNDS 6/30/2018 Begin FY19 Budget FY18/19 Budget BARS & OPRS 1/1/2019
Unrestricted:
ROAD FUND (20100)+ INVENTORY (10040) 261,035,189 (17,281,700) (122,162,556) (91,530,181) 30,060,752
Restricted Funds:
NHTSA (10010) (1,858,590) 0 0 0 (1,858,590)
DRIVER IMPROVEMENT (10020) 155,388 0 (120,605) 0 34,783
FTA (10030) (1,225,843) 0 0 0 (1,225,843)HIF (20200) 2,897,400 0 0 0 2,897,400
LOCAL GOVT (20300) 25,187,065 0 (15,677,770) 0 9,509,295
AVIATION (20500) 12,713,253 (5,009,700) (5,364,758) 0 2,338,795
MOTORCYCLE (20600) 12,966 0 (12,966) 0 0
DWI PREVENTION (20700) 453,948 0 (246,042) 0 207,906
STATE TRAFFIC SAFETY (20800) 1,440,342 0 (619,664) 0 820,678
DOE (43100) 0 0 0 0 0
SIB (89300) 21,121,354 0 0 0 21,121,354
INTERLOCK (82600) 2,489,257 (4,300) (122,314) (500,000) 1,862,643
Total Restricted Funds: 63,386,539 (5,014,000) (22,164,119) (500,000) 35,708,420
TOTAL OPERATING FUND BALANCES 324,421,728 (22,295,700) (144,326,675) (92,030,181) 65,769,172
FY19 FUND BALANCES AS OF JANUARY 1, 2019
64
Uncommitted Fund Reserves as of January 1, 2019
UNRESRICTED FUND BALANCES--- Fund 20100-State Road Fund = $30,060,752
(This is the operating fund of the department and used to account for substantially all of the department’s
financial activities. Created by section 67-3-65, NMSA 1978.)
RESTRICTED FUND BALANCES---- TOTAL= $35,708,420
Fund 20300-Local Government Road Fund = $9,509,295 (This fund accounts for construction and reconstruction of highways, streets and parking lots not on the state highway
system as well as maintenance, improvements, and construction of school bus routes and public school parking lots and
county roads. Created by Section 67-3-28.2 NMSA 1978.)
Fund 20800-State Traffic Safety Fund = $820,678 (This fund accounts for state matching monies received for various traffic safety programs. Created by Section 66-7-512,
NMSA 1978.)
Fund 20500-State Aviation Fund = $2,338,795 (This fund is used to account for planning, construction and maintenance of a system of airports, navigation aids, and
related facilities serving New Mexico. Created by Section 64-1-15, NMSA 1978.)
Fund 10010-Federal Traffic Safety Fund = ($1,858,590) (This funds accounts for federal grant monies received for various traffic safety programs from NHTSA.)
Fund 10020 – Driver Improvement Program Fund = $34,783 (Used account for the operation of a driver improvement program. Created by Executive Order 87-20.)
Fund 20700 – DWI Prevention and Education Fund = $207,906 (This fund is used to account for the operation of DWI prevention and education program for elementary and second
school students. Created by Section 66-5-35 NMSA 1978.)
Fund 89300 – State Infrastructure Fund = $21,121,354 (This fund is used to track funding, loans and repayments associated with the State Infrastructure Bank.)
Fund 20200 – Highway Infrastructure Fund = $2,897,400 (This fund is used to account for acquisition of right of ways, planning, design, engineering, construction or improvement
of state highway projects pursuant to provisions of Laws of 1998, Chapters 84 and 85.). This fund was created by NMSA
67-3-59.2.)
Fund 82600-Interlock Device Fund = $1,862,643 (This fund is used to account for the fees used to pay for interlock devices for indigent people. (Created by Section 66-8-
102.3 NMSA 1978.)
Fund 10030 – Federal Mass Transit Fund = ($1,225,843) (This fund is used to account for Urban Mass Transit Authority grant monies and state matching funds for mass transit
program activities.)
Fund 43100- Fund 43100 – WIPP Projects Fund = $0.00 (This fund is used to account for monies received from the U.S. Department of Energy for special designated roads
associated with WIPP.)
65
Commission Brief
SUBJECT: NMFA Report
PRESENTER: Mark Lovato, Investment Manager, NMFA
BACKGROUND:
ACTION: No Action
67
New Mexico Finance Authority report to State Transportation Commission
Agenda for January 25, 2019
1. NMDOT Combined Investment Summary ending December 31, 2018
2. NMDOT/NMFA Debt Service outlook to June15, 2019 payment as ofDecember 31, 2018
68
NMDOT BOND SERIES DEBT SERVICE - Portfolio Summary
Bond SeriesBeginning
BalanceBond Payment Set Aside Pmt Interest Ending Balance
Next Bond DS Pmt 6/15/2019
Final Maturity Call Date
2006 A Senior 180,900.65 (135,755.21) 304.66 45,450.10 10,000.00 12/15/2022 12/15/2016
2010 A1 Senior 1,621,937.79 (1,078,918.58) 2,709.02 545,728.23 613,175.00 12/15/2024 12/15/2020
2010 A2 Sub 7,125,434.62 (7,600,935.59) 11,901.15 (463,599.82) 635,625.00 12/15/2021 12/15/2020
2010 B Senior 52,895,994.02 1,437,747.77 88,854.61 54,422,596.40 89,613,750.00 6/15/2024 6/15/2020
2012 senior 5,600,078.89 (2,603,347.73) 9,358.41 3,006,089.57 8,337,425.00 6/15/2026 6/15/2022
2014 A Sub 3,366,479.19 (1,006,397.72) 5,627.44 2,365,708.91 5,513,375.00 6/15/2032 6/15/2024
2014 B1 Senior 1,532,274.01 (1,255,500.00) 2,566.46 279,340.47 1,534,500.00 6/15/2027 6/15/2024
2014 B2 Sub 1,110,150.65 (202,625.00) 1,856.53 909,382.18 1,919,875.00 6/15/2027 6/15/2024
2018 A Sub 10,109,268.70 (7,967,483.89) 16,897.88 2,158,682.69 11,767,250.00 6/15/2030 6/15/2028
TOTAL 83,542,518.52 (20,413,215.95) 140,076.16 63,269,378.73 119,944,975.00
NMDOT BOND SERIES PROJECT/OTHER FUNDS - Portfolio Summary
Bond SeriesBeginning
Balance Draws - Payments Interest Ending Balance
2006 A Arbitrage 224,285.21 387.39 224,672.60
2014 A Project 8,106,290.11 - 14,423.20 8,120,713.31
TOTAL 8,330,575.32 - 14,810.59 8,345,385.91
NMDOT BOND SERIES LINE OF CREDIT - Portfolio Summary
Line of CreditBeginning
BalanceDraws -
ContributionsCommitment
Fee Ending Balance
Wells Fargo 50,000,000.00 50,000,000.00
Payments - - (25,555.56) -
TOTAL 50,000,000.00 - (25,555.56) 50,000,000.00 Commitment Fees Paid $517,500
Used : 1-mo LIBOR + .77% Unued : .20%
INVESTMENT OF NM DEPT OF TRANSPORTATION BONDSNMDOT - BOND SERIES PORTFOLIO SUMMARIES
December 31, 2018
Agreement Terms
BNSF Line expires 6/30/2019
$-
$20
$40
$60
$80
$100
39.4 39.4
68.8 78.391.9
71.6
Mill
ions
NMDOT - Consolidated Investment PortfolioMarket Value
Debt Service, 63,269,379 ,
89%
Arbitrage Rebate,
224,673 , 0%
Project, 8,120,713 …
NMDOT - Breakdown by Fund
69
NMDOT/NMFA OUTSTANDING BOND DEBT SERVICEFor Period: 2st half Fiscal Year 2019
Bond Series
Amount
Oustanding as of
Dec 31, 2018
Final Maturity
Date
Principal Debt
Service Due
6/15/2019
Interest Debt
Service Due
6/15/2019
Total Debt
Service Due
6/15/2019
Debt Service held
as of 12/31/2018
Shortage /
Overage as of
12/31/2018
Fixed Rate
Bonds
2006 A Sr 500,000 12/15/22 10,000 10,000 45,450 35,450 2010 A-1 Sr 25,935,000 12/15/24 613,175 2010 A-2 Sub 25,665,000 12/15/21 635,625 1,248,800 82,128 (1,166,672)2010 B Sr 297,150,000 6/15/24 82,385,000 7,228,750 89,613,750 54,422,596 (35,191,154)2012 Sr 168,670,000 6/15/26 4,640,000 3,697,425 8,337,425 3,006,090 (5,331,335)2014 A Sub 66,335,000 6/15/32 3,855,000 1,658,375 5,513,375 2,365,709 (3,147,666)2014 B-1 Sr 61,380,000 6/15/27 1,534,500 1,534,500 279,340 (1,255,160)2014 B-2 Sub 16,595,000 6/15/27 1,505,000 414,875 1,919,875 909,382 (1,010,493)2018 A Sub 420,090,000 6/15/30 1,265,000 10,502,250 11,767,250 2,158,683 (9,608,567)
1,082,320,000 93,650,000 26,294,975 119,944,975 63,269,379 (56,675,596)
Senior Lien 553,635,000 87,025,000 13,083,850 99,495,675 Subordinate Lien 528,685,000 6,625,000 13,211,125 20,449,300 Total 1,082,320,000
Payments on Dec 15, 2018 9,140,000 25,774,756 34,914,756
TOTAL Annual DS 102,790,000 52,069,731 154,859,731
70
Tab 11c Request for
Approval of
Authorizing
Resolution No. 2019-
02 (JAN) Extension
of $50 Million Line
of Credit for BNSF
Requirement
71
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: Authorizing Resolution No. 2019-02 (JAN)
Extension of $50 Million Line Credit for BNSF Requirement
PRESENTER: Marcos B. Trujillo, Project Oversight
Division Director, NMDOT
BACKGROUND:
ACTION: Respectfully Requesting Action
72
4851-4381-8534.1
STATE OF NEW MEXICO
STATE TRANSPORTATION COMMISSION
RESOLUTION NO. 2019-__ (JAN)
AUTHORIZING EXECUTION OF AMENDMENTS EXTENDING THE
EXPIRATION DATE UNTIL JUNE 30, 2022 OF A TAXABLE LINE OF
CREDIT IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$50,000,000 BY THE NEW MEXICO FINANCE AUTHORITY FOR THE
PURPOSE OF PROVIDING FUNDS TO FINANCE CERTAIN OBLIGATIONS
OF THE NEW MEXICO DEPARTMENT OF TRANSPORTATION (THE
“DEPARTMENT”) PURSUANT TO CERTAIN AGREEMENTS BETWEEN
THE DEPARTMENT AND THE BNSF RAILWAY COMPANY;
AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS
REQUIRED IN CONNECTION WITH SUCH AMENDMENTS TO THE
TAXABLE LINE OF CREDIT ON BEHALF OF THE COMMISSION BY THE
CHAIRMAN OF THE COMMISSION AND ON BEHALF OF THE
DEPARTMENT OF TRANSPORTATION BY THE SECRETARY OF THE
DEPARTMENT.
WHEREAS, the State Transportation Commission (the “Commission”) of the State of
New Mexico (the “State”) was created under Article V, Section 14 of the New Mexico State
Constitution; and
WHEREAS, the New Mexico Finance Authority (the “Finance Authority”) is a public
body politic and corporate constituting a governmental instrumentality, separate and apart from
the State, duly organized and created under and pursuant to the laws of the State, particularly
Section 6-21-1 et seq., NMSA 1978, as amended; and
WHEREAS, pursuant to the provisions of Chapter 3, Laws 2003, adopted during the First
Special Session of the Legislature in 2003, codified in Section 67-3-59.1, .2, .3 and .4, NMSA
1978, as amended (the “GRIP Financing Legislation”), the Commission is authorized to direct
the issuance of state transportation revenue bonds (the “State Transportation Revenue Bonds”)
by the Finance Authority from time to time, payable from Federal Revenues (as defined in the
Master Indenture referred to below) and State Revenues (also as defined in the Master Indenture
referred to below) (collectively, the “Pledged Revenues”), in order to provide funds to finance
state transportation projects as specified in Sections 27 and 28 of the GRIP Financing Legislation
(the “GRIP Transportation Projects”); and
WHEREAS, as permitted by the Public Securities Short-Term Interest Rate Act
including, without limitation, Section 6-18-6 and Section 6-18-7, NMSA 1978, as amended, the
Finance Authority may, when directed and authorized by the Commission, issue the bonds
pursuant to the GRIP Financing Legislation as short-term bonds bearing a variable rate of
interest; and
WHEREAS, the Department and BNSF Railway Company (“BNSF”) had previously
entered into various agreements concerning the sale of certain right of way and other property
73
2
interests from BNSF to the Department and the operation, maintenance and use of such property
interests by BNSF and the Department (the “BNSF-NMDOT Railrunner Agreements”); and
WHEREAS, pursuant to the BNSF-NMDOT Railrunner Agreements, the Department
was required to establish an escrow account of $50,000,000 as a refundable portion of the
purchase price with respect to liability that BNSF may incur in relation to the commencement or
operation of Commuter Service, as defined in the BNSF-NMDOT Railrunner Agreements (the
“Escrow Account”); and
WHEREAS, pursuant to the GRIP Financing Legislation, the Finance Authority, as
directed and authorized by the Commission, has previously issued its Adjustable Rate State
Transportation Revenue Bonds (Subordinate Lien), Series 2006D (Taxable) (the “Series 2006D
Bonds”) for the purpose of funding the Escrow Account;
WHEREAS, pursuant to the GRIP Financing Legislation, the Finance Authority, as
directed and authorized by the Commission, has previously issued the Series 2008D Bonds for
the purpose of refunding the Series 2006D Bonds; and
WHEREAS, pursuant to that certain Escrow Agreement among BNSF, the Department
and Bank of Albuquerque, N.A. (the “Escrow Agreement”), the Department established the
Escrow Account; and
WHEREAS, the Department and BNSF have entered into the General Amendment
Agreement dated as of March 16, 2013 (the “BNSF Amendment”), amending the BNSF-
NMDOT Railrunner Agreements to allow for the replacement of the Escrow Account with a line
of credit under conditions set forth in the BNSF Amendment (the “BNSF Taxable Line”); and
WHEREAS, in 2013, the Commission and the Department determined that it was in the
interest of the Commission and the Department to establish the BNSF Taxable Line in place of
the Escrow Account; and
WHEREAS, in 2013, the Commission authorized the Finance Authority to enter into the
BNSF Taxable Line with Wells Fargo Bank, N.A. (the “Line of Credit Provider”) in an amount
not to exceed $50,000,000; and
WHEREAS, the Department, the Finance Authority and the Line of Credit Provider
entered into the BNSF Taxable Revolving Line Of Credit Agreement, dated June 14, 2013 (the
“Original Agreement”), pursuant to which the Line of Credit Provider agreed to make funds
available for deposit pursuant to the BNSF Amendment; and
WHEREAS, under the Original Agreement, the Finance Authority could, at the direction
of the Department, draw on the BNSF Taxable Line until June 30, 2016, or such later date as was
agreed to by the parties to the BNSF Taxable Line (the “Advance Termination Date”); and
WHEREAS, the Department, the Finance Authority and the Line of Credit Provider
entered into the First Amendment to the Original Agreement, dated October 2, 2015 (the
“Amended Agreement” and together with the Original Agreement, the “Amended BNSF Line of
Credit Agreement”), pursuant to which the Line of Credit Provider agreed to allow the Finance
74
3
Authority, at the direction of the Department, to draw on the BNSF Taxable Line until June 30,
2019, or such later date as may be agreed to by the parties to the BNSF Taxable Line; and
WHEREAS, the Department, the Finance Authority and the Line of Credit Provider now
desire: (i) to extend the Advance Termination Date from June 30, 2019 to June 30, 2022; and (ii)
to make certain amendments to the Amended BNSF Line of Credit Agreement in connection
with such extension (collectively, the “Amendments”); and
WHEREAS, the Commission desires to authorize the Chairman of the Commission and
the Secretary of the Department to make certain representations and to enter into the
Amendments on behalf of, respectively, the Commission and the Department in connection with
the Original Agreement and to execute certain agreements and certificates necessary, appropriate
or convenient in connection with the execution and delivery of the Amendments.
NOW, THEREFORE, IT IS RESOLVED BY THE STATE TRANSPORTATION
COMMISSION:
Section 1. Definitions; Interpretation.
(a) Definitions. Capitalized terms defined in the foregoing Recitals shall have
the same meaning when used in this Authorizing Resolution, unless the context clearly
requires otherwise. Capitalized terms not defined in the Recitals and defined in this
Section 1 shall have the same meaning when used in this Authorizing Resolution
including the foregoing Recitals, unless the context clearly requires otherwise:
(b) Interpretation. For all purposes of this Authorizing Resolution, except as
otherwise expressly provided or unless the context otherwise requires:
(i) The singular includes the plural and the plural includes the
singular.
(ii) All accounting terms not otherwise defined have the meanings
assigned to them in accordance with generally accepted accounting principles
applicable in the United States to governmental entities such as the Finance
Authority, the Commission and the Department.
(iii) All references to sections shall refer to sections of this Authorizing
Resolution.
(iv) Words importing any gender include the other gender.
Section 2. Findings and Determinations.
(a) The Commission hereby determines that it is in the best interests of the
Commission and the Department to extend the Advance Termination Date on the
Original Agreement of the BNSF Taxable Line from June 30, 2019 to June 30, 2022.
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4
(b) The Chairman of the Commission and the Secretary of the Department
shall make certain representations and to enter into the Amendments on behalf of,
respectively, the Commission and the Department in connection with the Original
Agreement and shall execute certain agreements and certificates necessary, appropriate
or convenient in connection with the execution and delivery of the Amendments.
(c) The Commission has considered all relevant information and data in
making its findings.
Section 3. Ratification of Prior Actions Taken by the Commission and the Finance
Authority; Inconsistent Actions Superseded.
Prior actions of the Commission, the Department and the Finance Authority consistent
with this Resolution are hereby ratified and approved. All acts, orders, resolutions, or parts
thereof, of the Commission that are inconsistent or in conflict with this Resolution are hereby
superseded to the extent only of such inconsistency or conflict.
Section 4. Effective Date.
The provisions of this Resolution shall become effective immediately upon its adoption
and approval.
[Signature page follows]
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5
ADOPTED IN OPEN MEETING BY THE STATE TRANSPORTATION
COMMISSION ON JANUARY 25, 2019.
Ronald L. Schmeits, Chairperson
______________________________
Dr. Kenneth R. White, Commissioner
______________________________
Keith Mortensen, Commissioner
______________________________
David Sepich, Commissioner
____________________________
Butch Mathews, Commissioner
______________________________
Billy Moore, Commissioner
ATTEST:______________________________________
Michael Sandoval, Cabinet Secretary Designate
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6
CERTIFICATE REGARDING THE RESOLUTION
OF THE NEW MEXICO STATE TRANSPORTATION COMMISSION
I, the undersigned,Ronald L. Schmeits, Chairperson of the New Mexico State
Transportation Commission (the “Commission”), DO HEREBY CERTIFY that: (i) the annexed
Resolution was duly adopted by the members of the Commission at a meeting thereof duly called
and held on January 25, 2019, at which meeting a quorum was present and acting throughout; (ii)
the annexed Resolution has been compared by me with the original thereof recorded in the
minute books of the Commission and is a correct transcript therefrom and of the whole of said
original; (iii) the annexed Resolution has not been altered, amended or repealed; and (iv) the
annexed Resolution is in full force and effect on the date of this Certificate.
IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of January, 2019.
Ronald L. Schmeits Chairperson
New Mexico State Transportation
Commission
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4848-2493-7604.4
NP DRAFT 1/16
SECOND AMENDMENT TO
BNSF TAXABLE REVOLVING
LINE OF CREDIT AGREEMENT
BY
AND
AMONG
NEW MEXICO DEPARTMENT OF TRANSPORTATION,
NEW MEXICO FINANCE AUTHORITY
AND
WELLS FARGO BANK, NATIONAL ASSOCIATION
DATED: MARCH __, 2019
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4848-2493-7604.4
SECOND AMENDMENT TO BNSF TAXABLE REVOLVING LINE OF CREDIT
AGREEMENT
This SECOND AMENDMENT to BNSF TAXABLE REVOLVING LINE OF
CREDIT AGREEMENT, dated March __, 2019 (this “Amendment”), is by and among
NEW MEXICO DEPARTMENT OF TRANSPORTATION, an agency of the State of
New Mexico (including its successors and assigns, the “Department”), having its address
at 1120 Cerillos Road, Santa Fe, New Mexico 87504, NEW MEXICO FINANCE
AUTHORITY, a public body politic and corporate, separate and apart from the State of
New Mexico, constituting a governmental instrumentality (including its successors and
assigns, the “Finance Authority”), having its address at 207 Shelby Street, Santa Fe, New
Mexico 87501-2151, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association (including its successors and assigns, the “Bank”), having its
address at 100 West Washington Street, 20th Floor, MAC S4101-204, Phoenix, AZ 85003.
Terms used herein with initial capital letters and not otherwise defined shall have the
respective meanings attributed thereto in the Agreement (as defined below).
ARTICLE I. RECITALS
WHEREAS, the Department, the Finance Authority and the Bank entered into the
BNSF Taxable Revolving Line of Credit Agreement, dated June 14, 2013 (the “Original
Agreement”), pursuant to which the Bank agreed to make funds available under the
Commitment for deposit in the Escrow Fund created pursuant to the Escrow Agreement;
and
WHEREAS, pursuant to the First Amendment to BNSF Taxable Revolving Line
of Credit Agreement, dated October 2, 2015 (the “First Amendment,” and the Original
Agreement, as amended by the First Amendment, the “Revised Agreement”), the Bank,
the Department and the Finance Authority agreed (i) to extend the Advance Termination
Date from June 30, 2016 to June 30, 2019; and (ii) made certain amendments to the
Original Agreement in connection with such extension.
WHEREAS, the Department, the Finance Authority and the Bank now desire: (i)
to extend the Advance Termination Date from June 30, 2019 to February 28, 2023; and
(ii) to make certain amendments to the Revised Agreement in connection with such
extension.
NOW, THEREFORE, in consideration of the respective agreements contained
herein and in the Agreement, and intending to be legally bound, the Department, the
Finance Authority and the Bank hereby agree as follows.
ARTICLE II. INTENTION OF PARTIES, AGREEMENT
PROVISIONS
The Department, the Finance Authority and the Bank have entered into this
Amendment pursuant to section 9.13 and section 9.21 of the Revised Agreement to,
among other matters, extend the Advance Termination Date. The terms of the Revised
Agreement, as amended by this Amendment (as so amended, the “Agreement”), shall
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4848-2493-7604.4
- 2 -
govern the rights and obligations of the Department, the Finance Authority and the Bank
in connection with the transactions contemplated by the Agreement.
ARTICLE III. AMENDMENT
The Revised Agreement is hereby amended as follows:
(a) The Table of Contents is hereby amended by adding “EXHIBIT F – Form
of Term Out Request” after “EXHIBIT E – Form of Notice of Termination or Reduction”.
(b) Section 1.1 of the Revised Agreement is hereby amended by deleting “June
30, 2019” in the definition of “Advance Termination Date” and replacing it with February
28, 2023;
(c) Section 1.1 of the Revised Agreement is hereby amended by deleting
“LIBOR Index” and replacing it with the following:
“ ‘LIBOR Index’ means, for any LIBOR Index Reset Date, the rate of
interest per annum determined by the Bank based on the rate for United
States dollars of amounts equal to or comparable to the [Advance], offered
for a term of one month, which rate appears on the display designated as
Reuters Screen LIBOR01 Page (or any successor page), determined as of
approximately 11:00 a.m., London time, for effect on the immediately
succeeding LIBOR Index Reset Date (or if such rate is not available,
another rate determined by the Bank in its discretion after giving
consideration to then prevailing market convention for determining an
index rate substitution of LIBOR for new loans originated by commercial
banks in the United States). Notwithstanding anything herein to the
contrary, during any period of time while the LIBOR Index, determined as
provided above, would be less than zero percent (0.0%), the LIBOR Index
shall be deemed to be zero percent (0.0%).”
(d) There is hereby added to Section 1.1 of the Revised Agreement each of the
following definitions, each of which is to be situated alphabetically:
“Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001), as
amended.
“ ‘Second Amendment’ means that certain Second Amendment to the
BNSF Taxable Revolving Line of Credit Agreement, dated January
__, 2019, by and among the Department, the Finance Authority and
the Bank.”
“ ‘Second Amendment Effective Date’ means March __, 2019.”
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(e) Section 2.3(c) of the Revised Agreement is hereby amended by replacing
the language currently set forth therein with the following:
“If, on an Advance Maturity Date, (i) no Event of Default hereunder has occurred
and is continuing, and (ii) the representations and warranties of the Finance
Authority and the Department set forth in Article III hereof are true and correct in
all material respects, then the Authority may request in writing (in the form
attached as Exhibit F to this Agreement) a Term Out no later than 30 days
following the date of the related Advance. Upon such written request, and so long
as no potential default or Event of Default shall have occurred and be continuing
and all representations and warranties are true and correct on the date that is 30
days after the date of the related Advance, during which Term Out, said Advance
will (A) bear interest at the Term Out Rate, payable on the first Business Day of
each month and on the Term Out End Date (and on demand following an Event of
Default hereunder) and (B) be payable in substantially equal [monthly] [quarterly]
installments on the first Business Day of each month, [commencing with the first
Business Day of the month immediately succeeding the first day of the Term Out
Period], the amount of each such installment to be determined by dividing (y) the
principal amount of said Advance outstanding on the first day of the Term Out
Period by (z) the number of months available during the Term Out Period and
applicable to said Advance (each such installment of principal to be rounded up to
the next highest $100,000), with the final installment of principal being payable no
later than the related Term Out End Date. If and to the extent that, on first day of
the Term Out Period, either one of the conditions precedent to a Term Out set forth
in sub-clauses (i) and (ii) of this Section 2.3(c) is not satisfied, the principal and
unpaid interest due on said Advance, as well as all other Obligations of the Finance
Authority and the Department hereunder and under the Note, will become due and
payable on demand; provided further that such Advances shall be due and payable
in full on the earliest of the date on which (i) a substitute liquidity facility replaces
this Agreement; or (ii) the Commitment amount is reduced to zero or such
amounts are otherwise declared due and payable pursuant to the terms of this
Agreement.”
(f) Section 3.1 of the Revised Agreement is hereby amended by adding the
following section “(s)” after the section “(r)” set forth therein:
“(s)(i) The Finance Authority is not in violation of any laws relating
to terrorism or money laundering (“Anti Terrorism Laws”),
including Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001 (the “Executive Order”), and
the Patriot Act;
(ii) The Finance Authority is not any of the following:
(1) a Person that is listed in the annex to, or is otherwise subject to
the provisions of, the Executive Order;
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(2) a Person owned or controlled by, or acting for or on behalf of,
any Person that is listed in the annex to, or is otherwise subject
to the provisions of, the Executive Order;
(3) a Person with which the Bank is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism
Law;
(4) a Person that commits, threatens or conspires to commit or
supports “terrorism” as defined in the Executive Order; or
(5) a Person that is named as a “specially designated national and
blocked person” on the most current list published by the Office of
Foreign Asset Control (“OFAC”) or any list of Persons issued by
OFAC pursuant to the Executive Order at its official website or any
replacement website or other replacement official publication of
such list;
(iii) The Finance Authority does not (1) conduct any business or engage
in making or receiving any contribution of funds, goods or services
to or for the benefit of any Person described in subsection (ii)
above, (2) deal in, or otherwise engage in any transaction blocked
pursuant to the Executive Order or (3) engage in or conspire to
engage in any transaction that evades or avoids, or has the purpose
of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law.”
(g) Section 3.2 of the Revised Agreement is hereby amended by adding the
following section “(r)” after the section “(q)” set forth therein:
“(r)(i) The Department is not in violation of any Anti Terrorism
Laws, including the Executive Order and the Patriot Act;
(ii) The Department is not any of the following:
(4) a Person that is listed in the annex to, or is otherwise subject to
the provisions of, the Executive Order;
(5) a Person owned or controlled by, or acting for or on behalf of,
any Person that is listed in the annex to, or is otherwise subject
to the provisions of, the Executive Order;
(6) a Person with which the Bank is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism
Law;
(4) a Person that commits, threatens or conspires to commit or
supports “terrorism” as defined in the Executive Order; or
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4848-2493-7604.4
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(5) a Person that is named as a “specially designated national and
blocked person” on the most current list published by OFAC or any
list of Persons issued by OFAC pursuant to the Executive Order at
its official website or any replacement website or other replacement
official publication of such list;
(iii) The Department does not (1) conduct any business or engage in
making or receiving any contribution of funds, goods or services to
or for the benefit of any Person described in subsection (ii) above,
(2) deal in, or otherwise engage in any transaction blocked pursuant
to the Executive Order or (3) engage in or conspire to engage in any
transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in
any Anti-Terrorism Law.”
(h) Section 7.1 of the Revised Agreement is hereby amended by adding the
following sections (n) and (o) at the end thereof:
“(n) Debt Moratorium. The Finance Authority or the
Department shall declare a debt moratorium or any Governmental
Authority having appropriate jurisdiction over the Finance Authority or the
Department shall make a finding or ruling or shall enact or adopt
legislation or issue an executive order or enter a judgment or decree which
results in a debt moratorium.
(o) Judgement Default. One or more final unappealable
judgments or orders, issued or rendered by a court of competent
jurisdiction, for the payment of money, and not covered by insurance, the
operation or result of which, individually or in the aggregate, equal or
exceed $15,000,000 shall be issued or rendered against the Finance
Authority or the Department, and such judgment or order shall continue
unsatisfied, unbonded, undismissed or unstayed for a period of sixty (60)
days.”
(i) The Revised Agreement is hereby amended by adding “Exhibit F” attached
to this Amendment after “EXHIBIT E – Form of Notice of Termination or Reduction”.
******************************
Unless otherwise specifically set forth herein, references hereinafter to the
Agreement shall be deemed to be references to the Revised Agreement as amended
hereby.
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ARTICLE IV. CONDITIONS TO DELIVERY OF THIS
AMENDMENT
The amendments to the Revised Agreement provided for in Article III hereof shall
become effective on the Second Amendment Effective Date; provided that each of the
following conditions shall be fulfilled to the satisfaction of the Bank:
(a) Documentation. The Bank shall have received:
(i) Executed counterparts of this Amendment, signed by the
Department and the Finance Authority;
(ii) Copies of the resolutions of the Commission and the Finance
Authority authorizing the execution and delivery of, and
performance of its respective obligations under, this Amendment,
each certified as being in full force and effect as of the Second
Amendment Effective Date; and
(iii) All other legal matters pertaining to the execution and delivery of
this Amendment shall be satisfactory to the Bank and the execution
and delivery hereof by the Bank shall constitute conclusive
evidence that all such legal matters have been completed to the
satisfaction of the Bank.
(b) Representations and Warranties True.
(i) The representations and warranties of the Department and the
Finance Authority contained in Article III of the Revised Agreement and in this
Amendment shall be true and correct with the same effect as though made on and
as of the Second Amendment Effective Date, except to the extent a representation
or warranty relates specifically to an earlier date (in which case, such
representation and warranty shall be true and correct as of such date).
(ii) In addition to the foregoing representations, the Department and the
Finance Authority hereby represent and warrant as follows:
(A) The execution, delivery and performance by the Department
and the Finance Authority of this Amendment are within their powers, have
been duly authorized by all necessary actions and do not contravene any
law or any contractual restriction binding on or affecting the Department
and the Finance Authority;
(B) No further authorization, approval or other action by, and no
notice to or filing with, any Governmental Authority or regulatory body is
required for the due execution, delivery and performance by the
Department and the Finance Authority of this Amendment;
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(C) The Department and the Finance Authority have provided,
or will cause to have provided, written notice of this Amendment to the
Commission, the Escrow Agent and BNSF; and
(D) This Amendment constitutes the legal, valid and binding
obligation of the Department and the Finance Authority and each such
document is enforceable against the Department and the Finance Authority
in accordance with its terms.
(c) Performance and Compliance. On or before the Second Amendment
Effective Date, the Department and the Finance Authority shall have performed and
complied with all agreements and conditions in the Agreement and the other Line of
Credit Documents which are required to be performed or complied with by the
Department and the Finance Authority on or prior to the Second Amendment Effective
Date.
(d) Absence of Certain Events. (i) There shall not have occurred any material
adverse change in the affairs, condition and/or operations, financial or otherwise, of the
Department and the Finance Authority since the date of the most recent financial
information provided to the Bank pursuant to Section 4.2 of the Agreement; on or prior to
the Second Amendment Effective Date, no change shall have occurred in any law, rule or
regulation or in any interpretation thereof that, in the opinion of the Bank, would make it
illegal for the Bank to execute and deliver this Amendment; and (ii) no event has occurred
which constitutes an Event of Default under the Agreement.
(e) Fees. The Department or the Finance Authority shall have paid, in
immediately available funds, on or before the Second Amendment Effective Date, the fees
of Nixon Peabody LLP as bank counsel to the Bank in the amount of $_____.
(f) Other Approvals. The Bank shall have received such other approvals,
opinions, certificates, instruments and documents as it may reasonably request.
V. MISCELLANEOUS
(a) The parties hereto acknowledge and confirm that, from and after the
Second Amendment Effective Date, any reference in the Agreement or in the other Line of
Credit Documents to the “Agreement” shall mean and refer to the Agreement as amended
hereby.
(b) Except as provided herein, the Agreement shall remain in full force and
effect and unaffected hereby except, as set forth herein, from and after the Second
Amendment Effective Date.
(c) This Amendment and the Revised Agreement, as amended hereby, shall be
subject to section 9.7 of the Agreement. In case any one or more of the provisions
contained herein should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall not in any
way be affected or impaired hereby.
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(d) This Amendment may be executed in one or more counterparts, each of
which taken together shall constitute one original and all of which shall constitute one and
the same instrument.
[Remainder of page intentionally left blank; signature pages to follow.]
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4848-2493-7604.4
S-1
IN WITNESS WHEREOF, the parties have duly executed this Amendment under seal
(if required) as of the day and year first above written.
NEW MEXICO FINANCE AUTHORITY
By:
Name:
Title:
Attest:
By:
Name:
Title:
[SEAL]
Approved for execution by Officers of the
New Mexico Finance Authority:
GILMORE & BELL, P.C., as Bond Counsel to the
New Mexico Finance Authority
By:
Name:
NEW MEXICO DEPARTMENT OF
TRANSPORTATION
By:
Name:
Title:
WELLS FARGO BANK, NATIONAL
ASSOCIATION
By:
Name:
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F-1
EXHIBIT F
FORM OF
REQUEST FOR TERM OUT
[DATE]
Dan Warren
100 W. Washington St., Floor 20
MAC: S4101-204
Phoenix, AZ 85003
Ph: 602-378-2175
Fax: 866-968-4744
Ladies and Gentlemen:
Reference is hereby made to that certain BNSF Taxable Revolving Line of Credit
Agreement, dated June 14, 2013 as amended by the First Amendment to BNSF Taxable
Revolving Line of Credit Agreement, dated October 2, 2015 and the Second Amendment to
BNSF Taxable Revolving Line Of Credit Agreement, dated March __, 2019 (collectively, the
“Agreement”), New Mexico Department of Transportation, an agency of the State of New
Mexico (including its successors and assigns, the “Department”), having its address at 1120
Cerillos Road, Santa Fe, New Mexico 87504, New Mexico Finance Authority, a public body
politic and corporate, separate and apart from the State of New Mexico, constituting a
governmental instrumentality (including its successors and assigns, the “Finance Authority”),
and Wells Fargo Bank, National Association (the “Bank”). All capitalized terms contained
herein which are not specifically defined shall have the meanings assigned to such terms in the
Agreement.
The Finance Authority hereby requests, pursuant to Section 2.3(c) of the Agreement, that
the Advance made on [DATE] be payable as provided in Section 2.3(c) with interest as provided
in Section ____.
In connection with such request, the Finance Authority hereby represents and warrants
that:
(a) no default or Event of Default has occurred and is continuing under the
Agreement; and
(b) all representations and warranties of the Finance Authority in the
Agreement are true and correct and are deemed to be made on the date hereof.
We have enclosed along with this request the following information:
1. The date and amount of the Advance;
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F-2
2. The nature of any and all defaults and Events of Default; and
3. Any other pertinent information previously requested by the Bank.
Very truly yours,
NEW MEXICO FINANCE AUTHORITY
By Name Title
90
Tab 12a Annual
Determination of
Notice Provisions for
Open and Closed
State Transportation
Commission
Meetings
91
Form No. A-1235 New 10/07/10
Commission Brief
SUBJECT: Annual determination of notice provisions for open and closed State
Transportation Commission meetings pursuant to NMSA 1978, Section 10-15-1(D) of the
Open Meetings Act.
PRESENTER: Ken Baca, Chief Deputy General Counsel, NMDOT
BACKGROUND: NMSA 1978, § 10-15-1(D) provides as follows:
"Any meetings at which the discussion or adoption of any proposed resolution, rule,
regulation or formal action occurs and at which a majority or quorum of the body is in
attendance, and any closed meetings, shall be held only after reasonable notice to the
public. The affected body shall determine at least annually in a public meeting what notice
for a public meeting is reasonable when applied to that body. That notice shall include
broadcast stations licensed by the federal communications commission and newspapers of
general circulation that have provided a written request for such notice."
The Commission has previously adopted CP 1, New Mexico State Transportation
Commission Organization and Meetings, which sets forth guidelines regarding the
organization and meetings, both open and closed, of the Commission. Accordingly, it is
appropriate for the Commission to reaffirm the specific notice provisions for public
meetings required by Section 10-15-1(D), NMSA 1978.
Section E of the current Commission Policy 1 provides:
1. Notice of date, time, place, and proposed agenda availability for regular monthly
meetings shall be given ten days in advance of the meeting date by placing a notice
in at least one newspaper of statewide general circulation and, if publishing
deadlines permit following the Chair’s approval of the agenda, in at least one
newspaper of general circulation within the meeting’s geographical location.
Concurrently, notice shall be mailed to those broadcast stations licensed by the
Federal Communications Commission and newspapers of general circulation, which
have made a written request for such notice.
92
Form No. A-1235 New 10/07/10
2. Notice of date, time, place, and agenda availability for special meetings shall be
given three days in advance of the meeting date by placing a notice in at least one
newspaper of statewide general circulation and in at least one newspaper of general
circulation within the meeting’s geographical location. Concurrently, telephonic
notice shall be made to those broadcast stations licensed by the Federal
Communications Commission and newspapers of general circulation, which have
made a written request for such notice.
3. Notice of date, time, place, and agenda availability for emergency meetings shall be
given as far in advance as practicable before the meeting date and time.
4. Notices shall state that reasonable accommodations will be made for disabled
individuals wishing to attend open meetings in accordance with the “Americans
with Disabilities Act”.
ACTION: Staff requests that the Commission take action to set notice provisions
for open and closed State Transportation Commission meetings pursuant to Section 10-
15-1(D), NMSA 1978.
January 25, 2018
93