SANTA FE, N.M. (AP) — New Mexico has struck a deal to keep its commuter rail system on the right fiscal track.
The Albuquerque Journal reports officials say the state broke even last week on the refinancing of about $420 million in debt, smoothing out the annual payments New Mexico must make on construction of the New Mexico Rail Runner Express.
Without the refinancing, the state Department of Transportation's annual payments could have climbed from about $30 million now to near $110 million in 2025 and 2026.
Now the payments are expected to top out at $40 million. The state, in turn, has added three years to the term of the debt, meaning it will be paid off in 2030 rather than 2027.
The Rail Runner connects Belen, Albuquerque and Santa Fe.