24-60-1701.  Execution of compact. The general assembly hereby approves 

 and the governor is authorized to enter into a compact on behalf of this state 

 with the state of New Mexico in the form substantially as follows: 

                   "CUMBRES AND TOLTEC SCENIC RAILROAD COMPACT 

      The state of New Mexico and the state of Colorado, desiring to provide for 

 the joint acquisition, ownership and control of an interstate narrow gauge 

 scenic railroad, known as the Cumbres and Toltec scenic railroad, within Rio 

 Arriba county in New Mexico and Archuleta and Conejos counties in Colorado, to 

 promote the public welfare by encouraging and facilitating recreation and by 

 preserving, as a living museum for future generations, a mode of transportation 

 that helped in the development and promotion of the territories and states, and 

 to remove all causes of present and future controversy between them with 

 respect thereto, and being moved by considerations of interstate comity, have 

 agreed upon the following articles: 

                                    Article I 

      The states of New Mexico and Colorado agree jointly to acquire, own and 

 make provision for the operation of the Cumbres and Toltec scenic railroad. 

                                   Article II 

      The states of New Mexico and Colorado hereby ratify and affirm the 

 agreement of July 1, 1970, entered between the railroad authorities of the 

 states. 

                                   Article III 

      The states of New Mexico and Colorado agree to make such amendments to the 

 July 1, 1970, agreement and such other contracts, leases, franchises, 

 concessions or other agreements as may hereafter appear to both states to be 

 necessary and proper for the control, operation or disposition of the said 

 railroad. 

                                   Article IV 

      The states of New Mexico and Colorado agree to the consideration of the 

 enactment of such laws or constitutional amendments exempting the said railroad 

 or its operations from various laws of both states as both states shall 

 hereafter mutually find necessary and proper. 

                                    Article V 

      Nothing contained herein shall be construed so as to limit, abridge or 

 affect the jurisdiction or authority, if any, of the interstate commerce 

 commission over the said railroad, or the applicability, if any, of the tax 

 laws of the United States to the said railroad or its operations."