2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 21 - Finance Authority
Section 6-21-6.1 - Public project revolving fund; appropriations to other funds.
A. The authority and the department of environment may enter into a joint powers agreement pursuant to the Joint Powers Agreements Act [11-1-1 to 11-1-7 NMSA 1978] for the purpose of describing and allocating duties and responsibilities with respect to creation of an integrated loan and grant program to be financed through issuance of bonds payable from the public project revolving fund. The bonds may be issued in installments or at one time by the authority in amounts authorized by law. The aggregate amount of bonds authorized and outstanding pursuant to this subsection shall not be greater than the amount of bonds that may be annually repaid from an amount not to exceed thirty-five percent of the governmental gross receipts tax proceeds distributed to the public project revolving fund in the preceding fiscal year. The net proceeds may be used for purposes of the water and wastewater planning fund and the water and wastewater project grant fund as specified in the New Mexico Finance Authority Act or for purposes of the Wastewater Facility Construction Loan Act [Chapter 74, Article 6A NMSA 1978], the Rural Infrastructure Act [Chapter 75, Article 1 NMSA 1978], the Solid Waste Act [74-9-1 to 74-9-42 NMSA 1978] or the Drinking Water State Revolving Loan Fund Act [6-21A-1 to 6-21A-9 NMSA 1978].
B. Public projects funded pursuant to the Wastewater Facility Construction Loan Act, the Rural Infrastructure Act, the Solid Waste Act or the Drinking Water State Revolving Loan Fund Act shall not require specific authorization by law as required in Sections 6-21-6 and 6-21-8 NMSA 1978.
C. At the end of each fiscal year, after all debt service charges, replenishment of reserves and administrative costs on all outstanding bonds, notes or other obligations payable from the public project revolving fund are satisfied, an aggregate amount not to exceed thirty-five percent of the governmental gross receipts tax proceeds distributed to the public project revolving fund in the preceding fiscal year less all debt service charges and administrative costs of the authority paid in the preceding fiscal year on bonds issued pursuant to this section may be appropriated by the legislature from the public project revolving fund to the following funds for local infrastructure financing:
(1) the wastewater facility construction loan fund for purposes of the Wastewater Facility Construction Loan Act;
(2) the rural infrastructure revolving loan fund for purposes of the Rural Infrastructure Act;
(3) the solid waste facility grant fund for purposes of the Solid Waste Act;
(4) the drinking water state revolving loan fund for purposes of the Drinking Water State Revolving Loan Fund Act;
(5) the water and wastewater project grant fund for purposes specified in the New Mexico Finance Authority Act; or
(6) the water and wastewater planning fund for purposes specified in the New Mexico Finance Authority Act.
D. The authority and the department of environment in coordination with the New Mexico finance authority oversight committee may recommend annually to each regular session of the legislature amounts to be appropriated to the funds listed in Subsection C of this section for local infrastructure financing.
History: Laws 1994, ch. 145, § 2; 1995, ch. 141, § 17; 1996, ch. 52, § 2; 1997, ch. 144, § 11; 1999, ch. 186, § 1; 2002, ch. 26, § 1.
ANNOTATIONSCross references. — For distributions to the public projects revolving fund from the governmental gross receipts tax, see 7-1-6.38 NMSA 1978.
For solid waste facility grant fund, see 74-9-41 NMSA 1978.
For rural infrastructure revolving loan fund, see 75-1-3 NMSA 1978.
For water and wastewater planning fund, see 6-21-6.4 NMSA 1978.
For water and wastewater project grant fund, see 6-21-6.3 NMSA 1978.
The 2002 amendment, effective March 4, 2002, added "water and wastewater planning fund and the" in the last sentence of Subsection A and added Subsection C(6).
The 1999 amendment, effective April 6, 1999, in Subsection A added the next-to-last sentence and in the last sentence inserted the language beginning "the water" and ending "purposes of", and in Subsection C added Paragraph (5) and made related stylistic changes.
The 1997 amendment, effective June 20, 1997, inserted "or the Drinking Water State Revolving Loan Fund Act" following "the Solid Waste Act" in Subsections A and B; added Subsection C(4); and made minor stylistic changes throughout the section.
The 1996 amendment, effective May 15, 1996, rewrote Subsection A.
The 1995 amendment, effective April 5, 1995, added Subsections A and B, redesignated former Subsections A and B as Subsections C and D, substituted the language beginning "At the end of the end of each fiscal year" for "In any fiscal year" and substituted "the preceding fiscal year less all debt service charges and administrative costs of the authority paid in the preceding fiscal year on bonds issued pursuant to this section may be appropriated" for "that fiscal year shall be available for appropriation" in Subsection C, and inserted "and the department of environment" and substituted "Subsection C" for "Subsection A" in Subsection D.
