Bill > HB240

This bill amends the Drinking Water State Revolving Loan Fund Act to enhance the New Mexico Finance Authority's ability to provide financial support for drinking water infrastructure. The bill updates definitions, clarifies the administration of the drinking water state revolving loan fund, and expands the financial assistance options for local authorities. Key provisions include allowing the authority to provide grants for drinking water facility construction or rehabilitation, extending loan repayment periods (up to 40 years for disadvantaged communities), and establishing more flexible criteria for financial assistance. The bill also redistributes duties between the New Mexico Finance Authority and the Department of Environment, requiring them to coordinate on application procedures, funding cycles, and annual reporting. Additionally, the bill renews the authority's ability to transfer up to one-third of certain grants between the drinking water and wastewater facility funds, subject to legislative reporting and approval. The overall goal is to improve drinking water infrastructure support by providing more comprehensive financial tools and clearer guidelines for local authorities seeking assistance for drinking water facility projects.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=240&year=25