Bill > HB351

This bill appropriates $200 million from the state's general fund to provide zero-interest loans to political subdivisions in Chaves County that have been approved for federal public assistance funding. These loans are specifically designed to help communities replace or repair public infrastructure damaged by flooding or debris flows resulting from a storm event on October 19, 2024. The loans will be administered by the board of finance division of the department of finance and administration during fiscal years 2026 and 2027. Recipients will be required to sign a contract stipulating that they must first repay the loan using federal funding they receive for the project. Any remaining unspent or unobligated funds at the end of fiscal year 2027 will be returned to the general fund. This approach allows local governments to quickly access funds for critical infrastructure repairs while ensuring they ultimately use federal disaster assistance to reimburse the state loan.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=351&year=25