Bill > SB215

This bill amends existing law to ensure that any "program income" earned by a political subdivision (like a city or county) from money loaned to it for disaster relief is deposited into the Natural Disaster Revolving Fund. Program income is defined broadly to include money generated from activities supported by these loans, such as fees for services, rental of property bought with loan funds, sale of items made with loan funds, license fees, royalties, and interest earned on the loaned money or program income itself. The bill also clarifies that loans for disaster relief are made pursuant to specific prior laws (Laws 2023, Chapter 2, Section 1 or Laws 2024 (1st S.S.), Chapter 1, Section 2). The purpose of the Natural Disaster Revolving Fund is to provide loans to political subdivisions and electric cooperatives that have been approved for federal disaster funding. This change aims to replenish the fund with any earnings generated from these disaster relief loans, making those funds available for future disaster recovery efforts. The bill declares an emergency, meaning it will take effect immediately upon passage.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=215&year=26