Bill > SB34

This bill establishes a "broadband infrastructure fund" within the state treasury, which will be managed by the Department of Information Technology. This fund will be used to provide matching funds, specifically fifty percent of the cost, for federal grants aimed at expanding broadband infrastructure in rural areas of New Mexico, excluding infrastructure intended for individual retail customers. The fund will be replenished through legislative appropriations, federal grants, investment income, and other sources, and any money within it will not expire at the end of a fiscal year. Additionally, the bill appropriates ten million dollars from the general fund to this broadband infrastructure fund for fiscal year 2015 and beyond, specifically to help secure federal funding for rural broadband projects.