Bill > HB33

This bill amends the New Mexico Finance Authority's powers and duties regarding project financing, specifically changing the approval process for certain projects. Previously, state projects receiving financing assistance from the Economic Development Revolving Fund (a fund used to help eligible entities finance projects) required approval by law, while "standard projects" (projects not classified as state projects) were approved by the authority and an oversight committee. This bill mandates that starting July 1, 2019, all standard projects will also require approval by law, aligning them with the existing requirement for state projects. The bill also outlines various powers the authority has to implement its financing program, including issuing revenue bonds, making loans, participating in loans, providing loan guarantees, and entering into necessary contracts, all while ensuring safeguards for public money and requiring reporting on fund expenditures and project progress.