Section 6-21-6.1 - Public project revolving fund; appropriations to other funds.
6-21-6.1. Public project revolving fund; appropriations to other funds.
A. The authority and the department of environment may enter into a joint powers agreement pursuant to the Joint Powers Agreements Act [11-1-1 NMSA 1978] for the purpose of describing and allocating duties and responsibilities with respect to creation of an integrated loan and grant program to be financed through issuance of bonds payable from the public project revolving fund. The bonds may be issued in installments or at one time by the authority in amounts authorized by law. The aggregate amount of bonds authorized and outstanding pursuant to this subsection shall not be greater than the amount of bonds that may be annually repaid from an amount not to exceed thirty-five percent of the governmental gross receipts tax proceeds distributed to the public project revolving fund in the preceding fiscal year. The net proceeds may be used for purposes of the water and wastewater planning fund and the water and wastewater project grant fund as specified in the New Mexico Finance Authority Act [6-21-1 NMSA 1978] or for purposes of the Wastewater Facility Construction Loan Act [74-6A-1 NMSA 1978], the Rural Infrastructure Act [75-1-1 NMSA 1978], the Solid Waste Act [74-9-1 NMSA 1978] or the Drinking Water State Revolving Loan Fund Act [6-21A-1 NMSA 1978].
B. Public projects funded pursuant to the Wastewater Facility Construction Loan Act, the Rural Infrastructure Act, the Solid Waste Act or the Drinking Water State Revolving Loan Fund Act shall not require specific authorization by law as required in Sections 6-21-6 and 6-21-8 NMSA 1978.
C. At the end of each fiscal year, after all debt service charges, replenishment of reserves and administrative costs on all outstanding bonds, notes or other obligations payable from the public project revolving fund are satisfied, an aggregate amount not to exceed thirty-five percent of the governmental gross receipts tax proceeds distributed to the public project revolving fund in the preceding fiscal year less all debt service charges and administrative costs of the authority paid in the preceding fiscal year on bonds issued pursuant to this section may be appropriated by the legislature from the public project revolving fund to the following funds for local infrastructure financing:
(1) the wastewater facility construction loan fund for purposes of the Wastewater Facility Construction Loan Act;
(2) the rural infrastructure revolving loan fund for purposes of the Rural Infrastructure Act;
(3) the solid waste facility grant fund for purposes of the Solid Waste Act;
(4) the drinking water state revolving loan fund for purposes of the Drinking Water State Revolving Loan Fund Act;
(5) the water and wastewater project grant fund for purposes specified in the New Mexico Finance Authority Act; or
(6) the water and wastewater planning fund for purposes specified in the New Mexico Finance Authority Act.
D. The authority and the department of environment in coordination with the New Mexico finance authority oversight committee may recommend annually to each regular session of the legislature amounts to be appropriated to the funds listed in Subsection C of this section for local infrastructure financing.