A. 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:
(1) the following funds for local infrastructure financing:
(a) the wastewater facility construction loan fund for purposes of the Wastewater Facility Construction Loan Act [Chapter 74, Article 6A NMSA 1978];
(b) the rural infrastructure revolving loan fund for purposes of the Rural Infrastructure Act [Chapter 75, Article 1 NMSA 1978];
(c) the solid waste facility grant fund for purposes of the Solid Waste Act [74-9-1 NMSA 1978];
(d) the drinking water state revolving loan fund for purposes of the Drinking Water State Revolving Loan Fund Act [6-21A-1 to 6-21A-9 NMSA 1978];
(e) the water and wastewater project grant fund for purposes specified in the New Mexico Finance Authority Act; or
(f) the local government planning fund for purposes specified in the New Mexico Finance Authority Act; or
(2) the cultural affairs facilities infrastructure fund.
B. The authority and the department of finance and administration 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 A of this section.
History: Laws 1994, ch. 145, § 2; 1995, ch. 141, § 17; 1996, ch. 52, § 2; 1997, ch. 144, § 11; 1999, ch. 186, § 1; 2002, ch. 26, § 1; 2020, ch. 42, § 1.
ANNOTATIONSCross references. — For distributions to the public projects revolving fund from the governmental gross receipts tax, see 7-1-6.38 NMSA 1978.
For solid waste facility grant fund, see 74-9-41 NMSA 1978.
For rural infrastructure revolving loan fund, see 75-1-3 NMSA 1978.
For water and wastewater planning fund, see 6-21-6.4 NMSA 1978.
For water and wastewater project grant fund, see 6-21-6.3 NMSA 1978.
The 2020 amendment, effective May 20, 2020, deleted certain outdated provisions of the section, and authorized appropriations from the public project revolving fund to the cultural affairs facilities infrastructure fund; deleted former Subsections A and B and redesignated the succeeding subsections accordingly; in Subsection A, added new paragraph designation "(1)" and redesignated former Paragraphs (1) through (6) as Subparagraphs A(1)(a) through A(1)(f), in Subparagraph A(1)(f), replaced "water and wastewater" with "local government", and added Paragraph A(2); and in Subsection B, after "department of", deleted "environment" and added "finance and administration", after "Subsection", deleted "C" and added "A", and after "of this section", deleted "for local infrastructure financing".
Appropriations. — Laws 2020, ch. 42, § 3 provided that five million dollars ($5,000,000) is appropriated from the public project revolving fund to the cultural affairs facilities infrastructure fund for expenditure in fiscal year 2021 and subsequent fiscal years to carry out the purposes of the fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert.
The 2002 amendment, effective March 4, 2002, added "water and wastewater planning fund and the" in the last sentence of Subsection A and added Subsection C(6).
The 1999 amendment, effective April 6, 1999, in Subsection A added the next-to-last sentence and in the last sentence inserted the language beginning "the water" and ending "purposes of", and in Subsection C added Paragraph (5) and made related stylistic changes.
The 1997 amendment, effective June 20, 1997, inserted "or the Drinking Water State Revolving Loan Fund Act" following "the Solid Waste Act" in Subsections A and B; added Subsection C(4); and made minor stylistic changes throughout the section.
The 1996 amendment, effective May 15, 1996, rewrote Subsection A.
The 1995 amendment, effective April 5, 1995, added Subsections A and B, redesignated former Subsections A and B as Subsections C and D, substituted the language beginning "At the end of the end of each fiscal year" for "In any fiscal year" and substituted "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" for "that fiscal year shall be available for appropriation" in Subsection C, and inserted "and the department of environment" and substituted "Subsection C" for "Subsection A" in Subsection D.