Chapter 72, Article 4A NMSA 1978 may be cited as the “Water Project Finance Act”. History: Laws 2001, ch. 164, § 1; 2011, ch. 64, § 1. ANNOTATIONS The 2011 amendment, effective June 17, 2011, changed the statutory reference.
The board shall report to the legislature no later than October 1 of each calender year the total expenditures from the water project fund, their purposes, an analysis of the accomplishments of the expenditures and recommendations for legislative action. History: Laws 2001, ch. 164, § 10. ANNOTATIONS Emergency clauses. — Laws 2001, ch. 164, § […]
The legislative authorization for a qualifying entity to receive a grant or loan from the water project fund for a project is void three years after that authorization is given, but this provision does not prohibit the legislature from authorizing a project that was previously authorized. History: Laws 2015, ch. 88, § 2. ANNOTATIONS Emergency […]
A. The legislature finds that: (1) New Mexico is in a desert where water is a scarce resource; (2) the economy depends on reasonable and fair allocation of water for all purposes; (3) the public welfare depends on efficient use and conservation of water; (4) New Mexico must comply with its delivery obligations under interstate […]
As used in the Water Project Finance Act: A. “authority” means the New Mexico finance authority; B. “board” means the water trust board; C. “political subdivision” means a municipality, county, land grant-merced controlled and governed pursuant to Sections 49-1-1 through 49-1-18 or 49-4-1 through 49-4-21 NMSA 1978, regional or local public water utility authority created […]
A. The “water trust board” is created. The board is composed of the following sixteen members: (1) the state engineer or the state engineer’s designee; (2) the secretary of finance and administration or the secretary’s designee; (3) the executive director of the New Mexico finance authority or the executive director’s designee; (4) the secretary of […]
The board shall: A. adopt rules governing terms and conditions of grants or loans recommended by the board for appropriation by the legislature from the water project fund, giving priority to projects that have been identified as being urgent to meet the needs of a regional water planning area that has a completed regional water […]
A. The board, in conformance with the state water plan and pursuant to the provisions of the Water Project Finance Act, shall prioritize the planning and financing of water projects required to implement the plan. B. The board shall identify opportunities to leverage federal and other funding. C. The board shall utilize the resources of […]
The authority shall: A. provide staff support for the board; B. develop application procedures and forms for qualifying entities to apply for grants and loans from the water project fund; and C. make loans or grants to qualifying entities for qualifying water projects authorized by the legislature; provided that the service area for the project […]
A. Grants and loans shall be made only to qualifying entities that: (1) agree to operate and maintain a water project so that it will function properly over the structural and material design life, which shall not be less than twenty years; (2) require the contractor of a construction project to post a performance and […]
A. The “water trust fund” is created in the state treasury. The fund shall consist of money appropriated, donated or otherwise accrued to the fund. Money in the fund shall be invested by the state investment officer as land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978. Earnings from investment […]
A. The “water project fund” is created in the New Mexico finance authority and shall consist of distributions made to the fund from the water trust fund and payments of principal of and interest on loans for approved water projects. The fund shall also consist of any other money appropriated, distributed or otherwise allocated to […]
The “acequia project fund” is created in the state treasury. The fund shall consist of money appropriated, donated or otherwise accrued to the fund. The fund shall be administered by the authority. Income from investment of money in the acequia project fund shall be credited to the fund. Balances in the fund at the end […]
