[1] NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

 

Only the most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website.  The Adobe PDF version includes all attachments, whereas the HTML version does not.  Previously issued FIRs and attachments may be obtained from the LFC’s office in Suite 101 of the State Capitol Building North.

 

 

F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Campos

 

DATE TYPED:

2/07/02

 

HB

 

 

SHORT TITLE:

NMFA Public Projects

 

SB

51/aSEC

 

 

ANALYST:

Kehoe

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

FY02

FY03

 

 

 

See narrative

 

 

 

PPRF

 

 

 

 

 

 

(Parenthesis ( ) Indicate Expenditure Decreases)

 

Duplicates/Relates to Appropriation in The General Appropriation Act                                           

 

Relates to        Senate Bill 50                                                            

                                                                                                                                                           

 

SOURCES OF INFORMATION

 

New Mexico Finance Authority (NMFA)

LFC Files

 

SUMMARY

 

Synopsis of  SFC amendment

 

Senate Finance Committee amendments to Senate Bill 51 requests legislative authority for 27 additional statewide projects to be considered for loans from the Public Project Revolving Fund administered by NMFA.

 

     Synopsis of Bill

 

Senate Bill 51 authorizes NMFA to provide loans to 136 governmental entities for 208 statewide capital projects from the Public Project Revolving Fund (PPRF).  If an entity does not certify to NMFA by fiscal year 2005 of their desire to continue pursuing a loan from  PPRF, the authorization will be void.  The bill contains an emergency clause.

 

     Significant Issues

 

Loans from the PPRF benefit eligible entities by allowing them to borrow for infrastructure projects at below market costs, based on terms and conditions established by NMFA.  The authorization in Senate Bill 51 does not guarantee that those projects listed within the bill will receive an NMFA loan.  Loans will be made to entities that can identify a sufficient revenue source for repayment of a loan, and are able to meet other financial criteria established by the Authority.

 

FISCAL IMPLICATIONS

 

Senate Bill 51 does not appropriate funds.  However, loans made during the interim reduces the loan and other program capacity of the PPRF.

 

RELATIONSHIP

 

Senate Bill 50 authorizes NMFA to make grants to qualified entities from the Water and Wastewater Grant Fund administered by NMFA.  If entities do not qualify for grants, Senate Bill 51 authorizes qualified entities to apply for loans with NMFA, or a combination thereof.

 

LMK/njw

 [1]Begin typing on the * in replace mode.  Do not add or delete spaces.