HB 494

Page 1

AN ACT

RELATING TO THE ENVIRONMENT; AMENDING AND ENACTING SECTIONS OF

THE VOLUNTARY REMEDIATION ACT; CREATING A FUND; MAKING AN

APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 74-4G-1 NMSA 1978 (being Laws 1997,

Chapter 38, Section 1) is amended to read:

"74-4G-1. SHORT TITLE.--Chapter 74, Article 4G NMSA

1978 may be cited as the "Voluntary Remediation Act"."

Section 2. A new section of the Voluntary Remediation

Act is enacted to read:

"BROWNFIELDS CLEANUP REVOLVING LOAN FUND.--

A. The "brownfields cleanup revolving loan fund"

is created in the state treasury. The fund shall be comprised

of money from a grant from the environmental protection

agency, repayments of loans and interest and income accruing

on the balance of the fund. The department may make secured

and unsecured loans or grants from the fund to eligible

participants for the purpose of financing remedial actions and

other approved activities at abandoned or underused

industrial, commercial or agricultural sites or on abandoned

or underused residential property. Loans or grants may be

made from the fund to political subdivisions, tribes,

nonprofit organizations and private entities for eligible

cleanup activities pursuant to requirements for eligibility

set by the environmental protection agency's brownfields

program. Disbursements from the fund shall be by warrant

drawn by the secretary of finance and administration pursuant

to vouchers signed by the secretary of environment or the

secretary's designee. Any unexpended or unencumbered balance

or income earned from the money in the fund remaining at the

end of a fiscal year shall not revert to the general fund.

B. The department shall review and approve

qualified loan applications, and cleanup activities shall be

performed pursuant to the Voluntary Remediation Act.

C. Loan repayments shall be deposited into the

brownfields cleanup revolving loan fund. Interest and

earnings on the balance in the fund shall be credited to the

brownfields cleanup revolving loan fund."

Section 3. EFFECTIVE DATE.--The effective date of the

provisions of this act is July 1, 2006. HB 494

Page 2