SENATE BILL 6
56th legislature - STATE OF NEW MEXICO - first session, 2023
Pete Campos and Ambrose Castellano and Joseph L. Sanchez and Elizabeth "Liz" Stefanics
RELATING TO PUBLIC FINANCE; REQUIRING THE LOCAL GOVERNMENT DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO PROVIDE ZERO-INTEREST LOANS TO POLITICAL SUBDIVISIONS OF THE STATE FOR PROJECTS TO REPLACE OR REPAIR INFRASTRUCTURE DAMAGED BY FIRE, FLOODING OR DEBRIS FLOWS CAUSED BY THE HERMITS PEAK-CALF CANYON FIRE; REQUIRING APPROVAL FOR FEDERAL PUBLIC ASSISTANCE GRANTS; REQUIRING REIMBURSEMENT CONTRACTS; MAKING AN APPROPRIATION; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. TEMPORARY PROVISION--LOANS TO POLITICAL SUBDIVISIONS--REPLACEMENT OR REPAIR OF INFRASTRUCTURE DAMAGED BY FIRE, FLOODING OR DEBRIS FLOWS CAUSED BY THE HERMITS PEAK-CALF CANYON FIRE--REQUIREMENT FOR PUBLIC ASSISTANCE GRANTS.--The local government division of the department of finance and administration shall provide zero-interest reimbursible loans to political subdivisions of the state that have been approved by the federal emergency management agency for public assistance grants for projects to replace or repair infrastructure damaged by fire, flooding or debris flows caused by the hermits peak-calf canyon fire. The local government division of the department of finance and administration shall require a contract for reimbursement using money from a public assistance grant for a loan made pursuant to this section. Loan reimbursement payments shall be deposited in the general fund.
SECTION 2. APPROPRIATION.--One hundred million dollars ($100,000,000) is appropriated from the general fund to the local government division of the department of finance and administration for expenditure in fiscal years 2023 and 2024 to provide loans to political subdivisions of the state pursuant to Section 1 of this act. Any unexpended or unencumbered balance remaining at the end of fiscal year 2024 shall revert to the general fund.
SECTION 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
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