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| SPONSOR: | Taylor, J. G. | DATE TYPED: | 02/11/00 | HB | 434 | ||
| SHORT TITLE: | Public Projects Revolving Fund Grants | SB | |||||
| ANALYST: | Kehoe | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY00 | FY01 | FY00 | FY01 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
New Mexico Finance Authority (NMFA)
SUMMARY
Synopsis of Bill
House Bill 434 amends the New Mexico Finance Authority Act to remove NMFA's ability to make grants from the Public Project Revolving Fund, however, preserves the NMFA's ability to make grants from other sources of funds, such as the Water and Wastewater Project Grant Fund created during the 1999 Legislative Session.
Significant Issues
House Bill 434 includes a statement of policy of the NMFA Board regarding grants from the Public project Revolving Fund. The statement includes language clarifying that projects will not be funded from the PPRF without other sufficient revenues being contemporaneously pledged to the PPRF in order to avoid a negative impact on the financing capacity of the fund.
FISCAL IMPLICATIONS
According to the NMFA, for each dollar "granted" from the PPRF , the capacity of the fund to make loans over a ten-year period of time decreases by three dollar.
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