FORTY-THIRD LEGISLATURE
SECOND SESSION, 1998
February 6, 1998
Mr. Speaker:
Your TAXATION AND REVENUE COMMITTEE, to whom has
been referred
HOUSE BILL 228
has had it under consideration and reports same with
recommendation that it DO PASS, amended as follows:
1. On page 1, line 13, after "FUND" insert:
"; AMENDING THE DRINKING WATER STATE REVOLVING LOAN FUND
ACT BY THE ADDITION OF A NEW SECTION CREATING THE WATER AND
WASTEWATER FACILITY GRANT FUND AND PROVIDING FOR LIMITED
GRANTS FOR CERTAIN WATER AND WASTEWATER PROJECTS; AUTHORIZING
THE NEW MEXICO FINANCE AUTHORITY TO ISSUE REVENUE BONDS FOR
THE WATER AND WASTEWATER FACILITY GRANT FUND".
2. On page 4, between lines 6 and 7, insert the
following new sections:
"Section 3. Section 6-21A-1 NMSA 1978 (being Laws 1997,
Chapter 144, Section 1) is amended to read:
"6-21A-1. SHORT TITLE.--[Sections 1 through 9 of this
act] Chapter 6, Article 21A NMSA 1978 may be cited as the
"Drinking Water State Revolving Loan Fund Act"."
Section 4. A new section of the Drinking Water State
Revolving Loan Fund Act, Section 6-21A-6.1 NMSA 1978, is
enacted to read:
"6-21A-6.1. [NEW MATERIAL] WATER AND WASTEWATER FACILITY
GRANT FUND--CREATION--ADMINISTRATION--PURPOSES.--
A. The "water and wastewater facility grant fund"
is created in the authority. The water and wastewater
facility grant fund shall be administered by the authority,
and the authority is authorized to establish procedures
required to administer the fund.
B. The following shall be deposited directly into
the water and wastewater facility grant fund:
(1) the net proceeds from the sale of bonds
issued pursuant to the provisions of Section 6-21-6.1 NMSA
1978 for the purposes of the Drinking Water State Revolving
Loan Fund Act for the water and wastewater facility grant fund
and payable from the public project revolving fund;
(2) money appropriated by the legislature to
implement the provisions of this section; and
(3) any other public or private money
dedicated to the water and wastewater facility grant fund.
C. Money in the water and wastewater facility grant
fund is appropriated for expenditure by the authority for the
purpose of providing grants to local authorities for the
construction or rehabilitation of drinking water facilities or
wastewater facilities.
D. The authority shall establish procedures to
provide grants from the water and wastewater facility grant
fund to local authorities for the construction or
rehabilitation of drinking water facilities or wastewater
facilities. The procedures shall provide that:
(1) grants from the water and wastewater
facility grant fund shall not exceed fifty thousand dollars
($50,000) per project;
(2) grants from the water and wastewater
facility grant fund may be made only to local authorities that
are unable to repay a loan from the public project revolving
fund made pursuant to the provisions of the New Mexico Finance
Authority Act or from the drinking water state revolving loan
fund made pursuant to the provisions of the Drinking Water
State Revolving Loan Fund Act; and
(3) each grant from the water and wastewater
facility grant fund may be made only as all or a part of a
complete project financing.
E. Grants from the water and wastewater facility
grant fund may be made only with the concurrence of the New
Mexico finance authority oversight committee and the
legislative finance committee.
F. As used in this section, "wastewater facility"
has the same meaning as assigned to that defined term in the
Wastewater Facility Construction Loan Act.
G. The authority is authorized to enter into
memoranda of understanding, contracts and other agreements to
carry out the provisions of this section, including but not
limited to memoranda of understanding, contracts and
agreements with state and federal agencies, local authorities
and other parties."
Section 5. NEW MEXICO FINANCE AUTHORITY--REVENUE BONDS--
AUTHORIZATION OF FINANCING FOR THE WATER AND WASTEWATER
FACILITY GRANT FUND--APPROPRIATION OF PROCEEDS.--
A. Pursuant to the provisions of Section 6-21-6.1
NMSA 1978, the legislature authorizes the New Mexico finance
authority to issue and sell revenue bonds in an amount not to
exceed two hundred fifty thousand dollars ($250,000), to be
repaid from the public project revolving fund, for the purpose
of providing grants of up to fifty thousand dollars ($50,000)
from the water and wastewater facility grant fund for the
construction or rehabilitation of drinking water facilities or
wastewater facilities.
B. The net proceeds from the sale of the bonds are
appropriated to the water and wastewater facility grant fund
for the purposes described in Section 6-21A-6.1 NMSA 1978.".,
and thence referred to the APPROPRIATIONS AND FINANCE
COMMITTEE.
Respectfully submitted,
Jerry W. Sandel, Chairman
Adopted Not Adopted
(Chief Clerk) (Chief Clerk)
Date
The roll call vote was 11 For 0 Against
Yes: 11
Excused: Crook, Ryan
Absent: None
.122353.1
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