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SPONSOR: |
Tripp |
DATE TYPED: |
01/31/03 |
HB |
217 |
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SHORT TITLE: |
Expand NMFA Definition of Qualified Entity |
SB |
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ANALYST: |
L. Kehoe |
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APPROPRIATION
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
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FY03 |
FY04 |
FY03 |
FY04 |
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NFI |
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(Parenthesis
( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Legislative
files
SUMMARY
House Bill 217 expands the definition of
“qualified entities” to include an acequia association, public improvement
district, federally chartered college in New Mexico, or a consortium of Indian
entities located wholly or partially in New Mexico; and increases the allowable
amount of a loan through the equipment program at any one time from $500 to
$750.
Significant
Issues
The New Mexico Finance Authority (NMFA) may use
money in the Public Project Revolving Loan Fund (PPRF) to make loans to assist
qualified entities through its Equipment Program for financing public projects
subject to specific authorization by law for each project. The Equipment Program is designed to finance
the acquisition of equipment for fire protection; law enforcement and
protection; computer and data processing; street and road construction and maintenance;
emergency medical services; solid waste collection; transfer and disposal;
radio and telecommunications; utility system purposes; and for the acquisition,
construction and improvement of fire stations.
NMFA is currently authorized to offer loan
assistance to the state or any agency or institution of the state or any
county, municipality, school district, land grant corporation, intercommunity water
or natural gas supply association or corporation, special district, community
water association, Indian nation, tribe or pueblo located wholly or partially
in New Mexico, including a political subdivision or a wholly-owned enterprise
of an Indian nation, tribe or pueblo.
House Bill 217 would make an acequia association, public improvement
district, federally chartered college in New Mexico, or a consortium of Indian
entities located wholly or partially in New Mexico eligible to apply for
equipment loans.
House Bill 217 increases the maximum allowable amount
of a loan at any one time through the Equipment Program from $500 to $750. Due to severe drought conditions in New
Mexico, qualified entities are faced with an increased demand for fire
equipment. The proposed increase would
allow NMFA to better serve clients seeking assistance with protection
equipment.