Fiscal impact
reports (FIRs) are prepared by the Legislative Finance Committee (LFC) for
standing finance committees of the NM Legislature. The LFC does not assume
responsibility for the accuracy of these reports if they are used for other
purposes.
Current FIRs (in
HTML & Adobe PDF formats) are available on the NM Legislative Website (legis.state.nm.us). Adobe PDF versions include all attachments,
whereas HTML versions may not.
Previously issued FIRs and attachments may also be obtained from the LFC
in
|
SPONSOR |
Rodriguez |
DATE TYPED |
|
HB |
|
||
|
SHORT
TITLE |
NMFA Public Project Revolving Fund Loans |
SB |
202 |
||||
|
|
ANALYST |
Kehoe |
|||||
APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
|
FY04 |
FY05 |
FY04 |
FY05 |
||
|
|
|
See
Narrative |
See Narrative |
|
|
|
|
|
|
|
|
|
(Parenthesis
( ) Indicate Expenditure Decreases)
Duplicates House Bill 124.
LFC Files
SUMMARY
Synopsis of Bill
Senate Bill 202 authorizes NMFA to provide loans
from the Public Project Revolving Fund (PPRF) to 125 statewide qualified entities
for infrastructure projects.
Significant Issues
Section 1 describes the 125
projects and identifies the state and local entities requesting legislative
authority to make loans from PPRF.
According to NMFA, the approximate value of all the projects contained
in this section totals approximately $300 million in needs statewide.
Loans from PPRF benefit eligible entities by
allowing them to borrow for infrastructure projects at below market costs,
based on terms and conditions established by NMFA. The authorization provided in the bill does not
guarantee that those projects will receive an NMFA loan. Loans will be made to entities that can
identify a sufficient revenue source for repayment of a loan and are able to
meet other financial criteria established by the Authority.
Section 2 voids legislative
authorization if a qualified entity does not notify the Authority by the end of
fiscal year 2007 of its desire to continue to pursue a loan from NMFA.
Section 3 contains an emergency
clause.
FISCAL IMPLICATIONS
Senate Bill 202 does
not appropriate funds. However, loans
made in the interim as a result of passage of this bill would result in
reducing the loan capacity of the Public Project Revolving Fund. PPRF capacity for direct cash loans as of
December 2003 was approximately $15 million.
DUPLICATION
This bill duplicates
House Bill 124 in its entirety.
OTHER SUBSTANTIVE ISSUES
Some of the eligible
state entities listed within the bill seeking authorization include: Expo New
LMK/njw:prr