HB 494
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AN ACT
RELATING TO THE ENVIRONMENT; AMENDING AND ENACTING SECTIONS OF
THE VOLUNTARY REMEDIATION ACT; CREATING A FUND; MAKING AN
APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 74-4G-1 NMSA 1978 (being Laws 1997,
Chapter 38, Section 1) is amended to read:
"74-4G-1. SHORT TITLE.--Chapter 74, Article 4G NMSA
1978 may be cited as the "Voluntary Remediation Act"."
Section 2. A new section of the Voluntary Remediation
Act is enacted to read:
"BROWNFIELDS CLEANUP REVOLVING LOAN FUND.--
A. The "brownfields cleanup revolving loan fund"
is created in the state treasury. The fund shall be comprised
of money from a grant from the environmental protection
agency, repayments of loans and interest and income accruing
on the balance of the fund. The department may make secured
and unsecured loans or grants from the fund to eligible
participants for the purpose of financing remedial actions and
other approved activities at abandoned or underused
industrial, commercial or agricultural sites or on abandoned
or underused residential property. Loans or grants may be
made from the fund to political subdivisions, tribes,
nonprofit organizations and private entities for eligible
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cleanup activities pursuant to requirements for eligibility
set by the environmental protection agency's brownfields
program. Disbursements from the fund shall be by warrant
drawn by the secretary of finance and administration pursuant
to vouchers signed by the secretary of environment or the
secretary's designee. Any unexpended or unencumbered balance
or income earned from the money in the fund remaining at the
end of a fiscal year shall not revert to the general fund.
B. The department shall review and approve
qualified loan applications, and cleanup activities shall be
performed pursuant to the Voluntary Remediation Act.
C. Loan repayments shall be deposited into the
brownfields cleanup revolving loan fund. Interest and
earnings on the balance in the fund shall be credited to the
brownfields cleanup revolving loan fund."
Section 3. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2006. HB 494
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