HB 28/a PUBLIC PROJECT REVOLVING FUND PROJECTS

Rep Joy Garratt

Actions: HPREF [1] not prntd-HRC [3] w/drn-prntd-ref- HTPWC/HAFC-HTPWC [4] DP-HAFC [9] DP/a [11] PASSED/H (65-0) [7] SFC-SFC [9] DP - PASSED/S (40-0) SGND BY GOV (Feb. 28) Ch. 11.

Scheduled: Not Scheduled

 House Bill 28 (HB 28) The act provides authorization for the New Mexico Finance Authority to issue loans from the Public Project Revolving Fund to various qualified entities for specific public projects. It includes conditions for voiding authorization if entities do not express their intent to pursue a loan by a certain deadline. The declaration of an emergency suggests that the act should be implemented urgently for the well-being of the public. 

 House Bill 28 (HB 28) SECTION 1: AUTHORIZATION OF PROJECTS
Purpose: Grants authorization to the New Mexico Finance Authority to make loans from the Public Project Revolving Fund for public projects.
Conditions: Loans of $1,000,000 or less do not require specific authorization.

Entities Authorized: Lists various qualified entities and specifies the types of projects they are authorized for, e.g., land, building, equipment, etc.  (The specifics of the legislation, such as the types of projects authorized for each entity, are detailed in Section 1 and the corresponding numbered sub-sections).  

SECTION 2: VOIDING OF AUTHORIZATION
Condition for Voiding Authorization: If a qualified entity does not certify its desire to pursue a loan for a listed public project by the end of fiscal year 2027, the authorization is void. 

SECTION 3: EMERGENCY
Declaration: Asserts that the act is necessary for public peace, health, and safety and should take effect immediately.
 

 Amended February 5, 2024, in HAFC
HAFCa/HB 28:  
•	On page 19, line 5, strike “and”
•	On page 19, line 8, strike the period and insert in lieu thereof a semicolon.
•	On page 19, between lines 8 and 9, insert: Details of Projects in lines 101 – 138. These projects are recommended “Do pass”.