HB 29 PUBLIC PROJECT FUND APPROPRIATIONS

Rep Joy Garratt

Actions: HPREF [1] HGEIC/HAFC-HGEIC [3] DP-HAFC [9] DP [11] PASSED/H (63-0) [7] SFC-SFC [9] DP [14] PASSED/S (36-0) SGND BY GOV (Feb. 28) Ch. 12.

Scheduled: Not Scheduled

 House Bill 29 (HB 29) appropriates thirteen million dollars ($13,000,000) from the Public Project Revolving Fund for the Drinking Water State Revolving Loan Fund, the Local Government Planning Fund and the Cultural Affairs Facilities Infrastructure Fund.
The New Mexico Finance Authority Oversight Committee endorses this bill.

 

 House Bill 29 (HB 29)  appropriates thirteen million ($13,000,000) from the Public Project Revolving Fund as follows: 
Six million dollars ($6,000,000) to the Drinking Water State Revolving Loan Fund for expenditure in Fiscal Year (FY) 2025 and subsequent FYs for matching funds for federal Safe Drinking Water Act projects; 
Two million dollars ($2,000,000) to the Local Government Planning Fund for expenditure in Fiscal Year (FY) 2025 and subsequent FYs to carry out the purpose of the fund;
Five million dollars ($5,000,000) to the Cultural Affairs Facilities Infrastructure Fund for expenditure in Fiscal Year (FY) 2025 and subsequent FYs to carry out the purpose of the fund;

Any unexpended or unencumbered balance remaining at the end of FY 2025 will not revert to the Public Project Revolving Fund

The New Mexico Finance Authority Oversight Committee endorses this bill. 

 Background
The NM Finance Authority (NMFA) uses the Public Project Revolving Fund to finance such public projects as water system upgrades and other infrastructure improvements, fire and law enforcement equipment, and public buildings.
The NMFA operates the Drinking Water State Revolving Loan Fund, a federally funded program, in partnership with the New Mexico Environment Department (NMED) to provide low-cost financing for the construction of and improvements to drinking water facilities throughout the state. 
The Local Government Planning Fund funds critical planning documents for a variety of public infrastructure projects including preliminary engineering reports, feasibility studies, environmental information documents, comprehensive plans, asset management plans, water conservation plans, master plans, local economic development act plans and metropolitan redevelopment act plans. 
The Cultural Affairs Department may use the Cultural Affairs Facilities Infrastructure Fund, created in 2023, to pay the costs of planning, engineering, designing, constructing, renovating, repairing, equipping and furnishing department facilities and exhibits