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HOUSE BILL 289
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Patricia Roybal Caballero
AN ACT
RELATING TO GEOTHERMAL RESOURCES; AMENDING THE PROVISIONS OF
THE GEOTHERMAL PROJECTS DEVELOPMENT FUND; MAKING AN
APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 71-9-12 NMSA 1978 (being Laws 2024,
Chapter 55, Section 4) is amended to read:
"71-9-12. GEOTHERMAL PROJECTS DEVELOPMENT FUND CREATED--
STUDY GRANTS--PROJECT GRANTS--ANNUAL REPORT.--
A. The "geothermal projects development fund" is
created in the state treasury. The fund consists of
appropriations, income from investment of the fund and any
other money distributed or otherwise allocated to the fund.
Balances in the fund at the end of any fiscal year shall not
revert to the general fund. The division shall administer the
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fund. Money in the fund is subject to appropriation by the
legislature.
B. Money in the geothermal projects development
fund may be used to make grants of up to two hundred fifty
thousand dollars ($250,000) for the purposes of studying the
costs and benefits of a proposed geothermal development project
as approved by the secretary of energy, minerals and natural
resources.
C. Money in the geothermal projects development
fund may be used to provide grants for financing a geothermal
development project approved by the secretary of energy,
minerals and natural resources.
D. Except as provided in Subsection E of this
section, money in the geothermal projects development fund may
be used pursuant to Subsections B and C of this section only
for grants to a political subdivision of the state, [or to ] a
state university or other entities that participate in a
competitive bidding process conducted in accordance with the
Procurement Code, for a geothermal development project.
E. Money in the geothermal projects development
fund may be used for grants to an Indian nation, tribe or
pueblo for the development of a geothermal development project
only if the grant application is approved by the secretary of
energy, minerals and natural resources.
F. Geothermal development projects approved for a
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grant by the secretary of energy, minerals and natural
resources under this section shall not be exempt from any
required permits or permissions under New Mexico or United
States law.
G. Money in the geothermal projects development
fund may be used for administrative and reimbursable costs
incurred by the energy, minerals and natural resources
department.
H. Disbursements from the geothermal projects
development fund shall be made by warrant of the secretary of
finance and administration pursuant to vouchers signed by the
secretary of energy, minerals and natural resources or the
secretary's authorized representative.
I. By December 1, 2024, and by December 1 of each
year thereafter, the secretary of energy, minerals and natural
resources shall provide a report to the governor, the
legislative finance committee and the library of the
legislative council service regarding:
(1) grants approved by the secretary pursuant
to Subsections B and C of this section;
(2) the status of studies funded in part by
grants made pursuant to Subsection B of this section;
(3) the status of projects funded in part by
grants made pursuant to Subsection C of this section;
(4) money used for administrative and
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reimbursable costs pursuant to Subsection G of this section;
and
(5) the status of the geothermal projects
development fund."
SECTION 2. APPROPRIATION.--Twenty million dollars
($20,000,000) is appropriated from the general fund to the
geothermal projects development fund for expenditure in fiscal
year 2026 and subsequent fiscal years. Any unexpended or
unencumbered balance remaining at the end of a fiscal year
shall not revert to the general fund.
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