New Mexico 2025 Regular Session

New Mexico House Bill HB351 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 351
29	29	57
30	30	TH LEGISLATURE
31	31	-
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33	33	STATE
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35	35	OF
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37	37	NEW
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Mark B. Murphy and Angelita Mejia and Jimmy G. Mason
48	48	and Jonathan A. Henry and Harlan Vincent
49	49	AN ACT
50	50	MAKING AN APPROPRIATION TO THE BOARD OF FINANCE DIVISION OF THE
51	51	DEPARTMENT OF FINANCE AND ADMINISTRATION TO PROVIDE ZERO-
52	52	INTEREST LOANS TO POLITICAL SUBDIVISIONS OF THE STATE FOR
53	53	PROJECTS TO REPLACE OR REPAIR PUBLIC INFRASTRUCTURE DAMAGED BY
54	54	FLOODING OR DEBRIS FLOWS OR PROJECTS TO REMOVE DEBRIS
55	55	ACCUMULATIONS ATTRIBUTABLE TO THE STORM EVENT ON OCTOBER 19,
56	56	2024.
57	57	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
58	58	SECTION 1. APPROPRIATION.--Two hundred million dollars
59	59	($200,000,000) is appropriated from the general fund to the
60	60	board of finance division of the department of finance and
61	61	administration for expenditure in fiscal years 2026 and 2027 to
62	62	provide zero-interest reimbursable loans to political
63	63	subdivisions of the state in Chaves county that have been
64	64	.229234.1 underscored material = new
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91	91	approved for federal public assistance funding for projects to
92	92	replace or repair public infrastructure damaged by flooding or
93	93	debris flows or projects to remove debris accumulations
94	94	attributable to the storm event on October 19, 2024. The
95	95	division shall require a contract for reimbursement from a
96	96	political subdivision of the state receiving a loan that shall
97	97	include a requirement that the political subdivision repay the
98	98	loan first using dollars received from the federal funding that
99	99	serves as the basis for the loan. Any unexpended or
100	100	unencumbered balance remaining at the end of fiscal year 2027
101	101	shall revert to the general fund.
102	102	- 2 -
103	103	.229234.1