The bill modifies existing laws to enable the redirection of funds from the Emergency Medical Services Fund to the New Mexico Finance Authority, specifically for the purpose of providing loans for equipment purchases related to emergency medical services system improvement projects. This adjustment aims to enhance funding mechanisms for emergency medical services, allowing municipalities to access essential resources for approved equipment and vehicle purchases. Additionally, the bill amends the Emergency Medical Services Fund to ensure that funds do not revert at the end of the fiscal year and outlines the sources of funding, while mandating that at least seventy-five percent of the fund be allocated to local emergency medical services.

Moreover, the bill repeals a previous law from 2019 to streamline the legal framework governing revenue bonds and clarifies definitions related to emergency medical services bonds. It specifies that no more than twenty-two percent of the fund can be allocated for system improvement projects and three percent for administrative costs. The bill also includes a provision for the state treasurer to redirect funds to the New Mexico Finance Authority for loans related to purchases authorized under the Emergency Medical Services Fund Act, with an effective date set for July 1, 2025.

Statutes affected:
introduced version: 3-31-1, 3-31-1.1, 4-62-1.1, 24-10A-3
Final Version: 3-31-1, 3-31-1.1, 4-62-1.1, 4-62-1