The bill amends the Drinking Water State Revolving Loan Fund Act to enhance the New Mexico Finance Authority's capabilities in providing financial assistance for drinking water facility projects. Key provisions include allowing the Finance Authority to offer grants for the construction or rehabilitation of drinking water facilities, extending the repayment period for loans, and renewing the authority to transfer up to one-third of certain grants to both the Drinking Water State Revolving Loan Fund and the Wastewater Facility Construction Loan Fund. Additionally, the bill mandates annual reports on the fund's activities in cooperation with the Department of Environment, and redistributes certain responsibilities between the two entities to improve efficiency.

The bill also establishes clearer definitions and criteria for financial assistance, ensuring that only local authorities meeting specific requirements can receive funding. It emphasizes the need for local authorities to demonstrate financial capability and technical expertise to operate drinking water facilities effectively. Furthermore, the bill outlines the procedures for ranking projects, preparing annual intended use plans, and managing funds, including the establishment of separate accounts for nonproject activities. Overall, the amendments aim to strengthen the state's ability to support drinking water infrastructure while ensuring compliance with federal regulations.

Statutes affected:
introduced version: 6-21A-3, 6-21A-4, 6-21A-5, 6-21A-6, 6-21A-7, 6-21A-8
Final Version: 6-21A-3, 6-21A-4, 6-21A-5, 6-21A-6, 6-21A-7, 6-21A-8