The bill amends the Drinking Water State Revolving Loan Fund Act to enhance the New Mexico Finance Authority's capacity to provide financial assistance for drinking water facilities. Key changes include the introduction of grants for the construction or rehabilitation of these facilities, an extension of the loan repayment period from twenty to thirty years, and a requirement for annual reports on the fund's status. The bill also emphasizes the need for coordination between the authority and the Department of Environment, while establishing criteria for financial assistance that align with the federal Safe Drinking Water Act.

Additionally, the bill clarifies the authority's powers, allowing it to foreclose on drinking water facilities in case of default, manage properties to enforce loan agreements, and issue bonds to support the fund. It also permits local authorities to use their own funds for projects when state funds are unavailable, with a potential for reimbursement. Importantly, the bill ensures that members and employees of the authority are not personally liable for the bonds issued, which will be special obligations of the authority, payable solely from designated revenues without imposing financial liability on the state.

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