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 facilities. 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 status to be provided by the Finance Authority in cooperation with the Department of Environment.

The bill also redistributes responsibilities between the Finance Authority and the Department of Environment, ensuring that both entities coordinate on application procedures and funding cycles. It establishes criteria for financial assistance, emphasizing the need for local authorities to demonstrate financial capability and technical expertise. The amendments aim to streamline processes, improve access to funding for local authorities, and ensure compliance with federal regulations, ultimately enhancing the quality and reliability of drinking water systems in New Mexico.

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