The proposed bill establishes the Public-Private Partnership Fund and the Public-Private Partnership Program, aimed at facilitating broadband and transportation projects in New Mexico. The Local Government Division of the Department of Finance and Administration, in collaboration with the New Mexico Finance Authority, will administer the fund and provide grants to public partners for these projects. The bill outlines the definitions of key terms, such as "broadband project," "transportation project," "public partner," and "private partner," and mandates the division to evaluate grant applications based on cost-benefit analyses and the potential impact of the projects.

Additionally, the bill amends existing law to allow appropriations from the Public Project Revolving Fund to the newly created Public-Private Partnership Fund. It also exempts public-private partnership agreements from the Procurement Code, streamlining the process for public partners to engage with private entities. The bill includes provisions for rulemaking by the division to ensure proper administration of the program and safeguard public funds. Overall, the legislation aims to enhance infrastructure development through collaborative efforts between public and private sectors.

Statutes affected:
introduced version: 6-21-6.1