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 provide grants to public partners for these projects. The bill outlines the creation of a nonreverting fund that will consist of various sources, including appropriations from the Public Project Revolving Fund, and mandates the division to administer the fund and program. Additionally, it requires the division to evaluate grant applications based on a cost-benefit analysis and other criteria to ensure the effective use of public funds.

Furthermore, the bill exempts public-private partnership agreements from the Procurement Code, streamlining the process for public partners to engage with private entities. It amends existing law to allow appropriations from the Public Project Revolving Fund to be directed to the newly created Public-Private Partnership Fund. The bill also includes provisions for the division to develop rules for grant applications, project evaluations, and safeguarding public funds, ensuring a structured approach to managing these partnerships and projects.

Statutes affected:
introduced version: 6-21-6.1