This bill amends the existing law regarding the Natural Disaster Revolving Fund in New Mexico. It establishes that program income earned by political subdivisions from loans provided under specific laws (Laws 2023, Chapter 2, Section 1 and Laws 2024, Chapter 1, Section 2) must be deposited into the Natural Disaster Revolving Fund. The bill defines "program income" to include various forms of revenue generated from activities supported by the loan, such as fees for services, rental income from property acquired with loan funds, sales of items fabricated with loan funds, license fees, royalties, and interest earned on the loaned money.

Additionally, the bill removes a provision that required any unexpended or unencumbered balance exceeding $50 million at the end of a fiscal year to revert to the appropriation contingency fund, while also clarifying that any money, including program income, must be deposited into the Natural Disaster Revolving Fund. The bill emphasizes the urgency of its enactment for the public peace, health, and safety, declaring an emergency for immediate effect.

Statutes affected:
introduced version: 6-4-2.7