HB 474: NMFA IN PUBLIC PROJECT FINANCE PROGRAM

An Act Relating To The New Mexico Finance Authority; Allowing The Authority To Participate In Loans Under The Public Project Finance Program.

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MILD HB 474
NMFA IN PUBLIC PROJECT FINANCE PROGRAM

Legislative URL:

HB 474 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

- OTHER -

Action:

[18] HBIC/HJC-HBIC [32] DP-HJC [36] w/drn - ref HTRC-HTRC [39] DP - fl/a- PASSED/H (68-0) [44] SFC API.

Issue(s):

General Interest

Related Legislators

Bill Sponsor:

Sharon Clahchiscilliage

Related Documents

Downloads:

Introduced
HBIC Committee Report
HTRC Committee Report
House Floor Amendment 1
Final House Vote
Fiscal Impact Report

Summary

This bill amends the New Mexico Finance Authority (NMFA) Act to allow the NMFA to participate in a loan originated by a bank to a qualified entity under certain financial conditions. It adds a definition of “bank” to the Act and adds “loan participation” to the definition of “securities.”

One possible benefit of this legislation is that it may augment the ability of the NMFA to assist qualified entities in financing public projects. A potential concern might be whether this type of financial support is any riskier than other types.

Outcome: HB 474 passed the House (68-0) and died in the Senate Finance Committee.

Date of Summary:  2/10/13; Updated 5/30/13