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HB 364: WATER PROJECT FINANCING APPROVAL

An Act Relating To Water; Revising The Process For Approval Of Projects Financed Pursuant To The Water Project Finance Act.

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MILD HB 364
WATER PROJECT FINANCING APPROVAL

Legislative URL:
HB 364 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
- OTHER -
Action:
[12] HAGC/HTRC-HAGC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
Fiscal Impact Report
Summary

This bill amends the Severance Tax Bonding Act and the Water Project Finance Act (Act) to revise the process for approval of projects financed pursuant to the Act. Many of the amendments are technical or clarify current law. In addition, the bill changes the term “water projects” to “qualifying water projects,” but does not change the types of projects eligible to become qualifying water projects. It removes the obligation of the Board “to create a drought strike team to coordinate responses to emergency water shortages caused by drought conditions.”

The bill restates, revises and adds authority for certain actions of the New Mexico Finance Authority (NMFA) with respect to the Board and the Water Project Fund. At the direction of the Board, the NMFA will administer the Water Project Fund and adopt such rules as are necessary to prevent waste, fraud and abuse; process, renew and evaluate applications for financial assistance; and, administer, manage and oversee qualifying water projects that receive financial assistance.

The bill eliminates the need for the review and recommendation of the State Engineer and the Environment Department of plans and specifications of water projects and revises the allocation formula for the Water Projects Fund.

Finally, the bill amends the statute addressing the Acequia Project Fund so that it states that funds may be used for “qualifying water” projects rather than simply “projects” that are approved by the Board, not the Legislature as current law states.

This bill might be a positive step towards clarifying aspects of financing water projects that may have been confusing in the past and to streamline some other aspects of the law.

Outcome: HB 364 died in the House Agriculture and Water Committee.

Date of Summary:  2/1/13; Updated 5/21/13