1. A. The authority shall:

   1. (1) provide staff support for the board;
   2. (2) develop application procedures and forms for qualifying entities to apply for grants and loans from the water project fund; and
   3. (3) make loans or grants to qualifying entities for qualifying water projects pursuant to the Water Project Finance Act; provided that the service area for the project is wholly within the boundaries of the state or the project is an interstate project that directly benefits New Mexico.
2. B. The loans and grants made pursuant to Paragraph (3) of Subsection A of this section shall require legislative authorization on and after December 31, 2029.

History: Laws 2001, ch. 164, § 6; 2003, ch. 139, § 4; 2006, ch. 42, § 1; 2026, ch. 27, § 3.

ANNOTATIONS

The 2026 amendment, effective May 20, 2026, temporarily allowed the New Mexico finance authority to award funds to qualifying water projects without authorization from the legislature for specific projects; added new subsection designation "A" and redesignated former Subsections A through C as Paragraphs A(1) through A(3), respectively; in Paragraph A(3), after "qualifying water projects" deleted "authorized by the legislature" and added "pursuant to the Water Project Finance Act"; and added a new Subsection B.

The 2006 amendment, effective May 17, 2006, provided in Subsection C that the authority may make loans or grants for interstate projects that directly benefit New Mexico.

The 2003 amendment, effective April 3, 2003, substituted "qualifying entities" for "political subdivisions" once in Subsection B and once in Subsection C; and substituted "provided that the service area for the project is wholly within the boundaries of the state" for "authorized by the legislature" at the end of Subsection C.