State Representative Dennis Roch (R-Tucumcari) today commended the New Mexico Finance Authority Oversight Committee for unanimously endorsing legislation which would authorize local government entities to apply for loans from the state’s Public Project Revolving Fund.
“Given the state’s staggering budget shortfall,” said Roch, “local communities are relying less on capital outlay and are turning instead to loans as alternate sources of funding. I applaud the committee for moving us closer to giving more communities access to these loans.”
Should the bill be enacted in January, the following government entities in northeastern New Mexico would be authorized to apply for public project loans of $1 million or more:
Town of Clayton
Village of San Jon
City of Texico
City of Tucumcari
Loans granted from this fund are available to assist counties and municipalities with projects such as buildings, equipment, infrastructure, refinancing of public debt, roads, land acquisition, water, water rights, wastewater, and solid waste.