2023 New Mexico Statutes › Chapter 6 - Public Finances › Article 21 - Finance Authority › Section 6-21-6.16 - Charter school facility loans; charter school facility revolving fund; created; reports.

A. The New Mexico finance authority may receive and review applications for charter school facility loans pursuant to this section. The authority shall adopt rules to govern the application procedures and requirements for disbursing charter school facility loans and for determining the eligibility of charter schools for loans. The authority may make loans to a charter school for the purchase, construction, expansion or renovation of facilities or to pay off lease-purchase agreements; provided that an application shall include:
(1) evidence that any lease-purchase agreements are in accordance with the Public School Lease Purchase Act [Chapter 22, Article 26A NMSA 1978];
(2) evidence that a charter school's charter has been renewed at least once; and
(3) a review of the last two audits of the charter school.
B. The authority may consult with the applicant's authorizer in evaluating applications; provided that a final determination shall be made solely by the authority.
C. Receipts from the repayment of principal or interest accrued on the charter school facility loans made and other fees or charges paid to the New Mexico finance authority in connection with charter school facility loans shall be deposited in the charter school facility revolving fund.
D. The "charter school facility revolving fund" is created within the New Mexico finance authority. The fund consists of appropriations, gifts, grants, donations and money otherwise accruing to the fund. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund. The authority may establish procedures for administering the fund in accordance with the provisions of this section. Balances in the fund at the end of a fiscal year shall not revert to any other fund.
E. Money in the charter school facility revolving fund is appropriated to the New Mexico finance authority to make charter school facility loans and to pay the reasonably necessary administrative and other costs incurred by the authority in evaluating, processing, originating and servicing loans.
F. Money in the charter school facility revolving fund that is not needed for immediate disbursement, including money held in reserve, may be deposited or invested in the same manner as other funds administered by the New Mexico finance authority.
G. Prior to December 1, 2023 and each December 1 thereafter, the New Mexico finance authority shall submit a report to the New Mexico finance authority oversight committee. The report shall provide details regarding any loans made pursuant to this section.
H. The New Mexico finance authority may exercise any power provided to the authority in the New Mexico Finance Authority Act to assist in the administration of this section; provided that the power is consistent with the provisions of that act.
History:
Laws 2022, ch. 19, § 1.
ANNOTATIONS
Compiler's notes.
— Laws 2022, ch. 19, § 1 was not enacted as part of the New Mexico Finance Authority Act, but was compiled there for the convenience of the user.
Effective dates.
— Laws 2022, ch. 19 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 18, 2022, 90 days after adjournment of the legislature.