New Mexico Administrative Code › Title 2 - PUBLIC FINANCE › Chapter 61 - STATE INDEBTEDNESS AND SECURITIES › Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS › Section 2.61.7.9 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Qualified
				issuers, including large local governments requesting allocations in excess of
				the amount determined pursuant to Subsection A of 2.61.7.8 NMAC, requesting
				distributions of allocations shall submit the following:
(1) For all requests:
(a) a letter from the qualified issuer
				setting forth the amount of the state allocation requested, the actual or
				expected date of adoption of the bond resolution or similar documentation by
				the qualified issuer, the expected date of the sale of the bonds, the expected
				date of closing of the bonds, and a statement of any significant conditions
				that need to be satisfied before the bonds can be issued;
(b) a letter from the qualified issuer
				stating why the purpose to be served by the issuance of the qualified energy
				conservation bonds could not be as economically or effectively served by a
				means not involving an allocation of the state allocation;
(c) a letter from the qualified issuer
				stating that the project and use of bond proceeds will comply with all federal
				restrictions, including but not limited to compliance with Davis-Bacon
				prevailing wage rules, restrictions on qualified energy conservation bonds
				contained in the American Recovery and Reinvestment Act of 2009, and
				restrictions imposed by the United States department of the treasury, and a
				statement from the qualified issuer that it will provide the board with
				evidence from an independent entity annually no later than January 1 that the
				project and use of bond proceeds continues to be in compliance therewith as
				long as the bonds are outstanding;
(d) a letter from the qualified issuer, with
				a statement that it has consulted with its bond counsel, describing any private
				use, ownership or operation associated with the project, and the amount of the
				state allocation requested that will be used for private activity
				bonds;
(e) a letter from bond
				counsel for the qualified issuer, with supporting citations to state statutes,
				stating that the qualified energy conservation bonds can validly be issued
				under state law by the qualified issuer, which the board may refer to its bond
				counsel or to the state's attorney general for review and comment; if the board
				is advised by its bond counsel or the attorney general that the opinion of the
				issuing authority's bond counsel is incorrect, the board may refuse to approve
				the allocation requested;
(f) a
				letter from bond counsel for the qualified issuer, with supporting citations to
				the federal act and the regulations, stating that the bonds are qualified
				energy conservation bonds requiring an allocation of the state allocation and
				that all requirements of the federal act have been satisfied;
(g) a copy of the inducement resolution,
				certified by an official of the qualified issuer;
(h) a detailed description of the project,
				including the qualified conservation purpose to which the project relates, and
				the project's specific location;
(i) information on the economic development
				benefits the project will create in the state, including creation of jobs,
				contributions to energy security, reductions in consumer energy costs,
				environmental protection and resource conservation, or other
				benefits;
(j) the estimated number
				and types of jobs, both construction and permanent, indicating which are
				expected to be filled by persons who are residents of the state at the time of
				submission of the request for allocation and which are expected to be filled by
				persons who are non-residents at the time of submission of the request for
				allocation;
(k) information on how
				the project furthers the qualified issuer's successful implementation of its
				mission or master plan, or otherwise furthers the qualified issuer's ability to
				provide critical services or benefits to its constituents;
(l) the present use or conditions of the
				project site and evidence that the proposed user of the project has obtained a
				legally enforceable right to acquire the project site; evidence of approved
				zoning of the proposed site must be submitted; this requires that project types
				for which the cap is being requested are not prohibited by the existing zoning
				of the proposed site;
(m) the
				maximum amount of the qualified energy conservation bonds and other obligations
				to be issued;
(n) an estimated
				starting month and estimated completion month of the construction of the
				project, the date anticipated for initial expenditure of bond proceeds, and the
				percent of bond proceeds likely to be expended within three years of the
				issuance of the bonds;
(o) a
				project budget, including all funding sources and an itemized list of all
				project costs including but not limited to personnel, equipment, materials,
				supplies, construction and any profits; assumptions underlying the project
				budget should be noted in detail;
(p) information relating to the feasibility
				of the proposed project showing that the project or the user will generate
				revenues and cash flow sufficient to make payments to pay debt service on the
				bonds, if applicable;
(q) the
				amount and source of private capital that will be used for the project in
				addition to proposed qualified energy conservation bond financing, as well as a
				table showing estimated sources and uses of funds;
(r) conceptual site plans for the project and
				a map locating the project area;
(s) detailed information relating to the
				feasibility of any technologies to be used in the project, including the
				maturity of the technology and whether such technologies have been implemented
				previously on the proposed scale;
(t) any other information regarding the
				economic benefits to the project's community and to the state or which the
				qualified issuer believes will aid the board in considering the request for
				allocation;
(u)
				résumés of the staff or development team that will oversee
				completion of the project;
(v) an
				explanation of how the qualified energy conservation bonds will be financed,
				including whether they will be sold at competitive or negotiated sale; whether
				they will be issued as private activity bonds, general obligation bonds
				requiring voter approval; or other types of bonds; the terms of any loan
				agreement that will be the source of bond debt service;
(w) if applicable, a commitment letter or
				letter of intent, which may be subject to common contingencies or closing
				conditions, from the proposed underwriter, placement agent or bond purchaser to
				underwrite, place or purchase the qualified energy conservation bonds;
				and
(x) an indication of whether an
				approval of a lesser amount of qualified energy conservation bond allocation
				than the amount requested would be beneficial.