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Code · New Mexico · Chapter 6 — Public Finances · Article 4 — State Funds And Capital Programs

6-4-2.7. Natural disaster revolving fund.

351 words·~2 min read·/nm/chapter-6-public-finances/article-4-state-funds-and-capital-programs/6-4-2-7·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The "natural disaster revolving fund" is created in the state treasury. The purpose of the fund is to provide loans to political subdivisions of the state and electric cooperatives that have been approved for funding from the federal emergency management agency for a federally declared natural disaster. The fund consists of distributions, transfers, appropriations, gifts, grants, donations and income from investment of the fund. Money in the fund shall be invested by the state treasurer.
B. Money in the natural disaster revolving fund is appropriated to the department of finance and administration for:
(1)the purposes of the natural disaster loan program pursuant to Section 1 [6-4-2.6 NMSA 1978] of this 2025 act; and
(2)administration of the natural disaster loan program and enforcement of loan contracts; provided that no more than four hundred thousand dollars ($400,000) annually shall be used for these purposes.
C. Money in the natural disaster revolving fund is appropriated to the homeland security and emergency management department for the compliance management of programs administered by the federal emergency management agency that serve as the basis for a natural disaster loan; provided that no more than one hundred fifty thousand dollars ($150,000) annually shall be used for these purposes.
D. The department of finance and administration shall administer the fund, and expenditures from the fund shall be by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary or the secretary's authorized representative or vouchers signed by the secretary of homeland security and emergency management or that secretary's authorized representative.
E. Any unexpended or unencumbered balance exceeding fifty million dollars ($50,000,000) and remaining at the end of a fiscal year shall revert to the appropriation contingency fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall be included in the calculation of state reserves.
F. Any money repaid or reimbursed to the state pursuant to Laws 2023, Chapter 2, Section 1 or Laws 2024 (1st S.S.), Chapter 1, Section 2 shall be deposited in the natural disaster revolving fund.
History: Laws 2025, ch. 157, § 2.
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