New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 61 - STATE INDEBTEDNESS AND SECURITIES
Part 7 - DISTRIBUTION OF QUALIFIED ENERGY CONSERVATION BOND ALLOCATIONS
Section 2.61.7.7 - DEFINITIONS

Universal Citation: 2 NM Admin Code 2.61.7.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Board" means the state board of finance.

B. "Bond counsel" means an attorney or a firm of attorneys listed in the most recently available "directory of municipal bond dealers of the United States", published by the bond buyer and commonly known as the "red book", in the section listing municipal bond attorneys of the United States or the successor publication thereto.

C. "Federal act" means Section 54(d) of the federal internal revenue code and includes federal rules and guidelines adopted to carry out the provisions of that section.

D. "Large local government" means a municipality or county with a population greater than one hundred thousand, as determined pursuant to the provisions of the federal act, or an Indian tribal government.

E. "Qualified conservation purpose" means:

(1) capital expenditures incurred for the purposes of:
(a) reducing energy consumption in publicly owned buildings by at least twenty percent;

(b) implementing green community programs, including the use of loans, grants or other repayment mechanisms to implement the programs;

(c) rural development involving the production of electricity from renewable energy resources; or

(d) any qualified facility as determined under Section 45(d) of the federal internal revenue code without regard to Paragraphs (8) and (10) of that section and without regard to any placed in service date;

(2) expenditures with respect to research facilities and research grants to support research in:
(a) development of cellulosic ethanol or other nonfossil fuels;

(b) technologies for the capture and sequestration of carbon dioxide produced through the use of fossil fuel;

(c) increasing the efficiency of existing technologies for producing nonfossil fuels;

(d) automobile battery technologies and other technologies to reduce fossil fuel consumption in transportation; or

(e) technologies to reduce energy use in buildings;

(3) mass commuting facilities and related facilities that reduce the consumption of energy, including expenditures to reduce pollution from vehicles used for mass commuting;

(4) demonstration projects designed to promote the commercialization of:
(a) green building technology;

(b) conversion of agricultural waste for use in the production of fuel or otherwise;

(c) advanced battery manufacturing technologies;

(d) technologies to reduce peak use of electricity; or

(e) technologies for the capture and sequestration of carbon dioxide emitted from combusting fossil fuels in order to produce electricity;

(5) public education campaigns to promote energy efficiency.

F. "Qualified energy conservation bond" means a bond of a qualified issuer, the net proceeds from the sale of which are used exclusively for qualified conservation purposes and that meets all of the other requirements of the federal act for a qualified energy conservation bond.

G. "Qualified issuer" means the state, a county, a municipality or an Indian tribal government.

H. "Remaining allocation" means the state allocation, less the amounts required by the federal act to be allocated to large local governments, and plus any amount not used by a large local government and reallocated by that large local government to the state pursuant to Subsection B of 2.61.7.8 NMAC.

I. "State allocation" means the maximum amount of qualified energy conservation bonds that may be issued by qualified issuers in New Mexico pursuant to the federal act.

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