New Mexico Administrative Code
Title 20 - ENVIRONMENTAL PROTECTION
Chapter 7 - WASTEWATER AND WATER SUPPLY FACILITIES
Part 6 - WASTEWATER FACILITY CONSTRUCTION LOAN POLICIES AND GUIDELINES
Section 20.7.6.13 - PRIORITY SYSTEM AND PRIORITY LIST PROCEDURES
Universal Citation: 20 NM Admin Code 20.7.6.13
Current through Register Vol. 35, No. 18, September 24, 2024
A. A project must be on the state priority list to receive a planning/design or construction loan. It is the policy of NMED to make loans to state agencies and qualified borrowers in order of priority on the current state priority list for loans to the extent reasonable considering the following:
(1) willingness of
an applicant to accept a loan;
(2)
financial capability of the applicant to service the loan, to perform operation
and maintenance, and to maintain a debt coverage ratio as determined by NMED;
and
(3) readiness to
proceed.
B. Procedures for developing and handling the annual priority system and priority list under the loan program generally follow existing procedures for the construction grants program which are briefly summarized here.
(1) A specific cap on an individual loan
amount may be established by NMED each fiscal year so that the fund will be
able to assist several communities each year. The cap may be set as a total of
the loan funds available or as a specific dollar amount.
(2) This policy serves to maintain the
flexibility of the fund each year by not excluding higher cost projects from
participation, yet ensures that more than one worthwhile project will be funded
each year.
(3) Fundable applicants
will be notified by NMED following approval of the final priority list and a
preplanning conference will be held with the applicant and its consulting
engineer to identify the procedures and requirements which must be met prior to
execution of an interim loan agreement.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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