Section 75-1-5 - Emergency loans and grants. - New Mexico Statutes

75-1-5. Emergency loans and grants.

Ten percent of the proceeds of each severance tax bond issuance or other appropriation for the purpose of carrying out the provisions of the Rural Infrastructure Act [75-1-1 NMSA 1978] shall be reserved for emergencies and shall be allocated by the department only upon approval of the state board of finance.  This amount shall not be deposited in the fund and shall be allocated only for emergency loans and grants.  Emergency loans and grants shall be made in accordance with the applicable provisions for loans pursuant to the Rural Infrastructure Act; provided that a grant shall not exceed five hundred thousand dollars ($500,000).  At the end of the third quarter of each fiscal year, the unexpended balance of the reserved amount may be transferred by the department to the fund for use in accordance with the Rural Infrastructure Act.