NM Finance Authority Approves Millions in State Projects
NM Finance Authority approves millions for projects around state
Reprinted with permission of the New Mexico Business Weekly, copyright 2012
By Megan Kamerick, Senior Reporter
Wednesday, March 28, 2012
The New Mexico Finance Authority’s board of directors approved the sale of $24.3 million in bonds and the funding of $38 million for 17 projects around the state.
The $38 million is for five key Finance Authority programs, including the Drinking Water Revolving Loan Fund, the Public Project Revolving Fund, and New Markets Tax Credits. Funding is provided through low-interest loans with terms ranging from five to 20 years.
The $24.3 million Series 2012A Public Project Revolving Fund bonds will be used to finance educational facilities and equipment for Western New Mexico University and projects in the city of Farmington.
Under the New Markets Tax Credit Program, the board approved $15 million to Friedman Recycling Inc. Friedman Recycling Inc. Latest from The Business Journals Follow this company in Bernalillo County for a recycling plant and $7 million to Blue Sky Energy in Taos for a solar project. New Markets Tax Credits were created in 2000 to spur new or increased investment in businesses and real estate projects in low-income communities.
Other projects funded by the Finance Authority were: $366,630 to replace 3,000 water meters in Socorro; $6.75 million for computer technology and software for the city of Farmington Municipal School District; $2.4 million for wastewater infrastructure at Tesuque Pueblo; $1 million for school improvements at the Pojoaque Valley Public School District; $10,759 for a narcotics detection dog and equipment to establish a police canine unit in the town of Vaughn; and $477,456 for a fire pumper and tanker for the De Baca County Valley Volunteer Fire District.