§ 13-1B-5 — Revolving loan fund; loans made from the fund

New Mexico § 13-1B-5

• Jurisdiction: New Mexico
• Ch. 13: Public Purchases and Property
• Art. 1B: Alternative Fuel Acquisition

Text

A. Money available in the fund may be loaned by the department to reimburse the expenses incurred in acquiring vehicles of the agencies and departments of state government, political subdivisions and educational institutions from gasoline to alternative fuel. B. A state agency or department, a political subdivision or an educational institution to which a loan is made shall demonstrate the ability to pay back the loan within seven years of the date that its vehicles are acquired. C. Use of the fund shall be limited to purchases of light duty, medium duty or heavy duty vehicles that use natural gas, liquified petroleum gas, electricity or hydrogen. D. The maximum amount loaned to acquire a vehicle shall not exceed the actual incremental cost of acquiring the vehicle or: (1) five thousand dollars ($5,000) for a light duty vehicle; (2) ten thousand dollars ($10,000) for a medium duty vehicle; or (3) twenty thousand dollars ($20,000) for a heavy duty vehicle.

Legislative History

Laws 1992, ch. 58, § 5; 1994, ch. 130, § 3; 2002, ch. 32, § 6; 2018, ch. 53, § 3.