New Mexico Statutes
§ 13-1B-7 — Repayment of loans to the fund
A.When developing the repayment schedule for loans from the fund, the department shall consider the projected savings from alternative fuel.
B.The department of finance and administration shall collect and account for the loans made from the fund, and it shall have custody of all of the original loan documents, including all notes and contracts evidencing the amounts owed to the fund.
C.Loans shall be made for a period of time not to exceed seven years, with an annual interest rate of zero percent. A loan shall be repaid in equal annual installments, with the first annual installment due within one year of the date on which the loan is issued.
D.Loans shall be made only for eligible items.
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New Mexico § 13-1B-7 (Repayment of loans to the fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Laws 1992, ch. 58, § 7; 2002, ch. 32, § 8; 2018, ch. 53, § 4.
Nearby Sections
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§ 13-1-100.1
Construction contracts; construction management§ 13-1-101
Repealed§ 13-1-102
Competitive sealed bids required§ 13-1-103
Invitation for bids§ 13-1-104
Competitive sealed bids; public notice§ 13-1-107
Competitive sealed bids; bid opening§ 13-1-108
Competitive sealed bids; award§ 13-1-108.1
Recompiled§ 13-1-110
Competitive sealed bids; identical bids