New Mexico Statutes 13-1B-7. Repayment of loans to the fund
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A. When developing the repayment schedule for loans from the fund, the department shall consider the projected savings from alternative fuel.
Terms Used In New Mexico Statutes 13-1B-7
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
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.