A. The New Mexico finance authority may receive and review applications for charter school facility loans pursuant to this section. The authority shall adopt rules to govern the application procedures and requirements for disbursing charter school facility loans and for determining the eligibility of charter schools for loans. The authority may make loans to a charter school for the purchase, construction, expansion or renovation of facilities or to pay off lease-purchase agreements; provided that an application shall include:

Terms Used In New Mexico Statutes 6-21-6.16

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Oversight: Committee review of the activities of a Federal agency or program.

(1)     evidence that any lease-purchase agreements are in accordance with the Public School Lease Purchase Act [N.M. Stat. Ann. Chapter 22, Article 26A];

and (2)     evidence that a charter school’s charter has been renewed at least once;

(3)     a review of the last two audits of the charter school.

B. The authority may consult with the applicant’s authorizer in evaluating applications; provided that a final determination shall be made solely by the authority.

C. Receipts from the repayment of principal or interest accrued on the charter school facility loans made and other fees or charges paid to the New Mexico finance authority in connection with charter school facility loans shall be deposited in the charter school facility revolving fund.

D. The “charter school facility revolving fund” is created within the New Mexico finance authority. The fund consists of appropriations, gifts, grants, donations and money otherwise accruing to the fund. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund. The authority may establish procedures for administering the fund in accordance with the provisions of this section. Balances in the fund at the end of a fiscal year shall not revert to any other fund.

E. Money in the charter school facility revolving fund is appropriated to the New Mexico finance authority to make charter school facility loans and to pay the reasonably necessary administrative and other costs incurred by the authority in evaluating, processing, originating and servicing loans.

F. Money in the charter school facility revolving fund that is not needed for immediate disbursement, including money held in reserve, may be deposited or invested in the same manner as other funds administered by the New Mexico finance authority.

G. Prior to December 1, 2023 and each December 1 thereafter, the New Mexico finance authority shall submit a report to the New Mexico finance authority oversight committee. The report shall provide details regarding any loans made pursuant to this section.

H. The New Mexico finance authority may exercise any power provided to the authority in the New Mexico Finance Authority Act to assist in the administration of this section; provided that the power is consistent with the provisions of that act.

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