New Mexico Statutes Chapter 6. Public Finances § 6-4-2.6. Natural disaster loan program

(1) that the political subdivision or electric cooperative shall pay the loan by providing a release to the homeland security and emergency management department to transfer directly to the department of finance and administration money received from the approved funding from the federal emergency management agency that serves as the basis for the loan;

(2) that the political subdivision or electric cooperative shall repay the loan within thirty days of becoming eligible for reimbursement under the approved funding from the federal emergency management agency;

(3) such notice or reporting requirements that the department of finance and administration deems necessary to be sufficiently informed regarding compliance with Paragraphs (1) and (2) of this subsection;

(4) a reasonably prompt deadline, determined on a case-by-case basis by the department of finance and administration, by which date the political subdivision or electric cooperative shall be required to expend the loan for natural disaster recovery purposes and that if the political subdivision or electric cooperative does not expend the loan by this deadline, the political subdivision or electric cooperative shall pay an interest penalty on the loan, at a fair current market interest rate or federal interest rate, as determined by the department of finance and administration;

(5) that upon failure to meet a requirement of this subsection, the loan shall be repaid at a fair current market interest rate or federal interest rate, as determined by the department of finance and administration;  and

(6) that the political subdivision or electric cooperative remit to the department of finance and administration, which shall deposit in the natural disaster revolving fund, all income from investment of money from the loan.

(1) projects for which loan contracts have been made;

(2) the dollar amounts of and repayments made pursuant to those contracts;  and

(3) any breaches of those contracts, subsequent enforcement actions and results of the enforcement actions, including applicable interest rates for contract breaches and the determination of those interest rates.