N.M. Admin. Code § 20.7.5.10

Current through Register Vol. 35, No. 23, December 10, 2024

Section 20.7.5.10 - ELIGIBILITY REQUIREMENTS FOR FINANCIAL ASSISTANCE

A. Only qualified borrowers will be eligible for financial assistance from the fund.

B. The project must appear on the current priority list at the time of the financial assistance award.

C. To be eligible for financial assistance from the fund, qualified borrowers shall:

(1) meet the requirements of financial capability set by the department to assure sufficient revenue to operate and maintain the facility for its useful life, if applicable, and to repay the financial assistance;

(2) agree to operate and maintain the eligible project so that the project will function properly over its structural and material design life, if applicable;

(3) agree to maintain separate project accounts, to maintain project accounts properly in accordance with generally accepted accounting principles and to conduct an audit of the project's financial records;

(4) agree to provide a written assurance prior to construction, signed by an attorney, or other authorized representative, that the qualified borrower has or will acquire proper title, easements and rights-of-way to the property upon or through which the eligible project proposed for funding is to be constructed or extended;

(5) require the contractor of the eligible project to post a performance and payment bond in accordance with the requirements of Section 13-4-18 NMSA 1978 and its subsequent amendments and successor provisions;

(6) provide a written notice of project completion; and

(7) provide such information to the department as required in order to comply with the provisions of the Clean Water Act and state law.

D. Financial assistance shall be made only to qualified borrowers that establish one or more dedicated sources of revenue to repay the money received from the commission and to provide for operation, maintenance, and equipment replacement expenses.

N.M. Admin. Code § 20.7.5.10

2-5-87; 11-18-93; 11-30-95; 20.7.5.10 NMAC - Rn, 20 NMAC 7.5.200 & A, 7/16/2000, Adopted by New Mexico Register, Volume XXVI, Issue 21, November 16, 2015, eff. 12/16/2015, Amended by New Mexico Register, Volume XXIX, Issue 17, September 11, 2018, eff. 9/29/2018