N.M. Stat. § 74-6A-14
All outstanding securities of the state and of all qualified borrowers, all loan or other agreements entered into between the state or the division and any qualified borrower, all regulations promulgated by the commission and all acts and proceedings taken by or on behalf of the state or any qualified borrower with respect to the financing of eligible projects are validated, ratified, approved and confirmed. To the extent necessary to carry out its purposes, the commission shall treat any bonds, obligations or agreements of the state or the division that were entered into prior to April 4, 1991 for the purpose of effecting the provisions of the Wastewater Facility Construction Loan Act or the Clean Water Act as if such bonds, obligations or agreements were those recommended by the commission and issued by the board.
NMS § 74-6A-14