N.M. Admin. Code § 20.7.5.7

Current through Register Vol. 35, No. 17, September 10, 2024

Section 20.7.5.7 - DEFINITIONS

as used in this part.

A."Act" means the Wastewater Facility Construction Loan Act.

B."Administrative fee" means a fee assessed and collected by the department from the qualified borrower on each loan and expressed as a percentage per year on the outstanding principal amount of the loan, payable by the borrower on the same date that principal and interest on the loan are due, for deposit in the clean water administrative fund.

C."Base Rate" means the highest loan interest rate.

D."Clean Water Act" means the federal Clean Water Act of 1977 and its subsequent amendments or successor provisions.

E."Clean water state revolving loan administrative fund" means a separate fund created outside the wastewater facility construction loan fund/clean water state revolving fund designated solely for the costs of administering the clean water state revolving loan fund, in accordance with the Clean Water Act. Money remaining in the fund at the end of any fiscal year shall not revert to the general fund but shall accrue to the loan administrative fund and shall be used explicitly for the purpose above.

F."Commission" means the water quality control commission.

G."Department" means the New Mexico environment department.

H."Eligible project" means any project or activity that is eligible for funding assistance under Section 603(c) of the Clean Water Act, Section 1383 of Title 33 of the United States Code, as of January 1, 2018, including a wastewater facility project, a nonpoint source water pollution control project, and a watershed project that meet the criteria of the Clean Water Act.

I."Final loan agreement" means an agreement executed by the qualified borrower and the department upon completion of the project in order to document the permanent financing of the final loan amount.

J."Final loan amount" means the aggregate amount of the principal disbursed by the department to the qualified borrower during the construction of the eligible project, together with accrued and unpaid interest on the aggregate principal thereof.

K."Financial assistance" means loans, combination loan/grants, the purchase or refinancing of existing state agency or local political subdivision obligations, loan guarantees, credit enhancement techniques to reduce interest on loans and bonds, bond insurance and bond guarantees or any combination of these purposes.

L."Force account construction" means construction performed by the employees of a local authority rather than through a contractor.

M."Fund" means the wastewater facility construction loan fund established in Section 74-6A-4 NMSA 1978 of the act.

N."Local authority" means a municipality, intermunicipal agency, county, incorporated county, mutual domestic water consumers association as defined by the Sanitary Projects Act, sanitation district, water and sanitation district or any similar district, recognized Indian tribe, or other issuing agency created pursuant to a joint powers agreement acting on behalf of any entity listed in this subsection.

O."Payment" means a disbursement from the fund directly to the qualified borrower.

P."Priority list" means the list of eligible projects ranked according to the priority system pursuant to the act.

Q."Priority system" means the system approved by the commission for ranking eligible projects for which financial assistance applications have been received pursuant to the act.

R."Qualified borrower" means a creditworthy borrower with an identified and verifiable repayment source that is eligible for funding pursuant to the Clean Water Act, as of January 1, 2018, including a state agency, an interstate agency, and a local authority.

S."State agency" means an agency or department of the executive branch of government.

T."Wastewater facility" means a publicly owned system for treating or disposing of sewage or wastes either by surface or underground methods, including any equipment, plant, treatment works, structure, machinery, apparatus or land in any combination, that is acquired, used, constructed or operated for the storage, collection, reduction, recycling, reclamation, disposal, separation or treatment of water or wastes, or for the final disposal of residues resulting from the treatment of water or wastes, such as pumping and ventilating stations, facilities, plants and works, outfall sewers, interceptor sewers and collector sewers, and other real or personal property and appurtenances incidental to their use or operation.

N.M. Admin. Code § 20.7.5.7

2-5-87; 10-25-88; 11-18-93; 11-30-95; 09-30-98; NMAC - Rn, 20 NMAC 7.5.108 & A, 7/16/2000; A, 11/15/2007, 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, Amended by New Mexico Register, Volume XXXI, Issue 20, October 27, 2020, eff. 10/27/2020