N.M. Admin. Code § 7.29.4.11
Current through Register Vol. 35, No. 23, December 10, 2024
Section 7.29.4.11 - CAPITAL PROJECT FINANCINGA. The Authority reserves the right to structure Financial Assistance packages that include loans, contracts for services, and any other type of assistance authorized by the Act. The structure, terms and conditions of the Financial Assistance will be determined by Board resolution. Financial Assistance for Capital Projects may be pooled, at the discretion of the Authority.B. Priority will be given to applications for Capital Projects which show substantial community support, including, but not limited to, the identification of other financing.C. Eligible Items/Ineligible Items. The following items shall be eligible or ineligible for purposes of funding through a loan or Contract for Services.(1)Eligible Item/Uses of Fundsa. Building, construction, renovationb. Land (can only be funded by a loan)c. Capital Project planning and designd. Purchase of capital equipment(2)Ineligible Item/Uses of Fundsa. Repair and/or maintenance of necessary medical and dental equipmentc. Purchase of office, medical, and/or dental suppliesd. General operating expenses.D. Loans. Capital Projects or Applicants may be eligible for loans made directly from available resources.E. Contracts for Services. The Authority may enter into a Contract for Services to offset a portion or all of an Applicant's loan repayments. No more than 20% of the Funds awarded in any application cycle shall be made available as contracts for services in that cycle. The amount of any Contract for Services offered as part of any Financial Assistance package will be recommended by the Finance Committee based upon consideration of the need for the Capital Project, the inability of the Applicant to afford debt financing in the near term and the proposed plan to provide services for Sick and Medically Indigent free or at a reduced fee.N.M. Admin. Code § 7.29.4.11
7.29.4.11 NMAC - Rp 7 NMAC 29.4.11, 12/28/01