N.M. Admin. Code § 7.29.4.12

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

Section 7.29.4.12 - FINANCING APPROVAL REQUIREMENTS

Based on the evaluation factors set forth in 7.29.4.9, the Board may award Financial Assistance to the Applicant provided the following requirements are satisfied:

A. In determining the qualification for Financial Assistance, the Board may consider the ability of the Eligible Entity to secure financing from other sources and the costs of the Financial Assistance.

B. In approving a Contract for Services, the Board will consider the recommendations of the Finance Committee.

C. In approving a loan application, the Board will review the Applicant's ability to repay the loan extended. The Board will establish a base interest rate for loans. A portion or all of the loan repayment may be offset by a contract for service.

D. In approving an application for debt financing, the Board will find that the useful life of the Capital Project will meet or exceed the final maturity of loans made or bonds purchased or issued by the Board and must meet standards for reasonable costs set by the Board.

E. To be eligible for a loan, the Applicant shall agree to properly maintain separate Capital Project accounts in accordance with generally accepted accounting principles and to conduct an annual audit of the Capital Project's financial records during the term of the loan.

F. In order to receive Financial Assistance, the Applicant shall provide a written opinion, signed by an attorney, that the Eligible Entity has or will acquire proper title, easements and rights-of-way to the property upon or through which the Capital Project is to be constructed or extended.

G. Any contract or subcontract executed for the completion of any Capital Project shall contain a provision that there shall be no discrimination against any employee or Applicant for employment because of race, color, creed, sex, religion, sexual preference, ancestry or national origin.

H. In order to receive Financial Assistance, the Applicant shall require any contractor of a Capital 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.

I. In addition to the foregoing, the Eligible Entity shall satisfy any other requirements as may be determined by the Authority.

J. Reserved

N.M. Admin. Code § 7.29.4.12

7.29.4.12 NMAC - Rp 7 NMAC 29.4.12, 12/28/01