Description

Created by the 2005 Legislature (HB 32, Stewart), the Act authorizes NMFA to issue up to $20 million in bonds backed by the State’s Gross Receipts Tax to make loans to state agencies, universities and public schools to fund energy efficiency and renewable energy renovations at existing facilities. Under the program 90% of the expected energy utility bill savings are “captured” from the participating agencies’ budgets to pay debt service on the bond, thereby providing incentive for the agencies to improve their energy efficiency and to keep whole the General Fund.