FIRE & FLOODING RELIEF

This bill establishes a program to provide zero-interest loans to local governments in New Mexico that have received federal funding to repair public infrastructure damaged by recent wildfires and storms. The loans are specifically intended for projects related to the Salt Fire, South Fork Fire, or associated storm events and must be repaid within ninety days once the federal funds are received. If a recipient fails to repay the loan on time, the interest rate will increase to current market levels, and the state has the authority to enforce these terms. The legislation appropriates $200 million from the general fund to cover the loan amounts and administrative costs, with the program ending once all contracts are fully repaid.