A. The legislature finds that:

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(1)     there are necessary state and local capital improvement and infrastructure needs that cannot be met with existing capital financing methods and funding sources;

(2)     there is no coordinating entity or process for accomplishing long-term state and local capital planning, needs assessment or inventory of needs; setting priorities; and making more effective use of existing capital financing methods and funding sources;

(3)     the uncertain nature of revenues available from the proceeds of severance tax bonds and other state and local revenues have frustrated state and local government efforts to finance needed state and local capital projects; and

(4)     in order to meet public capital and infrastructure needs, a central state mechanism to coordinate the planning and financing of public projects is necessary.

B. It is the purpose of the New Mexico Finance Authority Act to create a governmental instrumentality to coordinate the planning and financing of state and local public projects, to provide for long-term planning and assessment of state and local capital needs and to improve cooperation among the executive and legislative branches of state government and local governments in financing public projects.

C. It is the further purpose of the New Mexico Finance Authority Act to provide financing for public projects in a manner that will not impair the capacity of the public project revolving fund to provide future financing to qualified entities for public projects. Funding shall not be provided from the public project revolving fund unless revenues in an amount sufficient to avoid a negative impact on the financing capacity of the public project revolving fund are contemporaneously pledged or dedicated for deposit to the public project revolving fund. Pursuant to Section 6-21-6.1 N.M. Stat. Ann., the authority may provide funding from the public project revolving fund for the purposes of the Wastewater Facility Construction Loan Act [N.M. Stat. Ann. Chapter 74, Article 6A], the Rural Infrastructure Act [N.M. Stat. Ann. Chapter 75, Article 1], the Solid Waste Act N.M. Stat. Ann. § 74-9-1 to 74-9-42 or the Drinking Water State Revolving Loan Fund Act N.M. Stat. Ann. § 6-21A-1 to 6-21A-9.