New Mexico Statutes 6-21A-3. Definitions
As used in the Drinking Water State Revolving Loan Fund Act: A. “authority” means the New Mexico finance authority;
Terms Used In New Mexico Statutes 6-21A-3
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
B. “department” means the department of environment;
C. “drinking water facility construction project” means the acquisition, design, construction, improvement, expansion, repair or rehabilitation of all or part of any structure, facility or equipment necessary for a drinking water system or water supply system;
D. “drinking water supply facility” means any structure, facility or equipment necessary for a drinking water system or water supply system;
E. “financial assistance” means loans, the purchase or refinancing of debt obligation of a local authority at an interest rate that is less than or equal to the market interest rate in any case in which a debt obligation is incurred after July 1, 1993, loan guarantees, bond insurance or security for revenue bonds issued by the authority;
F. “fund” means the drinking water state revolving loan fund;
G. “local authority” means any municipality, county, incorporated county, sanitation district, water and sanitation district or any similar district, public or private water cooperative or association or any similar organization, public or private community water system or nonprofit noncommunity water system or any other agency created pursuant to a joint powers agreement acting on behalf of any entity listed in this subsection with a publicly owned drinking water system or water supply system that qualifies as a community water system or nonprofit noncommunity system as defined by the Safe Drinking Water Act. “Local authority” does not include systems owned by federal agencies;
H. “operate and maintain” means to perform all necessary activities, including the replacement of equipment or appurtenances, to assure the dependable and economical function of a drinking water facility in accordance with its intended purpose; and
I. “Safe Drinking Water Act” means the federal Safe Drinking Water Act as amended in 1996 and its subsequent amendments or successor provisions.