As used in the Colonias Infrastructure Act:

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A. “authority” means the New Mexico finance authority; B. “board” means the colonias infrastructure board;

C. “colonia” means a rural community with a population of twenty-five thousand or less located within one hundred fifty miles of the United States-Mexico border that:

(1)     has been designated as a colonia by the municipality or county in which it is located because of a:

(a) lack of potable water supply;

(b) lack of adequate sewage systems; or

(c) lack of decent, safe and sanitary housing;

(2)     has been in existence as a colonia prior to November 1990; and

(3)     has submitted appropriate documentation to the board to substantiate the conditions of this subsection, including documentation that supports the designation of the municipality or county;

D. “financial assistance” means providing grants or loans on terms and conditions approved by the authority;

E. “project fund” means the colonias infrastructure project fund;

F. “qualified entity” means a county, municipality or other entity recognized as a political subdivision of the state;

G. “qualified project” means a capital outlay project selected by the board for financial assistance that is primarily intended to develop colonias infrastructure. A qualified project may include a water system, a wastewater system, solid waste disposal facilities, flood and drainage control, roads or housing infrastructure; but “qualified project” does not include general operation and maintenance, equipment, housing allowance payments or mortgage subsidies; and

H. “trust fund” means the colonias infrastructure trust fund.