SB 115 New Mexico Senate · 2025 Regular Session

PUBLIC PROJECT REVOLVING FUND PROJECTS

SB 115 authorizes the New Mexico Finance Authority to provide loans from the Public Project Revolving Fund for infrastructure and public facility projects. It directly affects 29 specific local entities, including cities (like Albuquerque, Carlsbad, and Clovis), school districts (such as Alamogordo and Bloomfield), counties (like Bernalillo), and public improvement districts across New Mexico. The bill streamlines the process by allowing loans of $1 million or less without requiring separate legislative approval, covering projects like roads, water systems, schools, and public recreational facilities. It establishes a funding mechanism but does not create new policy or alter existing laws.

Issues: ✓ Transportation

Bill status signed all 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Mar 2025

Signed into Law

Apr 2025

Introduced Jan 23, 2025 Signed Apr 8, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

FC substitute → Final Version · 4 edits

MODERATE

The bill was reorganized and expanded to authorize the New Mexico Finance Authority to make loans to a significantly larger number of qualified entities for public projects. The original version had a shorter list of recipients, while the final version adds numerous new municipalities, school districts, and special districts across the state, broadening the scope of eligible borrowers.

Scope change

The bill's scope expanded from a limited set of recipients to include dozens of additional entities across multiple counties, including new additions like the Central New Mexico Community College, the village of Chama, and the village of Cimarron.

ELIGIBILITY

Added numerous new qualified entities to the list of recipients, including the Central New Mexico Community College, the village of Chama, the village of Cimarron, and several other municipalities and school districts not present in the substitute version.

Reordered and renumbered the list of eligible entities, with some entities appearing in different positions or with slightly modified descriptions of project types they may fund.

TECHNICAL

Removed committee substitute headers and page numbering markers, replacing them with final act formatting and page numbers.

Adjusted the act title and section numbering to reflect the final legislative version rather than the committee substitute format.

Floor votes · Senate Feb 27, 2025 · House Mar 19, 2025

How they voted

33–3

Passed · 4 other

Total votes 40

Feb 27, 2025

D Democratic24

21 Yea 3

87% Yea

R Republican16

12 Yea 3 Nay 1

75% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 8, 2025

Signed into law

Signed

executive

Mar 20, 2025

Executive · Passed

Senate concurred in House amendments

executive

Mar 19, 2025

Lower · Passed

passed House

lower

Mar 15, 2025

Lower · Passed

DO PASS, as amended, committee report adopted

lower

Mar 7, 2025

Lower · Passed

DO PASS committee report adopted

lower

Feb 28, 2025

Introduced

Sent to House Transportation, Public Works & Capital Improvements Committee & House Appropriations & Finance Committee

lower

Feb 27, 2025

Upper · Passed

passed Senate

upper

Feb 24, 2025

Upper · Passed

DO NOT PASS, replaced with committee substitute

upper

Feb 12, 2025

Upper · Passed

DO PASS committee report adopted

upper

Jan 23, 2025

Introduced

Sent to Senate Conservation Committee & Senate Finance Committee

upper

3 primary · 0 co-sponsors