NM Finance Authority approves $3.5M for water projects

New Mexico Business Weekly - The New Mexico Finance Authority is funding four drinking water projects using $3.5 million from its revolving loan fund. The city of Tucumcari received $1.5 million to replace its 70-year-old water storage tank and install new water meters. The Lower Rio Grande Power, Water and Wastewater Association will use $600,950 to install and replace about 3,400 manual-read meters with meters that can be read via radio in Doña Ana County. The city of Bayard will do a similar project with $392,539 from the revolving loan fund. The Southside Mutual Domestic Water Association in San Juan County will install an ultrafiltration system using $797,900 from the fund. The loans are part of an effort by the state to promote funding for projects that improve water quality, said Denise Baker, chair of the Finance Authority board of directors, in a news release. Some borrowers qualify for a zero percent interest rate and forgiveness on as much as 75 percent of the principal amount if they meet certain criteria, such as “disadvantaged community” or “green project” status. Read More News New Mexico

NM Finance Authority approves $3.5M for water projects