A. The "trade ports development fund" is created in the state treasury. The fund consists of appropriations, gifts, grants, donations, income from investment of the fund, payments of principal and interest on loans made from the fund and any other money distributed or otherwise allocated to the fund. Income from the fund shall be credited to the fund. Money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. B. The economic development department shall administer the fund. Money in the fund is appropriated to the economic development department for the purposes of carrying out the provisions of the Trade Ports Development Act, including the planning, renovation or construction of trade ports and associated facilities and infrastructure. Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's authorized representative. C. Money in the trade ports development fund may be used to make grants of up to two hundred fifty thousand dollars ($250,000) to a public partner for the purposes of studying the costs and benefits of entering into a public-private partnership for a proposed trade port project. D. Money in the trade ports development fund may be used to provide grants and loans for financing a trade port project through a public-private partnership agreement; provided that: (1) the private partner shall provide funds that match or exceed the public partner's monetary obligation for the public-private partnership agreement, as provided by rule; and (2) the public partner certifies to the secretary that the public partner has taken all action necessary to approve the public-private partnership agreement and that the agreement contains all terms and conditions required by Subsection D of Section 8 [9-15F-8 NMSA 1978] of the Trade Ports Development Act. E. Money in the trade ports development fund may be used pursuant to Subsections B and C of this section only for grants or loans to a public partner for a trade port project. F. Money in the trade ports development fund may be used for grants or loans to an Indian nation, tribe or pueblo that has entered into a partnership with a private partner for the development of a trade port project only if: (1) the agreement between the Indian nation, tribe or pueblo and the private partner is approved by the secretary; and (2) the grant or loan application is approved by the secretary. G. Money in the trade ports development fund may be used for administrative and reimbursable costs incurred by the economic development department, the state board of finance and the department of transportation, subject to the legislative appropriation process. History: Laws 2025, ch. 86, § 9.
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