A. When developing the repayment schedule for loans from the fund, the department shall consider the projected savings from alternative fuel. B. The department of finance and administration shall collect and account for the loans made from the fund, and it shall have custody of all of the original loan documents, including all notes and contracts evidencing the amounts owed to the fund. C. Loans shall be made for a period of time not to exceed seven years, with an annual interest rate of zero percent. A loan shall be repaid in equal annual installments, with the first annual installment due within one year of the date on which the loan is issued. D. Loans shall be made only for eligible items. History: Laws 1992, ch. 58, § 7; 2002, ch. 32, § 8; 2018, ch. 53, § 4. ANNOTATIONSThe 2018 amendment, effective July 1, 2018, reduced the interest rate on loans from the alternative fuel acquisition loan fund to zero; and in Subsection C, after 'annual interest rate of', deleted 'five' and added 'zero'. The 2002 amendment, effective July 1, 2002, deleted 'conversion to' before 'alternative fuel' in Subsection A and substituted 'amounts owed to' for 'indebtedness of' near the end of and added 'zero'. The 2002 amendment, effective July 1, 2002, deleted 'conversion to' before 'alternative fuel' in Subsection A and substituted 'amounts owed to' for 'indebtedness of' near the end of Subsection B.
New Mexico Legal Code