Geothermal projects development fund created; study

grants; project grants; annual report. A. The "geothermal projects development fund" is created in the state treasury. The fund consists of appropriations, income from investment of the fund and any other money distributed or otherwise allocated to the fund. Balances in the fund at the end of any fiscal year shall not revert to the general fund. The division shall administer the fund. Money in the fund is subject to appropriation by the legislature. B. Money in the geothermal projects development fund may be used to make grants of up to two hundred fifty thousand dollars ($250,000) for the purposes of studying the costs and benefits of a proposed geothermal development project as approved by the secretary of energy, minerals and natural resources. C. Money in the geothermal projects development fund may be used to provide grants for financing a geothermal development project approved by the secretary of energy, minerals and natural resources. D. Except as provided in Subsection E of this section, money in the geothermal projects development fund may be used pursuant to Subsections B and C of this section only for grants to a political subdivision of the state or to a state university for a geothermal development project. E. Money in the geothermal projects development fund may be used for grants to an Indian nation, tribe or pueblo for the development of a geothermal development project only if the grant application is approved by the secretary of energy, minerals and natural resources. F. Geothermal development projects approved for a grant by the secretary of energy, minerals and natural resources under this section shall not be exempt from any required permits or permissions under New Mexico or United States law. G. Money in the geothermal projects development fund may be used for administrative and reimbursable costs incurred by the energy, minerals and natural resources department. H. Disbursements from the geothermal projects development fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of energy, minerals and natural resources or the secretary's authorized representative. I. By December 1, 2024, and by December 1 of each year thereafter, the secretary of energy, minerals and natural resources shall provide a report to the governor, the legislative finance committee and the library of the legislative council service regarding: (1) grants approved by the secretary pursuant to Subsections B and C of this section; (2) the status of studies funded in part by grants made pursuant to Subsection B of this section; (3) the status of projects funded in part by grants made pursuant to Subsection C of this section; (4) money used for administrative and reimbursable costs pursuant to Subsection G of this section; and (5) the status of the geothermal projects development fund.