Geothermal projects revolving loan fund created; project

loans; annual report. A. The "geothermal projects revolving loan fund" is created in the state treasury. The fund consists of appropriations, federal funds received for the purpose of making loans, repayment of loans and interest, gifts, grants and donations made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. The division shall administer the fund. Money in the fund is subject to appropriation by the legislature. B. Money in the geothermal projects revolving loan fund may be used to provide revolving loans to political subdivisions of the state, state universities, Indian nations, tribes or pueblos, nonprofit organizations and private entities for financing a geothermal development project approved by the secretary of energy, minerals and natural resources. Loans from the fund are to be made at the lowest legally permissible interest rates. C. Geothermal development projects approved for a loan 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. D. Money in the geothermal projects revolving loan fund may be used for administrative and reimbursable costs incurred by the energy, minerals and natural resources department. E. Disbursements from the geothermal projects revolving loan 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. F. 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) loans approved by the secretary pursuant to Subsection B of this section; (2) the status of repayment obligations for revolving loans made pursuant to Subsection B of this section; (3) money used for administrative and reimbursable costs pursuant to Subsection D of this section; and (4) the status of the geothermal projects revolving loan fund.