A. The "primary care capital fund" is created as a revolving fund in the state treasury. The fund shall consist of appropriations, loan repayments, gifts, grants, donations and interest earned on investment of the fund. A separate account shall be maintained for appropriations, loan repayments, gifts, grants, donations and interest earned on investment of the account for loans to school-based health centers and telehealth sites. Money in the fund shall not revert at the end of a fiscal year.

B. The fund shall be administered by the authority. The authority may recover from the fund the costs of administering the fund and originating loans up to an amount equal to ten percent of original loan amounts. Money in the fund shall be expended only on warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the chief executive officer of the authority or the chief executive officer's authorized representative.

History: Laws 1994, ch. 62, § 10; 2005, ch. 54, § 2; 2019, ch. 276, § 2.

The 2019 amendment, effective June 14, 2019, provided that the New Mexico finance authority may recover from the primary care capital fund the costs of administering the fund and originating loans up to an amount equal to ten percent of original loan amounts; and in Subsection B, after "by the authority.", deleted "Administrative costs of", after "The authority", deleted "or department shall not be paid" and added "may recover", after "from the fund", added "the costs of administering the fund and originating loans up to an amount equal to ten percent of original loan amounts", and after "vouchers signed by the", deleted "director" and added "chief executive officer".

The 2005 amendment, effective June 17, 2005, required that a separate account be maintained for funds for loans to school-based health centers and telehealth sites.