Summary:

 House Bill 351 (HB 351) appropriates two hundred million dollars ($200,000,000) to the Board of Finance Division of the Department of Finance and Administration to provide zero-
interest loans to political subdivisions of the state for projects to replace or repair public infrastructure damaged by flooding or debris flows or projects to remove debris
accumulations attributable to the storm event on 19 October 2024 


 

Legislation Overview:

 House Bill 351 (HB 351) appropriates two hundred million dollars ($200,000,000) from the General Fund (GF) to the Board of Finance Division (BFD) of the Department of Finance and Administration (DFA) for expenditure for Fiscal Year (FY) 2026 and FY 2027 to provide zero-interest loans to the state’s political subdivisions in Chaves County that have been approved for federal public assistance funding for projects to replace or repair public infrastructure damaged by flooding or debris flows or projects to remove debris accumulations
attributable to the storm event on 19 October 2024. The BFD will require a contract for reimbursement that includes a requirement that the political subdivision repay the loan first using dollars received from federal funding that served as a basis for the loan.
Any unexpended or unencumbered balance remaining at the end of FY 2027 reverts to the GF.


 

Current Law:

 On 19 October 2024 after a record-breaking deluge, Chaves County experienced deadly flash floods that ripped through Roswell, washing away cars, submerging buildings and leaving much of the city under a layer of silt. According to Roswell’s city manager, the floods destroyed a forty-two-inch water main and damaged sewer systems. That 5.78 inches broke Roswell’s previous record for the most amount of rain in a single weather event, according to the Weather Service. The previous record was 5.65 inches in 1901.
https://sourcenm.com/2024/10/21/flood-damage-in-roswell-following-historic-rainfall/