Lawmakers oppose dismantling Finance Authority
Posted at: 09/19/2012 11:40 AM
By: BARRY MASSEY Associated Press
SANTA FE, N.M. (AP) - Lawmakers proposing to strengthen oversight of the troubled New Mexico Finance Authority say they'll oppose any attempt in the Legislature to dismantle the agency because of a fake audit scandal.
The authority operates independently from any state agency and functions like a bank for governmental infrastructure.
It receives a share of state tax revenue to provide low-cost financing to cities, counties, school districts and others.
Sen. Tim Keller, an Albuquerque Democrat, proposes revamping the authority's 11-member board. Rep. Luciano "Lucky" Varela, a Santa Fe Democrat, wants more legislative supervision of the authority's operating budget and contracting.
Both lawmakers say they oppose a proposal by one of Republican Gov. Susana Martinez's top budget aides to end the tax revenue earmark for the authority, about $26 million a year.
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