Learn about New Mexico Finance Authority Public Project Revolving Fund (PPRF), including News & Events, Projects and Highlights, and NMFA Bond Team.
PPRF Senior Lien Bond Ratings
AAA / Aa1
PPRF Subordinate Lien Bond Ratings
AAA / Aa1
PPRF Bonds Outstanding as of 11/30/2023
$1.454 Billion

About New Mexico Finance Authority Public Project Revolving Fund (PPRF)

The New Mexico Finance Authority (NMFA) was created by the New Mexico State Legislature in 1992 with the objective of providing low-cost infrastructure financing for New Mexico public entities.   The 1992 statute created the Public Projects Revolving Fund ("PPRF") as the vehicle to accomplish this financing objective.  The PPRF provides loans to the state’s counties, municipalities, tribal nations, school districts, higher education institutions, political sub divisions (such as water utility authorities) and departments of state government and then issues PPRF bonds for reimbursement purposes.  NMFA does not charge a credit premium - the PPRF's AAA/Aa1 bond pricing is passed on to PPRF borrowers without an interest rate markup.  For qualifying borrowers, the PPRF provides loans at interest rates of 0% or 2% in amounts up to $500,000.  The 1992 statute created the Governmental Gross Receipts Tax ("GGRT"), which in combination with an indentured senior lien Common Debt Service Reserve Fund (CDSRF), an indentured subordinate lien Supplemental Credit Reserve Fund (SCRF), State intercepts of tax funds and individual loan debt service reserve accounts provide the credit enhancements that have enabled the PPRF to be highly rated.   

In addition to PPRF bonds, NMFA is also the issuer for New Mexico Department of Transportation ("NMDOT") bonds and for certain stand alone State Building bonds.

Major legislative programs without a current bonding component administered by NMFA include:

The Drinking Water State Revolving Loan Fund (“DWSRLF”) 

Water Project Fund

Colonias Infrastructure Fund

The Local Government Planning Fund 

New Markets Tax Credits

Smart Money Business Loan Participation Program

Small Business Recovery Loan Fund

Business Recovery Grant Program (LEDA Recovery Grants)

Essential Services Working Capital Program

Projects and Highlights

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NMFA Bond Team

Marquita Russel

Chief Executive Officer

(505) 984-1454

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Lawrence ("Chip") Pierce

Chief Financial Strategist

(505) 992-9620


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Mark Lovato

Treasurer/Investment Manager

(505) 992-9629

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Daniel Opperman

General Counsel

(505) 992-9669

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Oscar Rodriguez

Chief Financial Officer

(505) 984-1454

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Christine Choi

PPRF Program Financial Advisor

(415) 393-7247


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View NMFA Bond Team