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 / Aa2
PPRF Bonds Outstanding
$1.27 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

Projects and Highlights

New Mexico Spaceport America

The PPRF funded two loans for construction of New Mexico Spaceport America, the world's first purpose built commercial spaceport.   Set on a secure campus of 18,000 acres in the high-elevation (4,600 feet) desert of southern New Mexico, the location offers 340+ days of sunshine and 6,000 square miles of protected airspace.  Designed by the renowned architect Norman Foster & Partners, and in keeping with the State of New Mexico's commitment to sustainability, the facility is on track to achieve LEED NC 2.2 Gold Certification.

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Fire Trucks and Fire Stations

The PPRF is the primary provider of funds for fire fighting equipment in the State of New Mexico.  The loans are repaid by municipalities and counties using funds provided by the State Fire Protection Fund.  While about one-third of PPRF loans are State Fire Protection Fund loans by number, these loans comprise only about 3% of outstanding PPRF loans by amount.

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Taos Administrative Complex

The PPRF provided funding for the land and construction of an Administrative Complex for Taos County. The Complex consolidated the County’s administration, courthouse and detention center

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New Mexico Highlands University Student Union

The PPRF provided financing to New Mexico Highlands University for a 67,000-square-foot student union that opened in Spring 2013.  The Student Union Building was certified as LEED Gold  for its state-of-the-art green building features like ground-source technology to help heat and cool the building and large computerized external shades that maximize natural light while helping regulate building temperature.  In February 2014, the U.S. Green Building Council gave the building its top certification for Leadership in Energy and Environmental Design.

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NMFA Bond Team

Marquita Russel

Chief Executive Officer

(505) 984-1454


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Michael Zavelle

Chief Financial Strategist

(505) 992-9639


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Mark Lovato

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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Alex Qin

PPRF Program Financial Advisor

(213) 415-1637


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View NMFA Bond Team