By Rob Nikolewski | Capitol Report New Mexico
SANTA FE — The New Mexico Finance Authority moved forward in its investigation into a bogus internal audit and even approved a number of bond projects in a handful of communities Thursday, but a $27.2 million infrastructure project in Albuquerque is in limbo.
Board members for the NMFA, trying to recover after the fake audit put millions of dollars earmarked for state agencies and entities in jeopardy, also were told it has $37 million in unrestricted cash on hand to extend loans for six to eight months.
NMFA’s chief of investor relations, Mike Zavelle, said that 71 percent of the loans are less than $750,000, but due to the controversy, a number of big projects are face delays
“How long can we continue making loans” is a major question, Zavelle told board members.
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