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New Mexico Senate approves NMFA board overhaul

SANTA FE, N.M. (AP) -- New Mexico's Senate has unanimously approved a proposal to revamp the governing board of a financing agency hit by an audit scandal last year.

The measure changes the makeup of the 11-member board of the New Mexico Finance Authority, which provides low-cost financing for capital improvements by local governments.

The governor and legislative leaders will name eight board members who must meet minimum qualifications.

The Department of Finance and Administration secretary will continue to be a member. Counties and municipalities each will have one representative on the board, as they do now.

The bill eliminates three cabinet secretaries as board members.

The measure cleared the Senate on Monday and goes to the House.

The authority's former controller pleaded guilty last year to forgery and securities fraud for faking a financial audit.