The New Mexico Finance Authority (the NMFA) was created with passage of the New Mexico Finance Authority Act in 1992 (Chapter 6, Article 21, NMSA 1978). The NMFA assists qualified governmental entities with affordable financing of capital equipment and infrastructure projects by providing low-cost funds and technical assistance. The NMFA is a state instrumentality governed by a Board of Directors, consisting of twelve members, ten of whom are appointed by the Governor. The NMFA is not subject to the supervision or control of any other board, bureau, department or agency of the state. The Legislative Oversight Committee is empowered to monitor and oversee its operations.