HOUSE BILL 804

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Luciano “Lucky” Varela

AN ACT

MAKING AN APPROPRIATION FOR COMMUNITY DEVELOPMENT VENTURE CAPITAL.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. APPROPRIATION.--Two hundred twenty-five thousand dollars ($225,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal year 2007 to provide community development venture capital for underserved technology and community areas through a social and financial bottom-line small business equity organization that will invest in small businesses throughout the state, with a focus on rural communities. Any unexpended or unencumbered balance remaining at the end of fiscal year 2007 shall revert to the general fund.