SENATE BILL 738

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Shannon Robinson

AN ACT

RELATING TO STATE REVENUES; PROVIDING FOR A DISTRIBUTION OF INDIAN GAMING REVENUES; CREATING THE TOURISM DEPARTMENT FUND; MAKING AN APPROPRIATION.

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

     Section 1. A new section of Chapter 7, Article 1 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] DISTRIBUTION--INDIAN GAMING REVENUE.--A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the tourism department fund in an amount equal to five percent of Indian gaming revenues pursuant to Section 11-13-2 NMSA 1978."  

     Section 2. [NEW MATERIAL] TOURISM DEPARTMENT FUND CREATED.--The "tourism department fund" is created in the state treasury. The state treasurer shall invest the fund as other state funds are invested, and income from investment of the fund shall be credited to the fund. All balances in the fund shall remain in the fund and shall not revert to the general fund. The fund shall be administered by the tourism department and money in the fund is appropriated to the department. Money in the fund shall be expended upon warrants issued by the secretary of finance and administration upon receipt of vouchers signed by the secretary of tourism.

     Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2007.

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