SENATE BILL 8

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Leonard Lee Rawson

FOR THE MORTGAGE FINANCE AUTHORITY ACT OVERSIGHT COMMITTEE

AN ACT

RELATING TO HOUSING; CLARIFYING THE PURPOSE OF AN APPROPRIATION FOR AUDIT SERVICES; DECLARING AN EMERGENCY.

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

     Section 1. Laws 2007, Chapter 50, Section 8 is amended to read:

     "Section 8. APPROPRIATION--ACCOUNTING OF ASSETS.--Two hundred thousand dollars ($200,000) is appropriated from the general fund to the state auditor for expenditure in fiscal years 2007 [and 2008] through 2009 for the purpose of conducting [an accounting of all assets acquired by regional housing authorities pursuant to the Regional Housing Law] a complete financial audit of regional housing authorities. No later than December 1, [2007] 2008, the results of the [accounting] audit shall be presented to the legislative finance committee, the Mortgage Finance Authority Act oversight committee and the department of finance and administration. Any unexpended or unencumbered balance remaining at the end of fiscal year [2008] 2009 shall revert to the general fund."

     Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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