SENATE BILL 203
48th legislature - STATE OF NEW MEXICO - second session, 2008
INTRODUCED BY
Joseph J. Carraro
AN ACT
RELATING TO THE NEW MEXICO NATIONAL GUARD; CREATING THE NATIONAL GUARD EMERGENCY ASSISTANCE FUND FOR THE PURPOSE OF PROVIDING LOW-INTEREST LOANS TO MEMBERS OF THE NEW MEXICO NATIONAL GUARD SERVING ON ACTIVE DUTY; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. NATIONAL GUARD EMERGENCY ASSISTANCE FUND.--
A. The "national guard emergency assistance fund" is created in the state treasury. The fund shall consist of transfers, appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund and repayments of loans made from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. The fund shall be a revolving fund for the purpose of making loans pursuant to Subsection B of this section and money in the fund is appropriated to the veterans' services department for that purpose. Expenditures from the fund shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of veterans' services.
B. The veterans' services department shall implement and maintain a program for providing low-interest loans to members of the New Mexico national guard who are serving on active duty. Eligibility criteria and terms of the loans shall be set by rule of the department, provided that the rules shall allow a spouse to obtain a loan if the national guard member is unavailable because of the active duty service.
Section 2. APPROPRIATION.--Five million dollars ($5,000,000) is appropriated from the general fund to the national guard emergency assistance fund for expenditure in fiscal year 2009 and subsequent fiscal years for the purpose of providing loans pursuant to the provisions of Section 1 of this act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert.
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