HOUSE BILL 312

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

W. Ken Martinez and Mary Kay Papen

AN ACT

MAKING AN APPROPRIATION TO IMPLEMENT THE LOCAL ECONOMIC DEVELOPMENT ACT.

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

     SECTION 1. APPROPRIATION.--Fifty million dollars ($50,000,000) is appropriated from the general fund to the economic development department for expenditure in fiscal year 2016 and subsequent fiscal years for projects pursuant to the provisions of the Local Economic Development Act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

.198066.1