SENATE BILL 417

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

George K. Munoz

AN ACT

RELATING TO ECONOMIC DEVELOPMENT; CREATING THE BUSINESS RECRUITMENT FUND; MAKING AND REDUCING APPROPRIATIONS.

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

     SECTION 1. A new section of Chapter 9, Article 15 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] BUSINESS RECRUITMENT FUND CREATED.--The "business recruitment fund" is created in the state treasury. The fund consists of money appropriated to the fund, income from investment of the fund and money otherwise accruing to the fund. Money in the fund shall not revert to the general fund at the end of a fiscal year. The economic development department shall administer the fund, and money in the fund is appropriated to the economic development department for the purpose of contracting for an independent agent to recruit businesses to locate to New Mexico. Money in the fund shall be disbursed on warrants signed by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary of economic development's designee."

     SECTION 2. GENERAL APPROPRIATION ACT OF 2015 APPROPRIATION REDUCTION.--One million dollars ($1,000,000) of the general fund appropriation to the economic development department in Item (21) of Section 5 of the General Appropriation Act of 2015 for projects pursuant to the Local Economic Development Act shall not be expended for the original purpose but shall revert to the general fund.

     SECTION 3. APPROPRIATION.--One million dollars ($1,000,000) is appropriated from the general fund to the business recruitment fund for expenditure in fiscal year 2018 and subsequent fiscal years to contract for an independent agent to recruit businesses to locate to New Mexico. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

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