[1] NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Varela

 

DATE TYPED:

05/21/02

 

HB

3

 

SHORT TITLE:

Distribution of La Villa Rivera Building Sale

Proceeds

 

SB

 

 

 

ANALYST:

Carrillo

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

 

 

 

 

6,500.0

 

Non-Recurring

General Fund

 

(6,500.0)

 

Non-Recurring

Property Control Reserve Fund

(Parenthesis ( ) Indicate Revenue Decreases)

 

Duplicates/Conflicts with/Companion to/Relates to                                                                          

 

SOURCES OF INFORMATION

 

LFC Files

 

SUMMARY

 

     Synopsis of Bill

 

The proposed legislation amends Section 15-3B-20 NMSA 1978 (Property control reserve fund Created – Purpose) to allow the legislature to distribute proceeds from the sale of real property to other funds.

 

The Property Control Division is directed to deposit $6, 500.0 from the sale of the La Villa Rivera Building sale in the General Fund.  The remainder of the proceeds shall be deposited in the Property Control Reserve Fund. 

 

The bill includes a two year contingency provision.  The legislation contains an emergency clause.

 

WJC/njw

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