AN ACT

ALLOWING THE SECRETARY OF FINANCE AND ADMINISTRATION TO DRAW FROM THE OPERATING RESERVE TO PROVIDE MATCHING FUNDS FOR SOIL AND WATER CONSERVATION PROJECTS PURSUANT TO A FEDERAL-STATE AGREEMENT; MAKING A CONTINGENT APPROPRIATION.

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

Section 1. SECRETARY OF FINANCE AND ADMINISTRATION--CONTINGENT APPROPRIATION.--The secretary of finance and administration is authorized to draw from the general fund operating reserve up to nine hundred seventy-two thousand dollars ($972,000) as necessary in fiscal year 2004 to match federal funds for water conservation and natural resource restoration technical assistance in accordance with an agreement entered into between the United States department of agriculture's natural resources conservation service and the soil and water conservation commission. Upon certification by the soil and water conservation commission that federal money has been made available to the state for the purposes specified in the agreement and that state money is ready for expenditure, the secretary of finance and administration shall release the money to the board of regents of New Mexico state university for expenditure in fiscal year 2004 for the soil and water conservation districts. Any unexpended or unencumbered balance remaining at the end of fiscal year 2004 shall revert to the general fund operating reserve.