SENATE BILL 270

46th legislature - STATE OF NEW MEXICO - first session, 2003

INTRODUCED BY

Roman M. Maes







AN ACT

MAKING AN APPROPRIATION TO ENCOURAGE BUSINESS DEVELOPMENT IN NEW MEXICO.



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

Section 1. APPROPRIATION.--

A. One million five hundred thousand dollars ($1,500,000) is appropriated from the general fund to the economic development department for expenditure in fiscal year 2004 for the purpose of initiating and administering a statewide business incubator program, including:

(1) developing and implementing a pilot program to identify five incubator projects for support and development in fiscal year 2004;

(2) providing professional services contracts for operating business incubators to support program activities and operations; and

(3) working with existing incubators, incubator proponents and interested communities statewide.

B. Any unexpended or unencumbered balance remaining at the end of fiscal year 2004 shall revert to the general fund.

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