SENATE BILL 756

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Richard C. Martinez

AN ACT

MAKING AN APPROPRIATION TO THE LOCAL GOVERNMENT DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION FOR THE PURPOSE OF FINANCING THE INDIVIDUAL DEVELOPMENT ACCOUNT ACT.

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

     Section 1. APPROPRIATION--INDIVIDUAL DEVELOPMENT ACCOUNT ACT.--One million five hundred thousand dollars ($1,500,000) is appropriated from the general fund to the local government division of the department of finance and administration for expenditure in fiscal year 2006 and subsequent fiscal years to establish reserve funds and otherwise carry out the provisions of the Individual Development Account Act. Unexpended or unencumbered balances remaining at the end of a fiscal year shall not revert.

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