AN ACT

RELATING TO ECONOMIC DEVELOPMENT; REPEALING THE BUSINESS DEVELOPMENT CORPORATION ACT; MAKING AN APPROPRIATION.

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

     Section 1. APPROPRIATION--ECONOMIC DEVELOPMENT INITIATIVES--FUND TRANSFER.--

          A. The following amounts are appropriated from the business development corporation fund to the economic development department for expenditure in fiscal year 2006:

                (1) one hundred thousand dollars ($100,000) for hydrogen and fuel cell technologies development; 

                (2) two hundred thousand dollars ($200,000) for the New Mexico main street program; and

                (3) two hundred thousand dollars ($200,000) for the development of business and job opportunities with respect to land grants, tribes and rural communities.

          B. Any unexpended or unencumbered balance remaining at the end of fiscal year 2006 shall revert to the general fund.

          C. The balance of the business development corporation fund, after the appropriations made in Subsection A of this section, shall be transferred to the general fund.

     Section 2. REPEAL.--Sections 53-7-18 through 53-7-46 NMSA 1978 (being Laws 1983, Chapter 312, Sections 1 through 10, Laws 1988, Chapter 30, Section 1 and Laws 1983, Chapter 312, Sections 12 through 29, as amended) are repealed.

     Section 3. EFFECTIVE DATE.--The effective date of the provisions of Section 2 of this act is July 1, 2005.

HB 1053

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