SENATE BILL 354

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Stuart Ingle

AN ACT

RELATING TO SPACEPORT DEVELOPMENT; CREATING THE SPACEPORT DEVELOPMENT FUND; MAKING AN APPROPRIATION.

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

     Section 1. SPACEPORT DEVELOPMENT FUND.--

          A. The "spaceport development fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. Expenditures from the fund shall be made on warrant of the secretary of finance and administration on vouchers signed by the secretary of finance and administration. In each fiscal year from fiscal year 2007 through fiscal year 2009, thirty-three million dollars ($33,000,000) is appropriated from the fund to the department of finance and administration for the purpose of carrying out the provisions of Subsection B of this section.

          B. Appropriations from the spaceport development fund may be expended by the department of finance and administration to plan, design, construct, equip and furnish the southwest regional spaceport and related infrastructure in Sierra county; provided that the secretary of finance and administration and the executive director of the spaceport authority shall report quarterly to the legislative finance committee concerning the progress of the spaceport project, the money expended from the fund and the purposes of the expenditures, the status of efforts to secure federal or private matching funds and the economic development that has occurred and that is projected to occur as a result of the spaceport project.

     Section 2. APPROPRIATION.--Ninety-nine million dollars ($99,000,000) is appropriated from the general fund to the spaceport development fund for expenditure in fiscal year 2006 and subsequent fiscal years for the purpose of carrying out the provisions of this act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

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