SB 639
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AN ACT
RELATING TO THE EXPENDITURE OF PUBLIC MONEY; REAUTHORIZING OR
REAPPROPRIATING BALANCES, EXPANDING OR CHANGING PURPOSES,
EXTENDING EXPENDITURE PERIODS, CHANGING AGENCIES AND
ESTABLISHING CONDITIONS FOR THE REVERSION OF UNEXPENDED
BALANCES OF CAPITAL OUTLAY PROJECTS APPROVED BY THE
LEGISLATURE IN PRIOR YEARS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. SEVERANCE TAX BONDS--REVERSION OF UNEXPENDED
PROCEEDS.--
A. Except as otherwise provided in another section
of this act, the unexpended balance from the proceeds of
severance tax bonds issued for a project that has been
reauthorized in this act shall revert to the severance tax
bonding fund as follows:
(1) for projects for which severance tax
bonds were issued to match federal grants, six months after
completion of the project;
(2) for projects for which severance tax
bonds were issued to purchase vehicles, including emergency
vehicles and other vehicles that require special equipment;
heavy equipment; educational technology; or other equipment
or furniture that is not related to a more inclusive
construction or renovation project, at the end of the fiscal