HTRC/HB 936
Page 1
AN ACT
RELATING TO 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; DECLARING AN EMERGENCY.
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 projects;
(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 year two years