AN ACT

RELATING TO PUBLIC FINANCE; AMENDING LAWS 1976, CHAPTER 58,

SECTION 7 TO PROVIDE FOR THE CLOSURE OF THE DEPARTMENT OF

FINANCE AND ADMINISTRATION REVOLVING LOAN FUND; PROHIBITING

LOANS FROM THE FUND AFTER JUNE 30, 2007; REVERTING THE FUND

BALANCE TO THE GENERAL FUND.

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

Section 1. Laws 1976, Chapter 58, Section 7 is amended

to read:

"Section 7. REVOLVING LOAN FUND.--One hundred thousand

dollars ($100,000) is appropriated from the operating reserve

fund to the "department of finance and administration

revolving loan fund" hereby created. The director of the

department of finance and administration, with the approval of

the governor, may make loans from this appropriation to a

state agency vouchering through the department of finance and

administration for the purpose of alleviating an imminent cash

flow problem. The loan shall be repaid in full within thirty

calendar days of the date of the loan. No loans shall be made

from the fund after June 30, 2007. Once all loans outstanding

as of June 30, 2007 have been repaid, the balance in the fund

shall revert to the general fund and the department of finance

and administration revolving loan fund shall be closed."

HB 1102

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