SB 8

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AN ACT

RELATING TO HOUSING; EXTENDING THE EXPENDITURE PERIOD AND

CLARIFYING THE PURPOSE OF AN APPROPRIATION FOR AUDIT

SERVICES; DECLARING AN EMERGENCY.

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

Section 1. Laws 2007, Chapter 50, Section 8 is amended

to read:

"Section 8. APPROPRIATION--ACCOUNTING OF ASSETS.--Two

hundred thousand dollars ($200,000) is appropriated from the

general fund to the state auditor for expenditure in fiscal

years 2007 through 2009 for the purpose of conducting a

complete financial audit of regional housing authorities. No

later than December 1, 2008, the results of the audit shall

be presented to the legislative finance committee, the

Mortgage Finance Authority Act oversight committee and the

department of finance and administration. Any unexpended or

unencumbered balance remaining at the end of fiscal year 2009

shall revert to the general fund."

Section 2. EMERGENCY.--It is necessary for the public

peace, health and safety that this act take effect

immediately.