SENATE BILL 189

50th legislature - STATE OF NEW MEXICO - second session, 2012

INTRODUCED BY

Sue Wilson Beffort

AN ACT

RELATING TO DEVELOPMENT TRAINING; MAKING AN APPROPRIATION.

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

     SECTION 1. Section 21-19-11 NMSA 1978 (being Laws 1983, Chapter 299, Section 5, as amended) is amended to read:

     "21-19-11. FUNDS CREATED.--

          A. There is created in the state treasury the "development training fund". Money appropriated to the fund or accruing to it through gifts, grants, repayments or bequests shall not be transferred to any other fund or be encumbered or disbursed in any manner except as provided in Section 21-19-7 NMSA 1978. Money in the fund shall not revert at the end of any fiscal year. Money in the fund is appropriated to the economic development department. Money in the fund shall be expended upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or [his] the secretary's authorized representative to carry out the purposes specified in Section 21-19-7 NMSA 1978.

          B. There is created in the state treasury the "development fund". Money appropriated to the fund or accruing to it through gifts, grants, repayments or bequests shall not be transferred to any other fund or be encumbered or disbursed in any manner except as provided in this subsection. Money in the fund shall not revert at the end of any fiscal year. Money in the fund is appropriated to the economic development department. Money in the fund shall be administered by the economic development department or its successor for the purpose of making low-interest loans to political subdivisions of the state so that they can construct or implement projects necessary to provide services that will encourage the location of industry in the political subdivisions. The economic development department shall coordinate these loans with the local government division of the department of finance and administration pursuant to the New Mexico Community Assistance Act. Money in the fund shall be expended as provided in Section 21-19-10 NMSA 1978."

     SECTION 2. [NEW MATERIAL] APPROPRIATION OF FUND BALANCES.--The economic development department may expend money in the development fund in fiscal year 2012 and subsequent fiscal years that was appropriated in prior fiscal years to carry out the purposes of Section 21-19-10 NMSA 1978.

- 3 -