SENATE BILL 163

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Mary Kay Papen and W. Ken Martinez

AN ACT

MAKING AN APPROPRIATION FOR LOCAL ECONOMIC DEVELOPMENT COOPERATIVE MARKETING; REQUIRING REPORTING.

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

     SECTION 1. APPROPRIATION.--Two million dollars ($2,000,000) is appropriated from the general fund to the economic development department for expenditure in fiscal year 2016 for a cooperative marketing program that provides matching funds to local economic development organizations to increase business recruitment in those organizations' regions. The economic development department shall report to the appropriate interim legislative committee on the program. Any unexpended or unencumbered balance remaining at the end of fiscal year 2016 shall revert to the general fund.

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