MAKING APPROPRIATIONS TO THE SPACE COMMERCIALIZATION DIVISION OF THE ECONOMIC DEVELOPMENT DEPARTMENT TO DEVELOP A PROPOSAL AND PROVIDE MATCHING FUNDS FOR CONSTRUCTION OF A SPACEPORT SITE FOR REUSABLE LAUNCH VEHICLES; DECLARING AN EMERGENCY.

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

Section 1. APPROPRIATION--CONTINGENCY.--Eight million six hundred thousand dollars ($8,600,000) is appropriated from the general fund operating reserve to the space commercialization division of the economic development department for expenditure in fiscal year 1999 or in any succeeding fiscal year to provide matching funds not to exceed ten percent of the costs of designing and constructing roads, runways and other infrastructure for a spaceport site contingent upon receipt of the remaining funds for such design and construction from private or federal sources, and upon selection of New Mexico for development of a spaceport site for reusable aerospace launch vehicles. The disbursement of any amount of the appropriation is contingent upon certification by the secretary of finance and administration and notification of the legislative finance committee that the disbursement represents not more than ten percent of the proposed expenditure; that a matching amount of private or federal funds equal to at least ninety percent of the proposed expenditure is available within twelve months of the disbursement; and that the contracts for the proposed design or construction are pending and can be executed upon receipt of the money. Any unexpended or unencumbered balance remaining from this appropriation on July 1, 2005 shall remain in the general fund operating reserve.

Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

HB 16

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