44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO RURAL ECONOMIC DEVELOPMENT; TRANSFERRING THE CONTRACTS AND OTHER PROPERTY OF THE NEW MEXICO RURAL REHABILITATION CORPORATION TO THE ECONOMIC DEVELOPMENT DEPARTMENT; PROVIDING FOR PROCEEDS OF THE TRANSFERRED PROPERTY TO BE USED FOR RURAL ECONOMIC DEVELOPMENT PURPOSES; MAKING AN APPROPRIATION.

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

Section 1. TRANSFER OF PROPERTY OF RURAL REHABILITATION CORPORATION--RURAL DEVELOPMENT FUND--CREATION AND USE.--

A. The legislature finds that, pursuant to federal law, the property of the New Mexico rural rehabilitation corporation is state property and subject to state law and appropriation. The legislature further finds that the contracts and other property of the New Mexico rural rehabilitation corporation should be transferred to an agency under the complete control of the state and used for rural economic development.

B. All real, personal and intangible property of the New Mexico rural rehabilitation corporation is transferred to the economic development department. The attorney general shall take all actions necessary to protect the property and effectuate the transfer.

C. Except for money, contracts and contract rights, pursuant to Sections 13-6-1 through 13-6-4 NMSA 1978, the economic development department shall sell or otherwise dispose of all property transferred in Subsection B of this section and deposit the proceeds from the sale or disposal in the rural development fund.

D. The economic development department shall continue to collect money due and otherwise fulfill the terms of all contracts transferred in Subsection B of this section and deposit any money received pursuant to the contracts in the rural development fund. The department may, by joint powers agreement or other contract, seek assistance from public or private sources in carrying out the purposes of this subsection.

E. The "rural development fund" is created in the state treasury. The fund shall consist of all money received by the economic development department pursuant to the transfer made by Subsection B of this section, and all proceeds received pursuant to Subsections C and D of this section. Money in the fund shall not revert and income earned by the fund shall be credited to the fund. Money in the fund shall be disbursed by warrant of the department of finance and administration on vouchers signed by the secretary of economic development. Pursuant to appropriation of the legislature, the fund shall be used by the economic development department for economic development projects in counties with assessed valuations under three hundred million dollars ($300,000,000) and populations under one hundred thousand.