HOUSE BILL 820

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Janice E. Arnold-Jones

AN ACT

MAKING AN APPROPRIATION TO THE ECONOMIC DEVELOPMENT DEPARTMENT FOR THE PURPOSE OF FUNDING STATEWIDE ASSET FORMATION OPPORTUNITIES WITH LOW-INCOME HOUSEHOLDS; DECLARING AN EMERGENCY.

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

     Section 1. APPROPRIATION--ECONOMIC DEVELOPMENT DEPARTMENT--LOW-INCOME ASSET FORMATION OPPORTUNITIES.--One million nine hundred fifty thousand dollars ($1,950,000) is appropriated from the general fund to the economic development department for expenditure in fiscal years 2005 and 2006 for the purpose of contracting with a statewide nonprofit network fulfilling the purposes of the Community Action Act to leverage private charitable donations for a statewide system of community economic development through asset building for low-income households in New Mexico. Any unexpended or unencumbered balance remaining at the end of fiscal year 2006 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.

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