SENATE BILL 581
54th legislature - STATE OF NEW MEXICO - first session, 2019
William F. Burt
RELATING TO LOCAL ECONOMIC DEVELOPMENT; CREATING THE LOCAL ECONOMIC DEVELOPMENT FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Local Economic Development Act is enacted to read:
"[NEW MATERIAL] LOCAL ECONOMIC DEVELOPMENT FUND--CREATION.--The "local economic development fund" is created in the state treasury. The fund consists of appropriations, gifts, grants and donations. Money in the fund shall not revert at the end of any fiscal year. The secretary of economic development shall administer the fund, and money in the fund is appropriated to the economic development department to administer the provisions of the Local Economic Development Act. Money in the fund shall be disbursed on warrants signed by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's authorized representative."
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