SENATE BILL 61
54th legislature - STATE OF NEW MEXICO - second session, 2020
George K. Munoz
RELATING TO BIOSCIENCE; AMENDING THE BIOSCIENCE DEVELOPMENT ACT TO MAKE THE BIOSCIENCE DEVELOPMENT FUND A NONREVERTING FUND; MAKING AN APPROPRIATION TO THE BIOSCIENCE DEVELOPMENT FUND TO CAPITALIZE THE FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 9-15E-7 NMSA 1978 (being Laws 2017, Chapter 134, Section 7) is amended to read:
"9-15E-7. FUND CREATED.--
A. The "bioscience development fund" is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund, subject to appropriation by the legislature, may be expended by the authority for the purposes of carrying out the provisions of the Bioscience Development Act. [Any general fund balance from money appropriated by the legislature in the fund shall revert at the end of a fiscal year.] Any unexpended or unencumbered balance remaining in the fund at the end of a fiscal year shall not revert to the general fund.
B. Except as provided in this section, money received by the authority shall be deposited in the fund, including:
(1) money appropriated by the legislature;
(2) interest earned upon money in the fund;
(3) property or securities acquired through the use of money belonging to the fund;
(4) all earnings of property or securities acquired pursuant to Paragraph (3) of this subsection;
(5) all of the money received by the authority from a public or private source; and
(6) fees, rents or other charges imposed and collected by the authority.
C. Disbursements from the bioscience development fund shall be made only upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's designee pursuant to the Bioscience Development Act."
SECTION 2. APPROPRIATION.--Fifty million dollars ($50,000,000) is appropriated from the general fund to the bioscience development fund for expenditure in fiscal year 2021 and subsequent fiscal years for the purposes of the fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.
SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2020.
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