SENATE BILL 374
56th legislature - STATE OF NEW MEXICO - first session, 2023
RELATING TO COURT ADMINISTRATION; CREATING THE COURT EMERGENCY PROPERTY RESERVE FUND; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of Chapter 34, Article 9 NMSA 1978 is enacted to read:
"[NEW MATERIAL] COURT EMERGENCY PROPERTY RESERVE FUND.--
A. The "court emergency property reserve fund" is created as a nonreverting fund in the state treasury to be administered by the administrative office of the courts.
B. The court emergency property reserve fund may be used to pay the costs of emergency or unforeseen repair, reconstruction or replacement of court-owned property and expenses incidental thereto not otherwise covered by warranty, by capital appropriation, by insurance or pursuant to Chapter 13, Article 5 NMSA 1978. The fund may also be used to pay the costs of administering the fund.
C. The court emergency property reserve fund consists of money appropriated to the fund by the legislature. Money in the fund shall be invested by the state treasurer as
provided by law, and earnings of the fund shall be credited to the fund. Unexpended or unencumbered balances remaining in the fund at the end of a fiscal year shall not revert."
SECTION 2. APPROPRIATION.--One million dollars ($1,000,000) is appropriated from the general fund to the court emergency property reserve fund for expenditure in fiscal year 2024 and subsequent fiscal years for 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, 2023.
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