SENATE BILL 155
56th legislature - STATE OF NEW MEXICO - second session, 2024
Steven McCutcheon II
MAKING AN APPROPRIATION TO THE CITY OF CARLSBAD TO COMPENSATE FOR CERTAIN MUNICIPAL GROSS RECEIPTS TAX REVENUE SOURCED TO EDDY COUNTY PURSUANT TO SECTION 7-1-14 NMSA 1978 (BEING LAWS 2020, CHAPTER 80, SECTION 1, AS AMENDED).
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. APPROPRIATION.--Twenty-five million dollars ($25,000,000) is appropriated from the general fund to the local government division of the department of finance and administration for distribution to the city of Carlsbad for expenditure by the city in fiscal year 2024 and subsequent fiscal years to compensate for certain revenue sourced to Eddy county pursuant to Section 7-1-14 NMSA 1978. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.