HOUSE BILL 340

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Luciano "Lucky" Varela

AN ACT

MAKING AN APPROPRIATION FOR COMMUNITY DEVELOPMENT EQUITY CAPITAL.

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

     Section 1. APPROPRIATION.--Three hundred fifty thousand dollars ($350,000) is appropriated from the general fund to the economic development department for expenditure in fiscal year 2009 to provide community development equity capital for underserved individuals and communities and to administer a social bottom-line equity organization serving small businesses throughout New Mexico, with a focus on rural communities. Any unexpended or unencumbered balance remaining at the end of fiscal year 2009 shall revert to the general fund.

.170550.1