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Current as of January 01, 2024 | Updated by FindLaw Staff
A. For each fiscal year, the amount to be distributed by the marshal pursuant to Sections 59A-53-4, 59A-53-5 and 59A-53-5.1 NMSA 1978 is appropriated from the fire protection fund to the state fire marshal for the purpose of making the following distributions:
(1) the total amount to be distributed during the fiscal year pursuant to Sections 59A-53-4, 59A-53-5 and 59A-53-5.1 NMSA 1978;
(2) the total amount of other appropriations from the fire protection fund for the fiscal year;
(3) on June 30, 2017, no distribution shall be made to the fire protection grant fund;
(4) in fiscal years 2019 through 2021, periodic allotments not to exceed forty and two-tenths percent of the projected remaining balance in the fire protection fund shall be distributed to the fire protection grant fund; and
(5) beginning in fiscal year 2022, periodic allotments equaling the total projected remaining balance in the fire protection fund shall be distributed to the fire protection grant fund.
B. As of June 30 of each year, the remaining unexpended balance in the fire protection fund shall be transferred to the general fund.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 59A. Insurance Code § 59A-53-5.2. Appropriations and transfers from the fire protection fund - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-59a-insurance-code/nm-st-sect-59a-53-5-2/
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