New Mexico Statutes Chapter 6. Public Finances § 6-25B-7. Site readiness fund;  created

A. The “site readiness fund” is created in the state treasury.  The fund consists of appropriations, gifts, grants, donations, income from investment of the fund, payments of principal and interest on loans made from the fund and any other money distributed or otherwise allocated to the fund.  Income from the fund shall be credited to the fund.  Money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year.

B. The department shall administer the site readiness fund.  Money in the fund is appropriated to the department for the purposes of carrying out the provisions of the Strategic Economic Development Site Readiness Act, including site characteristic studies of proposed economic development sites and site preparations of strategic economic development sites.  Disbursements from the fund shall be made by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's authorized representative.

C. Money in the site readiness fund may be used to provide grants and loans for financing site pre-development projects.

D. Money in the site readiness fund may be used for administrative and reimbursable costs incurred by the department, subject to the legislative appropriation process.