New Mexico Statutes Chapter 6. Public Finances § 6-31A-3. Research, development and deployment fund

A. The “research, development and deployment fund” is created as a nonreverting fund in the state treasury.  The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund.  The department shall administer the fund.  Money in the fund is appropriated to the department for the purposes of catalyzing innovation, economic growth and job creation by providing early-stage capital and financial support to emerging technologies, start-up businesses and research initiatives that align with the state's economic development plan through project awards pursuant to the Research, Development and Deployment Fund Act.

B. Expenditures from the fund shall be 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.