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Current as of January 01, 2024 | Updated by Findlaw Staff
A. The “opportunity enterprise revolving fund” is created within the authority. The fund consists of appropriations, distributions, transfers, gifts, grants, donations, bequests, fees collected, payments of principal and interest on opportunity enterprise loans, income from rents paid on opportunity enterprise leases, income from investment of the fund and any other money distributed or otherwise allocated to the fund. Balances in the fund at the end of a fiscal year shall not revert to the general fund except as provided in Section 13 of the Opportunity Enterprise Act. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund.
B. Money in the fund shall be used by the authority to carry out the provisions of the Opportunity Enterprise Act, including to:
(1) pay the reasonably necessary administrative costs, payments in lieu of taxes and other costs and fees incurred by the authority in carrying out the provisions of that act;
(2) provide opportunity enterprise financing; and
(3) make opportunity enterprise loans.
C. Money in the fund that is not needed for immediate disbursement may be deposited or invested in the same manner as other funds administered by the authority.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 6. Public Finances § 6-34-12. Opportunity enterprise revolving fund; created; permitted uses - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-6-public-finances/nm-st-sect-6-34-12/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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