New Mexico Statutes Chapter 6. Public Finances § 6-4-2.9. Federal reimbursement revolving fund

A. The “federal reimbursement revolving fund” is created as a nonreverting fund in the state treasury.  The purpose of the fund is to use reimbursements from the federal government for claims created by the state's response to declared emergencies to ensure recovery for local communities affected by such emergencies and respond to future emergencies in New Mexico.  The fund consists of reimbursed claims from the federal government, gifts, grants, transfers, distributions, donations and income from investment of the fund.

B. Money in the fund is appropriated to the department of finance and administration to make appropriations, pursuant to Sections 12-11-24 and 12-11-25 NMSA 1978, for disaster relief after the governor declares an emergency.

C. The department of finance and administration shall administer the fund.  Expenditures from the fund shall be by warrant of the secretary of finance and administration pursuant to vouchers signed by that secretary or that secretary's authorized representative.

D. Any money reimbursed to the state or otherwise received by the state for emergency expenditures from the federal government, including money the state receives through the federal Hermit's Peak/Calf Canyon Fire Assistance Act, unless otherwise obligated under an agreement with the federal government, shall be deposited in the federal reimbursement revolving fund.