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New Mexico Statutes Chapter 9. Executive Department § 9-15E-7. Fund created

Current as of January 01, 2024 | Updated by Findlaw Staff

A. The “bioscience development fund” is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund, subject to appropriation by the legislature, may be expended by the authority for the purposes of carrying out the provisions of the Bioscience Development Act. Any general fund balance from money appropriated by the legislature in the fund shall revert at the end of a fiscal year.

B. Except as provided in this section, money received by the authority shall be deposited in the fund, including:

(1) money appropriated by the legislature;

(2) interest earned upon money in the fund;

(3) property or securities acquired through the use of money belonging to the fund;

(4) all earnings of property or securities acquired pursuant to Paragraph (3) of this subsection;

(5) all of the money received by the authority from a public or private source; and

(6) fees, rents or other charges imposed and collected by the authority.

C. Disbursements from the bioscience development fund shall be made only upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary's designee pursuant to the Bioscience Development Act.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 9. Executive Department § 9-15E-7. Fund created - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-9-executive-department/nm-st-sect-9-15e-7/

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