No more than six and one-half percent of the cost of a capital project shall be used for contingencies. For the purposes of this section, "contingencies" means unforeseeable elements of cost within the defined scope of the capital project.
History: 1978 Comp., § 15-3-23.2, enacted by Laws 1984 (1st S.S.), ch. 10, § 10; recompiled and amended as 1978 Comp., § 15-3B-11 by Laws 2001, ch. 319, § 11.
ANNOTATIONSThe 2001 amendment, effective July 1, 2001, recompiled former 15-3-23.2 NMSA 1978 as this section; and deleted "and cost engineering fees" from the end of the section.