A. The "local and regional economic development support fund" is created in the state treasury. The fund consists of gifts, grants, donations and bequests made to the fund and appropriations made to the department for projects pursuant to the Local Economic Development Act. Income from the fund shall be credited to the fund. Money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year.
B. The department shall administer the fund, and money in the fund is appropriated to the department to pay the cost of administering the fund and for participation in local and regional economic development projects as determined by the department.
C. Money in the fund shall be expended on warrants of the department of finance and administration pursuant to vouchers signed by the secretary of economic development.
History: Laws 2020, ch. 74, § 1.
ANNOTATIONSEffective dates. — Laws 2020, ch. 74 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 20, 2020, 90 days after adjournment of the legislature.