It is the purpose of this act to encourage economic development in New Mexico by linking deposit of the severance tax permanent fund in New Mexico financial institutions to an increase in loans to New Mexico businesses and investment in New Mexico government entities and to encourage financial institutions to make the type of loans that meet business needs not addressed by conventional loans and loans guaranteed by federal, state or local agencies.
History: Laws 1993, ch. 267, § 1.
ANNOTATIONSEffective dates. — Laws 1993, ch. 267, § 6 made Laws 1993, ch. 267, § 1 effective July 1, 1993.