A. The "state match fund" is created in the state treasury. Money in the fund is appropriated to the economic development department for the purpose of providing a pool of matching funds for technology-based proposals submitted to the federal government on behalf of the state. Money in the fund shall only be expended upon review and approval of the economic development commission.
B. No money in the fund appropriated to it or accruing to it in any manner shall be transferred to another fund or encumbered or dispersed in any manner except for the purposes set forth in this section; provided, money in the fund may be invested by the state treasurer in the manner provided for other state funds. Money in the fund shall revert at the end of the fiscal year.
C. Disbursements from the fund shall only be made upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or his designee.
History: 1978 Comp., § 9-15-19.1, enacted by Laws 1994, ch. 113, § 2.
ANNOTATIONSEffective dates. — Laws 1994, ch. 113 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 18, 1994, 90 days after the adjournment of the legislature.