The "minority business assistance fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. Money in the fund is subject to appropriation by the legislature to the department for the purposes of carrying out the provisions of the Minority Business Assistance Act [9-15-52 to 9-15-55 NMSA 1978]. Expenditures from the fund shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development.
History: Laws 2007, ch. 180, § 4.
ANNOTATIONSEffective dates. — Laws 2007, ch. 180, § 5 made the Minority Business Assistance Act effective July 1, 2007.