A. There is created in the state treasury the "development training fund". Money appropriated to the fund or accruing to it through gifts, grants, repayments or bequests shall not be transferred to any other fund or be encumbered or disbursed in any manner except as provided in Section 21-19-7 NMSA 1978. Money in the fund shall not revert at the end of any fiscal year. Money in the fund is appropriated to the economic development department. Money in the fund shall be expended upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or his authorized representative to carry out the purposes specified in Section 21-19-7 NMSA 1978.

B. There is created in the state treasury the "development fund". Money appropriated to the fund or accruing to it through gifts, grants, repayments or bequests shall not be transferred to any other fund or be encumbered or disbursed in any manner except as provided in this subsection. Money in the fund shall not revert at the end of any fiscal year. Money in the fund shall be administered by the economic development department or its successor for the purpose of making low-interest loans to political subdivisions of the state so that they can construct or implement projects necessary to provide services that will encourage the location of industry in the political subdivisions. The economic development department shall coordinate these loans with the local government division of the department of finance and administration pursuant to the New Mexico Community Assistance Act [11-6-1 NMSA 1978]. Money in the fund shall be expended as provided in Section 21-19-10 NMSA 1978.

History: Laws 1983, ch. 299, § 5; 1984, ch. 5, § 12; 1987, ch. 161, § 8; 1989, ch. 324, § 12; 1991, ch. 21, § 36; 1997, ch. 71, § 2.

The 1997 amendment, effective April 8, 1997, added the third sentence and rewrote the last sentence in Subsection A.

The 1991 amendment, effective March 27, 1991, deleted former Subsections B and C, pertaining to creation, administration and purpose of "technological innovation center fund" and the "technical excellence center fund"; redesignated former Subsection D as present Subsection B; and deleted "and tourism" following "development" in two places in Subsection B.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Colleges and Universities §§ 7, 8; 56 Am. Jur. 2d Municipal Corporations §§ 588, 589; 63A Am. Jur. 2d Public Funds §§ 46, 64, 68; 64 Am. Jur. 2d Public Works and Contracts § 94; 68 Am. Jur. 2d Schools §§ 92 to 100.

14A C.J.S. Colleges and Universities §§ 4, 7, 29; 64 C.J.S. Municipal Corporations § 1842; 79 C.J.S. Schools and School Districts § 485; 81A C.J.S. States §§ 203, 207, 208, 223 to 229.