If the state board of finance determines that an emergency exists that warrants such action, it may lend or grant to any state agency, board, commission, municipal corporation or other political subdivision organized under the laws of the state or any Indian nation, tribe or pueblo located in whole or in part in New Mexico that sum of money the board determines reasonable and appropriate from any funds appropriated to the board for use in meeting emergencies. As used in this section, "emergency" means an unforeseen occurrence or circumstance severely affecting the quality of government services and requiring the immediate expenditure of money that:
A. is not within the available resources of the state agency, board, commission, municipal corporation or other political subdivision or the Indian nation, tribe or pueblo located in whole or in part in New Mexico as determined by the state board of finance; and
B. if subject to appropriation, cannot reasonably await appropriation by the next regular session of the legislature.
History: 1953 Comp., § 11-1-1.1, enacted by Laws 1959, ch. 139, § 1; 1973, ch. 92, § 1; 1997, ch. 5, § 1; 2005, ch. 48, § 1.
The 2005 amendment, effective July 1, 2005, permitted the state board of finance in emergencies to loan or grant funds to any Indian nation, tribe or pueblo that is located in whole or in part in New Mexico.
The 1997 amendment, effective March 10, 1997, added the definition of "emergency".
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