New Mexico Statutes 9-15E-7. Fund created
A. The “bioscience development fund” is created in the state treasury. Separate accounts within the fund may be created for any project. Money in the fund, subject to appropriation by the legislature, may be expended by the authority for the purposes of carrying out the provisions of the Bioscience Development Act. Any general fund balance from money appropriated by the legislature in the fund shall revert at the end of a fiscal year.
Terms Used In New Mexico Statutes 9-15E-7
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
B. Except as provided in this section, money received by the authority shall be deposited in the fund, including:
(1) money appropriated by the legislature; (2) interest earned upon money in the fund;
fund;
(3) property or securities acquired through the use of money belonging to the (4) all earnings of property or securities acquired pursuant to Paragraph (3) of this subsection;
and (5) all of the money received by the authority from a public or private source;
(6) fees, rents or other charges imposed and collected by the authority.
C. Disbursements from the bioscience development fund shall be made only upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of economic development or the secretary’s designee pursuant to the Bioscience Development Act.