A. The “library broadband infrastructure fund” is created in the state treasury. The fund consists of money appropriated by the legislature, federal money granted to the state for the purposes of the fund, income from investment of the fund and money otherwise accruing to the fund. Money in the fund shall not revert to any other fund at the end of a fiscal year. The department of information technology shall administer the fund, and money in the fund is subject to appropriation by the legislature to the department of information technology to provide:

Terms Used In New Mexico Statutes 9-27-27

  • 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.

(1)     matching money for grants to bring broadband infrastructure to public, tribal and school libraries;

(2)     support for grant application preparation and compliance; and

(3)     planning and data acquisition services to support collaborative project implementation.

B. Money in the fund shall be disbursed on warrants signed by the secretary of finance and administration pursuant to vouchers signed by the secretary of information technology or the secretary’s authorized representative.

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