2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 4 - State Funds and Capital Programs
Section 6-4-2.1 - General fund operating reserve created; authorizing expenditures.

A. There is hereby created within the general fund the "general fund operating reserve". Notwithstanding any other provision of law to the contrary, there shall be deposited to the general fund operating reserve cash balances in the fund existing pursuant to Laws 1966, Chapter 66, Section 16; Laws 1968, Chapter 71, Section 13; Laws 1970, Chapter 89, Section 4; Laws 1971, Chapter 327, Section 6; Laws 1972, Chapter 98, Section 6; Laws 1973, Chapter 403, Section 6; Laws 1974 (S.S.), Chapter 3, Section 6; Laws 1975 (S.S.), Chapter 17, Section 6; Laws 1976, Chapter 58, Section 7; Laws 1979, Chapter 404, Section 7; Laws 1981, Chapter 38, Section 7; Laws 1983, Chapter 46, Section 8; Laws 1984 (S.S.), Chapter 7, Section 7; and Laws 1986, Chapter 116, Section 1.

B. The general fund operating reserve may be expended only upon specific authorization by the legislature in an amount authorized by the legislature and only in the event general fund revenues and balances, including all other transfers to the general fund authorized by law, are insufficient to meet the level of appropriations authorized.

History: 1978 Comp., § 6-4-2.1, enacted by Laws 1987, ch. 184, § 1.

Compiler's notes. — All of the session laws referred to in the second sentence in Subsection A are uncodified provisions, relating mainly to fiscal matters.

Laws 2007, ch. 100, § 1, effective June 15, 2007, provided for the closure of the department of finance and administration revolving loan fund once all loans outstanding July 30, 2007 have been paid, prohibited loans after June 30, 2007, and reverted the fund balance to the general fund.