New Mexico § 15-3B-20 Property control reserve fund; created; purpose

New Mexico Statutes

§ 15-3B-20 — Property control reserve fund; created; purpose

New Mexico § 15-3B-20

Ch. 15Administration of Government

Art. 3BProperty Control

This text of New Mexico § 15-3B-20 (Property control reserve fund; created; purpose) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 15-3B-20 (2026).

Text

The "property control reserve fund" is created in the state treasury. The purpose of the fund is to provide a reserve account from which the division can purchase, construct or renovate or plan for the construction or renovation of state office buildings, in particular to alleviate the state's reliance on leased office space. The fund shall consist of appropriations, money from the sale of real property under the jurisdiction of the division, gifts, grants, donations, bequests and income from investment of the fund. Money in the fund shall not revert to the general fund at the end of any fiscal year. The division shall administer the fund subject to appropriation by the legislature. The legislature shall appropriate money in the fund to the division to purchase or acquire land and purchase

Free access — add to your briefcase to read the full text and ask questions with AI

The "property control reserve fund" is created in the state treasury. The purpose of the fund is to provide a reserve account from which the division can purchase, construct or renovate or plan for the construction or renovation of state office buildings, in particular to alleviate the state's reliance on leased office space. The fund shall consist of appropriations, money from the sale of real property under the jurisdiction of the division, gifts, grants, donations, bequests and income from investment of the fund. Money in the fund shall not revert to the general fund at the end of any fiscal year. The division shall administer the fund subject to appropriation by the legislature. The legislature shall appropriate money in the fund to the division to purchase or acquire land and purchase, construct or renovate or plan for the construction or renovation of state office buildings in accordance with the state's four-year major capital improvements plan. Disbursements from the fund shall be made on warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the director or the director's authorized representative.