New Mexico § 6-34-13 Excess revenue to the general fund; opportunity enterprise

New Mexico Statutes

§ 6-34-13 — Excess revenue to the general fund; opportunity enterprise

New Mexico·Ch. 6 Public Finances·Art. 34 Opportunity Enterprise and Housing Development

revolving fund; transfer.

A.If, on June 30, 2028 and by June 30 of each fiscal year thereafter, the balance in the opportunity enterprise revolving fund for that fiscal year exceeds the annual average amount by an amount greater than six percent, the amount in excess of six percent shall be transferred to the general fund. If there is not an excess amount pursuant to this section, no transfer shall be made from the fund.

B.As used in this section, "annual average amount" means the total balance of the opportunity enterprise revolving fund in the immediately preceding five fiscal years, divided by five.

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revolving fund; transfer. A. If, on June 30, 2028 and by June 30 of each fiscal year thereafter, the balance in the opportunity enterprise revolving fund for that fiscal year exceeds the annual average amount by an amount greater than six percent, the amount in excess of six percent shall be transferred to the general fund. If there is not an excess amount pursuant to this section, no transfer shall be made from the fund. B. As used in this section, "annual average amount" means the total balance of the opportunity enterprise revolving fund in the immediately preceding five fiscal years, divided by five.

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