NMSA 1978, § 7-27-51 — Capital development program fund

The "capital development program fund" is created as a nonreverting fund as a
subaccount of the severance tax bonding fund. The fund consists of distributions,
appropriations, gifts, grants, donations and income from investment of the fund. The
department of finance and administration shall administer the fund. Money in the fund
is subject to appropriation by the legislature to fund capital projects with a total cost of
less than five million dollars ($5,000,000) and only the planning and design of capital
projects with a total cost greater than that amount. Expenditures from the fund shall be
by warrant of the secretary of finance and administration pursuant to vouchers signed
by the secretary of finance and administration or the secretary's authorized
representative. Any unexpended or unencumbered balance of an appropriation for a
capital project remaining after two years following the date of the appropriation shall
revert to the severance tax permanent fund.