New Mexico § 15-3B-17 - Capitol buildings repair fund; creation; expenditures

§ 15-3B-17. Capitol buildings repair fund; creation; expenditures

A. The “capitol buildings repair fund” is created in the state treasury. To this fund shall be transferred, after payments required by Laws 1997, Chapter

178, Section 1 to the New Mexico finance authority, all income, including distributions

from the land grant permanent fund derived from lands granted to the state by the

United States congress for legislative, executive and judicial public buildings. Two percent of this fund shall be transferred annually to a “state capitol maintenance

fund”, hereby created, as a special perpetual fund for the upkeep and maintenance

of the capitol renovation and capitol grounds. B. The capitol buildings repair fund may be used to repair, remodel and equip capitol

buildings and adjacent lands, to repair or replace building machinery and building

equipment located in capitol buildings and to contract for options, no one of which

costs more than ten thousand dollars ($10,000), to purchase real estate to be put

to state use. Any money used for consideration in acquiring an option to purchase real estate

shall be applied against the purchase price of the real estate if the option is exercised. No money shall be expended from the capitol buildings repair fund without authorization

of the state board of finance. C. In the event a capital outlay project exceeds authorized project cost by five percent

or less, the state board of finance may authorize the division to supplement the authorized

cost by an allocation not to exceed five percent of the authorized cost from the capitol

buildings repair fund to the extent of the unencumbered and unexpended balance of

the fund.