New Mexico § 5-10-12 - Plan and project termination
Full text of New Mexico New Mexico Statutes Annotated § 5-10-12 — Plan and project termination, with citation guidance and answers to common questions.
§ 5-10-12. Plan and project termination
A. At any time after approval of an economic development plan, the governing body
of the local government or the governing body of each local government in a regional
government may enact an ordinance terminating the economic development plan and dissolving
or terminating any or all public support for economic development projects. An ordinance repealing an economic development plan shall not be effective unless
the ordinance provides for satisfying existing contracts and the rights of the parties
arising from those contracts. B. Any unexpended and unencumbered balances remaining in any project fund or account
upon repeal of a plan and termination of public support for or dissolution of a project
may be transferred to the general fund of the local government holding the fund or
account. In the case of funds or accounts of a regional government, the unexpended and unencumbered
balances shall be divided among the local governments as provided in the joint powers
agreement.
Frequently Asked Questions About New Mexico § 5-10-12
What does New Mexico Statutes Annotated § 5-10-12 cover?
Section 5-10-12 ("Plan and project termination") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 5-10-12?
A common citation format is "New Mexico Statutes Annotated § 5-10-12" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 5-10-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.