New Mexico § 67-3-49 - Claims of highway contractor's creditors; state highway suspense fund

§ 67-3-49. Claims of highway contractor's creditors; state highway suspense fund

Whenever, after the completion of any contract for the construction, repair or maintenance

of any public highway under the supervision of the state transportation commission

and the final acceptance of the work done thereunder, there now is or hereafter may

be funds in a sum of less than five hundred dollars ($500) remaining in the hands

of the state treasurer, properly payable under said contract, and claims of alleged

creditors of such contractor have been filed with the state transportation commission

against such funds, then, and at the election of the state transportation commission

and upon an appropriate voucher issued by the proper officer of said commission specifying

the project number of such contract and the name of such contractor and the names

of all creditors who have filed such claims with said commission and the amounts of

all claims so filed, the secretary of finance and administration shall issue a warrant

for the transfer of the full amount of said fund to a special account to be known

as the “state highway suspense fund” and shall specify upon his records the amount

of money so transferred, the project number of said contract, the name of said contractor

and the names and amounts of the claims of such creditors. Upon receipt of such warrant, the state treasurer shall transfer such funds to the

state highway suspense fund in accordance with said warrant.