Section 17-1-22.1 - Game and fish capital outlay fund; created; transfer of money; state board of finance approval. - New Mexico Statutes

17-1-22.1. Game and fish capital outlay fund; created; transfer of money; state board of finance approval.

A.     There is created in the state treasury the "game and fish capital outlay fund".   

B.     Upon request of the state game commission, approved by the state board of finance, the state treasurer shall transfer to the game and fish capital outlay fund all money in the game and fish bond retirement fund except the amount necessary to meet all principal and interest payments on state game commission bonds due in the ensuing twelve months.   

C.     Money in the game and fish capital outlay fund may be expended by the department of game and fish to provide for fish hatcheries and rearing facilities, game and fish habitat acquisition, development and improvements and other similar capital projects.   

D.     Projects to be funded pursuant to Subsection C of this section shall be approved by the state game commission and the state board of finance prior to any money being encumbered for the project.   

E.     At any time that the game and fish bond retirement fund is insufficient to pay the principal and interest on all bonds which have been issued and are outstanding, the unencumbered balance in the game and fish capital outlay fund shall be transferred to the game and fish bond retirement fund.