Section 18-15-4 - Rural library development fund; created; purpose. - New Mexico Statutes

18-15-4. Rural library development fund; created; purpose.

The "rural library development fund" is created as a nonreverting fund in the state treasury.  The fund consists of appropriations; other revenue credited to the fund; gifts, grants and donations to the fund; and income from investment of the fund.  The fund shall be administered by the division, and money in the fund is subject to appropriation by the legislature to carry out the provisions of the Rural Library Development Act.  No more than five percent of the fund each year may be used for administration.  Disbursements from the fund shall be by warrant of the secretary of finance and administration pursuant to vouchers signed by the state librarian or the state librarian's authorized representative.