Section 3-60C-5 - Main street revolving loan fund. - New Mexico Statutes

3-60C-5. Main street revolving loan fund.

A.     The "main street revolving loan fund" is created in the state treasury.  The fund shall consist of appropriations, loan payments, federal funds received for the purpose of making loans, gifts, grants, donations and bequests made to the fund.  Income from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year.  Money in the fund is appropriated to the committee for the purposes of:

(1)     making revolving loans, including related fees, to property owners, with the loans processed and serviced by a lending institution; and

(2)     paying division expenses to market, manage and administer the loan program; provided that no more than ten percent of the annual appropriation or other distribution or transfer made to the fund may be used for marketing, managing and administering the loan program.

B.     Expenditures from the fund shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the director of the division.