Section 33-1A-3 - Long-term correctional facility housing lease suspense fund established. - New Mexico Statutes

33-1A-3. Long-term correctional facility housing lease suspense fund established.

The property control division shall establish a schedule of sublease rental fees for the low-rent housing units constructed pursuant to this act [33-1A-1 to 33-1A-5 NMSA 1978]. Sublease rental fee payments shall be paid to the department of finance and administration and deposited in the "long-term correctional facility housing lease suspense fund" hereby established, which shall be administered by the secretary of finance and administration or his designee. Payments shall be made from the long-term correctional facility housing lease suspense fund to satisfy the long-term correctional facility housing lease terms including rent, maintenance and replacement costs, insurance, management fees, taxes and all applicable costs. No other fund shall be liable for or available to satisfy the long-term correctional facility housing lease authorized in this act.