Section 6-29-7 - Tribal infrastructure project fund; created; purpose; appropriations. - New Mexico Statutes

6-29-7. Tribal infrastructure project fund; created; purpose; appropriations.

A.     The "tribal infrastructure project fund" is created in the state treasury and:  

(1)     the department of finance and administration shall administer the project fund;  

(2)     the project fund shall consist of:  

(a)     distributions made to it from the trust fund;  

(b)     payments of principal and interest on loans for qualified projects;  

(c)     other money appropriated by the legislature or distributed or otherwise allocated to the project fund for the purpose of supporting qualified projects; and  

(d)     income from investment of the money in the project fund that shall be credited to the project fund;  

(3)     balances in the project fund at the end of a fiscal year shall not revert to the trust fund or to the general fund; and  

(4)     the project fund may consist of subaccounts as determined to be necessary by the department of finance and administration.  

B.     The department of finance and administration may establish procedures and adopt rules as required to administer the project fund and to originate grants or loans for qualified projects approved by the board.  

C.     Beginning in fiscal year 2006 and in subsequent years, the lesser of one percent of the project fund or one hundred thousand dollars ($100,000) is appropriated from the project fund to the department of finance and administration for expenditure in the fiscal year in which it is appropriated, to administer the project fund.  Any unexpended or unencumbered balance remaining at the end of any fiscal year shall revert to the project fund.  

D.     Beginning in fiscal year 2006 and in each subsequent year, the lesser of five percent of the project fund or five hundred thousand dollars ($500,000) is appropriated from the project fund to the Indian affairs department for expenditure in the fiscal year in which it is appropriated to administer the Tribal Infrastructure Act [6-29-1 NMSA 1978], to pay per diem and mileage as required by that act and for operation of the board.  Any unexpended or unencumbered balance remaining at the end of any fiscal year shall revert to the project fund.  

E.     The balance in the project fund not otherwise appropriated in this section is appropriated to the department of finance and administration for expenditure in fiscal year 2006 and in subsequent fiscal years to carry out the provisions of the Tribal Infrastructure Act by providing grants or loans for qualified projects.  Any unexpended or unencumbered balance remaining at the end of a fiscal year shall revert to the project fund.