New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 61 - STATE INDEBTEDNESS AND SECURITIES
Part 6 - BOND PROJECT DISBURSEMENTS
Section 2.61.6.10 - ART IN PUBLIC PLACES (AIPP) ACT
Universal Citation: 2 NM Admin Code 2.61.6.10
Current through Register Vol. 35, No. 18, September 24, 2024
A. A portion of appropriations for construction and major renovations shall be set aside for the acquisition or commissioning of works of art to be used in, upon or around public buildings.
(1) "Appropriations for construction and
major renovations" include appropriations for that purpose to any public entity
from severance tax bonds, general obligation bonds, or supplemental severance
tax bonds, both taxable and tax-exempt.
(2) Under the AIPP Act, all agencies shall
set aside the lesser of $200,000 or one percent of the amount appropriated for
new construction or major renovation (exceeding $100,000) to use for art in,
upon or around the building being constructed or renovated. In addition, an
amount of money equal to the lesser of $200,000 or one percent of the amount
appropriated for new construction or major renovations of auxiliary buildings,
as defined in the AIPP Act, shall be accounted for separately and expended for
acquisition and installation of art for existing public buildings, as defined.
B. The board's role in administering the AIPP Act is as follows.
(1)
After each bond issue, the board submits a list of approved projects to the
arts division of the department of cultural affairs, which administers the AIPP
fund. The arts division determines which projects the AIPP Act applies to and
advises the board accordingly. Based on that determination, the board sets
aside the requisite amount from each applicable project in a separate AIPP
pooled fund for each bond issue.
(2) When the arts division of the department
of cultural affairs is ready to purchase or commission art, the office submits
a draw request to the board which then makes the disbursement out of the AIPP
project.
C. Frequency - Draw requests are due in the board office by 3:00 p.m. on the 1st and 15th day of each month or by 9:00 a.m. the next business day if the 1st or 15th falls on a weekend or holiday (the "draw request deadline"). Draw requests submitted on or before the draw request deadline will result in funds available six business days after the draw request deadline.
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