New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 70 - CAPITAL EXPENDITURES
Part 4 - POLICY ON CAPITAL EXPENDITURES BY STATE EDUCATIONAL INSTITUTIONS
Section 2.70.4.8 - PROJECTS REQUIRING REVIEW

Universal Citation: 2 NM Admin Code 2.70.4.8

Current through Register Vol. 35, No. 18, September 24, 2024

A. All projects that fall under the following categories must be submitted for review by the state board of finance:

(1) any purchase of real property;

(2) any construction of a new building;

(3) any project involving a bond issue which requires state board of finance approval;

(4) any other major project, including construction of facilities such as parking lots or radio towers; site improvements or landscaping; and remodeling or non-emergency repair of an existing building, but not demolition unless part of a larger project that requires approval.

B. In-house labor applied to a project must be included as part of the cost of the project. Projects may not be artificially segmented or phased in a manner designed to avoid review by the state board of finance.

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