New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 70 - CAPITAL EXPENDITURES
Part 5 - POLICY FOR USE OF CAPITOL BUILDINGS REPAIR FUND
Section 2.70.5.11 - OTHER USES FOR CAPITOL BUILDINGS REPAIR FUND
Universal Citation: 2 NM Admin Code 2.70.5.11
Current through Register Vol. 35, No. 18, September 24, 2024
A. The capitol buildings repair fund may also be used:
(1) to contract for options to
purchase real estate, such real estate, if purchased, to be put to state use;
provided that no more than ten thousand dollars ($10,000) shall be expended for
any single option; any money used for consideration in acquiring an option to
purchase real estate shall be applied against the purchase price of the real
estate if the option is exercised;
(2) in the event any capital outlay project
exceeds authorized project cost by no more than five percent, the state board
of finance may authorize the property control division to supplement the
authorized cost by an allocation not to exceed five percent of the authorized
cost from the capitol buildings repair fund to the extent of the unencumbered
and unexpended balance of the fund.
B. The director of the property control division may expend funds for emergency repairs during a specified period and up to a maximum amount determined, from time to time, by the state board of finance. Such expenditures can only be used for the purposes established in Paragraph (1) of Subsection B of 2.70.5.8 NMAC and shall be reported to the state board of finance at its next regular meeting for review and approval.
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