New Mexico Administrative Code
Title 4 - CULTURAL RESOURCES
Chapter 5 - STATE LIBRARY
Part 8 - DISTRIBUTION OF GENERAL OBLIGATION STATE OF NEW MEXICO BOND FUNDS TO PUBLIC LIBRARIES
Section 4.5.8.10 - LIMITATION ON FUNDS
Universal Citation: 4 NM Admin Code 4.5.8.10
Current through Register Vol. 35, No. 18, September 24, 2024
A. Library bond program funds may be approved by the state legislature only during legislative sessions convened in even numbered years. The amount of bond funds received for distribution by the state library may vary depending on the amounts approved by the state legislature and subsequently approved by the voters.
B. Notwithstanding language elsewhere in this rule, the state library may, in its sole discretion, alter the distribution amounts to reflect the actual amount of approved bond funds.
C. Funds shall be expended in the fiscal year in which they are made available, unless otherwise stated in the authorizing legislation.
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