6-33-3. Venture capital program fund.
185 words·~1 min read·
/nm/chapter-6-public-finances/article-33-venture-capital-program/6-33-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The "venture capital program fund" is created in the authority. The fund consists of appropriations, gifts, grants, deposits, transfers, donations and money earned from investment of the fund and otherwise accruing to the fund. The authority shall administer the fund. Money in the fund is appropriated to the authority for investment in New Mexico businesses and venture private equity funds pursuant to the Venture Capital Program Act and to pay the cost of administering that act.
Balances remaining in the fund at the end of a fiscal year shall not revert. Money from the fund may be drawn only on warrants approved by the chief executive officer of the authority pursuant to vouchers signed by the chief financial officer of the authority.
B. The authority shall adopt rules governing the terms and conditions of investments made from the venture capital program fund. The authority may make investments from the venture capital program fund as permitted pursuant to Subsection A of Section 4 [6- 33-4 NMSA 1978] of the Venture Capital Program Act without specific authorization by law.
History: Laws 2022, ch. 21, § 3.