Section 6-34-12 - Opportunity enterprise revolving fund; created; permitted uses

A. The 'opportunity enterprise revolving fund' is created within the authority. The fund consists of appropriations, distributions, transfers, gifts, grants, donations, bequests, fees collected, payments of principal and interest on opportunity enterprise loans, income from rents paid on opportunity enterprise leases, income from investment of the fund and any other money distributed or otherwise allocated to the fund. Balances in the fund at the end of a fiscal year shall not revert to the general fund except as provided in Section 6-34-13 NMSA 1978. The fund shall be administered by the authority as a separate account and may consist of such subaccounts as the authority deems necessary to carry out the purposes of the fund.B. Money in the opportunity enterprise revolving fund shall be used by the authority to carry out the provisions of the Opportunity Enterprise and Housing Development Act, including to:(1) pay the reasonably necessary administrative costs, payments in lieu of taxes and other costs and fees incurred by the authority in carrying out the provisions of that act;(2) provide opportunity enterprise financing; and(3) make opportunity enterprise loans.C.

n lieu of taxes and other costs and fees incurred by the authority in carrying out the provisions of that act;(2) provide opportunity enterprise financing; and(3) make opportunity enterprise loans.C. Money in the opportunity enterprise revolving fund that is not needed for immediate disbursement may be deposited or invested in the same manner as other funds administered by the authority.History: Laws 2022, ch. 57, § 12; 2024, ch. 8, § 10. ANNOTATIONSThe 2024 amendment, effective May 15, 2024, made conforming amendments due to the Opportunity Enterprise Act's name change to the Opportunity Enterprise and Housing Development Act; in Subsection A, after 'Section' deleted '13 of the Opportunity Enterprise Act' and added '6-34-13 NMSA 1978'; after 'Money in the' added 'opportunity enterprise revolving' throughout the section; and after 'Opportunity Enterprise' added 'and Housing Development'.