The "property control reserve fund" is created in the state treasury. The purpose of the fund is to provide a reserve account from which the division can purchase, construct or renovate or plan for the construction or renovation of state office buildings, in particular to alleviate the state's reliance on leased office space. The fund shall consist of appropriations, money from the sale of real property under the jurisdiction of the division, gifts, grants, donations, bequests and income from investment of the fund. Money in the fund shall not revert to the general fund at the end of any fiscal year. The division shall administer the fund subject to appropriation by the legislature. The legislature shall appropriate money in the fund to the division to purchase or acquire land and purchase, construct or renovate or plan for the construction or renovation of state office buildings in accordance with the state's four-year major capital improvements plan. Disbursements from the fund shall be made on warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the director or the director's authorized representative.

History: Laws 1998, ch. 58, § 1; 1978 Comp., § 15-3-24.2, recompiled and amended as 1978 Comp., § 15-3B-20 by Laws 2001, ch. 319, § 20; 2013, ch. 174, § 1.

The 2013 amendment, effective April 4, 2013, included funding for renovation and plans for renovating or constructing state office buildings; removed the restriction that funding be limited to buildings and land in Santa Fe; in the second sentence, after "division can purchase, construct", added "or renovate or plan for the construction or renovation of"; in the second sentence, after "reliance on", deleted "expensive" and after "leased office space", deleted "in Santa Fe"; and in the fifth sentence, after "acquire land and", added "purchase", after "purchase, construct", added "or renovate or plan for the construction or renovation of" and after "office buildings", deleted "in Santa Fe".

Appropriations.. — Laws 2013, ch. 174, § 2, effective April 4, 2013, appropriated $2,300,000, from the property control reserve fund to the property control division of the general services department for expenditure in fiscal year 2013 and subsequent fiscal years for the purchase and renovation and plans for the renovation of a state office building and appurtenant land in Bernalillo county and provided that unexpended or unencumbered balances remaining at the end of a fiscal year shall not revert to the property control reserve fund.

The 2001 amendment, effective July 1, 2001, recompiled former 15-3-24.2 NMSA 1978 as this section; and made stylistic changes.