A. At any time after approval of an economic development plan, the governing body of the local government or the governing body of each local government in a regional government may enact an ordinance terminating the economic development plan and dissolving or terminating any or all public support for economic development projects. An ordinance repealing an economic development plan shall not be effective unless the ordinance provides for satisfying existing contracts and the rights of the parties arising from those contracts.
B. Any unexpended and unencumbered balances remaining in any project fund or account upon repeal of a plan and termination of public support for or dissolution of a project may be transferred to the general fund of the local government holding the fund or account. In the case of funds or accounts of a regional government, the unexpended and unencumbered balances shall be divided among the local governments as provided in the joint powers agreement.
History: Laws 1993, ch. 297, § 12; 2021, ch. 3, § 8.
The 2021 amendment, effective July 1, 2021, added language related to public support for economic development projects; in Subsection A, after "any or all", added "public support for economic development"; and in Subsection B, after "and termination", added "of public support for".
Structure New Mexico Statutes
Chapter 5 - Municipalities and Counties
Article 10 - Local Economic Development
Section 5-10-2 - Findings and purpose of act.
Section 5-10-5 - Economic development department; technical assistance.
Section 5-10-6 - Economic development plan; contents; publication.
Section 5-10-7 - Regional plans; joint powers agreement; regional government.
Section 5-10-8 - Applications for public support.
Section 5-10-9 - Project evaluation; department.
Section 5-10-11 - Project revenues; special fund; annual audit.
Section 5-10-12 - Plan and project termination.
Section 5-10-13 - Limitations.
Section 5-10-14 - Local Economic Development Act fund.
Section 5-10-16 - Grants to reimburse rent, lease or mortgage payments for certain businesses.