Section 5-10-11 - Project revenues; special fund; annual audit.
5-10-11. Project revenues; special fund; annual audit.
A. Local or regional government revenues dedicated or pledged for funding or financing of economic development projects shall be deposited in a separate account. Separate accounts shall be established for each separate project. Money in the special account shall be expended only for economic development project purposes, which may include the payment of necessary professional services contract costs.
B. In the case of a regional government, revenues of each local government dedicated or pledged for economic development purposes shall be deposited in a special account of that local government and may be expended only by that local government as provided by the regional government's economic development plan and joint powers agreement.
C. The local or regional government shall provide for an annual independent audit in accordance with the Audit Act [12-6-1 NMSA 1978] of each special fund and project account. The audit shall be submitted to the local or regional government. The audit is a public record.