7-1-6.71: Distribution; metropolitan redevelopment fund; administrative fee.

A. A distribution for a metropolitan redevelopment project pursuant to the Metropolitan Redevelopment Code [Chapter 3, Article 60A NMSA 1978] shall be made to the metropolitan redevelopment fund in accordance with the provisions of Subparagraph (b) of Paragraph (4) of Subsection B of Section 3-60A-21 NMSA 1978 with respect to a dedication of a gross receipts tax increment.

B. The department shall withhold an administrative fee of three percent of the net amount to be distributed pursuant to Subsection A of this section, and the money from the fee shall be remitted to the state treasurer for deposit in the general fund each month.