No more than six and one-half percent of the cost of a capital project shall be used for contingencies. For the purposes of this section, "contingencies" means unforeseeable elements of cost within the defined scope of the capital project.
§ 15-3B-11 NMSA 1978
Capital projects; contingency limitation
Known as the Property Control Act
The act spans §§ 15–15 (24 sections).
1978 Comp., § 15-3-23.2, enacted by Laws 1984 (1st S.S.), ch. 10, § 10; recompiled and amended as 1978 Comp., § 15-3B-11 by Laws 2001, ch. 319, § 11.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.