A. All net revenues derived from any armory rentals shall be deposited quarterly or more frequently by all local armory boards with the state armory board which shall keep such money on deposit with the state treasurer in a separate fund to be known as the “state armory board fund”. Money deposited in this fund is appropriated for the use of the state armory board in carrying out the purposes of N.M. Stat. Ann. Chapter 20, Article 8. All expenditures by the state armory board shall be upon vouchers signed by the secretary-treasurer of the board and paid out of the fund upon warrants drawn by the secretary of finance and administration.

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B. The state armory board fund shall also be the repository for all money and interest received by the state armory board in the exercise of its powers and responsibilities as stated in N.M. Stat. Ann. Chapter 20, Article 8.