Section 21-27-4 – Two-year college maintenance fund; created; use of the fund.
A. The “two-year college maintenance fund” is created in the state treasury. The fund shall consist of such money as the legislature may from time to time appropriate. The fund shall be invested by the state treasurer as other funds are invested. Balances remaining in the fund at the end of each fiscal year shall […]
Section 21-27-5 – Distributions from the fund; approval by the board required.
A. A qualifying institution shall make application to the board for distribution of its allocation, or any part thereof, only for any of the purposes enumerated in Section 4 [21-27-4 NMSA 1978] of the Two-Year College Maintenance Act. B. No distribution shall be made to any qualifying institution until the board [commission [department]] has approved […]
Section 21-27-1 – Short title.
Sections 1 through 5 [21-27-1 to 21-27-5 NMSA 1978] may be cited as the “Two-Year College Maintenance Act”. History: Laws 1983, ch. 316, § 1.
Section 21-27-2 – Purpose of act.
The purpose of the Two-Year College Maintenance Act is to provide funding for the repair and long-term care and preservation of the buildings, grounds and equipment of two-year colleges and institutions. History: Laws 1983, ch. 316, § 2.
Section 21-27-3 – Definitions.
As used in the Two-Year College Maintenance Act: A. “board” [“commission” [“department”]] means the board of educational finance [commission on higher education [higher education department]] created pursuant to Section 21-1-26 NMSA 1978; B. “fund” means the two-year college maintenance fund; and C. “qualifying institution” means a statutorily created branch community college, a junior college or […]