With the approval of the higher education department, the board of regents of the New Mexico military institute may, each fiscal year, transfer up to five hundred thousand dollars ($500,000) of the institute’s budget balances, including existing scholarship endowments, to the Luciano “Lucky” Varela opportunity scholarship fund established to implement the Luciano “Lucky” Varela opportunity scholarship.
History: Laws 2018, ch. 20, § 4.
ANNOTATIONS
Effective dates. — Laws 2018, ch. 20, § 6 made Laws 2018, ch. 20, § 4 effective July 1, 2018.