Bill > HB99

This bill amends the existing law to create the "New Mexico School for the Arts Dormitory Fund" within the state treasury. The bill specifies that this new fund will receive an annual transfer of $2 million from the Excess Extraction Taxes Suspense Fund, as well as any income from investment of the dormitory fund and other appropriations, gifts, grants, and donations. The money in the dormitory fund will be used by the New Mexico School for the Arts to pay for expenses related to providing room and board to residential students that exceed the dormitory fees charged, as well as to cover unforeseen repairs, maintenance, and other operational expenses of the dormitory.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=99&year=23