Bill > SB159

This bill creates the Higher Education Trust Fund and the Higher Education Program Fund. The Trust Fund will receive an initial transfer of $959 million from the Tax Stabilization Reserve, as well as ongoing distributions. The annual distribution to the Program Fund will be 5% of the average market value of the Trust Fund over the previous three years. The Program Fund will be used to provide scholarships for tuition and fees at public post-secondary institutions. The bill also outlines the investment and reporting requirements for the Trust Fund. In the event of a projected general fund deficit, the legislature may appropriate from the Trust Fund, but only after exhausting other fund balances.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=159&year=24