Bill > HB531

This bill creates a new escrow fund for the Santa Fe College of Osteopathic Medicine, which will be established in the state treasury and can receive transfers, gifts, grants, donations, and investment income. The fund will be managed by the state investment officer and held in escrow until the first class of medical students graduates and the college receives full accreditation, or no later than July 1, 2032. On July 1, 2025, $40 million will be transferred from the Tobacco Settlement Permanent Fund to this new escrow fund. The college will be required to submit detailed annual data to the Higher Education Department for the first five years of operation, including information on applications, student acceptance, academic performance, student retention, graduation rates, and residency placements. Once the first class graduates and the college is fully accredited, the remaining balance in the escrow fund will be transferred back to the Tobacco Settlement Permanent Fund. This legislation aims to support the establishment of a new osteopathic medical school in New Mexico by providing financial resources and ensuring accountability through comprehensive reporting requirements.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=531&year=25