Bill > SB124

This bill establishes the "Higher Education Major Projects Fund," a dedicated, non-reverting fund in the state treasury to support significant capital improvement projects at New Mexico's educational institutions. The fund will be administered by the Higher Education Department and can be used for major capital outlay projects, including research and instruction facilities costing $50 million or more, as well as student housing and "student life projects" (which are defined as non-academic facilities like recreation centers, dining halls, and athletic facilities for Division 1 universities). For two-year institutions and tribal colleges, the fund can be used for student housing and student life projects. Generally, projects will require matching funds from non-state sources, with specific percentages varying based on the project phase and institution type, though the legislature can waive these match requirements under certain conditions if an institution demonstrates it cannot afford them. The bill also outlines requirements for athletic facilities, including graduation rate data, and mandates that institutions provide documentation on student population and facility compliance to receive funding.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=124&year=26