0001| AN ACT | 0002| RELATING TO STATE LOTTERY REVENUES; APPROPRIATING MONEY IN THE LOTTERY | 0003| TUITION FUND TO THE COMMISSION ON HIGHER EDUCATION FOR DISTRIBUTION TO | 0004| NEW MEXICO PUBLIC POST-SECONDARY EDUCATIONAL INSTITUTIONS TO PROVIDE | 0005| TUITION ASSISTANCE TO NEW MEXICO STUDENTS; AMENDING A SECTION OF THE | 0006| NMSA 1978. | 0007| | 0008| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0009| Section 1. Section 6-24-23 NMSA 1978 (being Laws 1995, Chapter | 0010| 155, Section 23) is amended to read: | 0011| "6-24-23. LOTTERY TUITION FUND CREATED--PURPOSE.-- | 0012| A. The "lottery tuition fund" is created in the state | 0013| treasury. The fund shall be administered by the commission on higher | 0014| education. Earnings from investment of the fund shall accrue to the | 0015| credit of the fund. Any balance in the fund at the end of any fiscal | 0016| year shall remain in the fund for appropriation by the legislature as | 0017| provided in this section. | 0018| B. After appropriation, if any, by the legislature for | 0019| scholarships pursuant to Subsection C of Section 21-1-2 NMSA 1978, | 0020| the remaining money in the lottery tuition fund is appropriated to | 0021| the commission on higher education for distribution to New | 0022| Mexico's public post-secondary educational institutions to provide | 0023| tuition assistance for New Mexico resident undergraduates as | 0024| provided by law." |