44th legislature - STATE OF NEW MEXICO - second session, 2000

RELATING TO HIGHER EDUCATION; CREATING A TRUST FUND FOR UNIVERSITY OF NEW MEXICO GRADUATE STUDENTS IN SOCIAL SCIENCES; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. SOCIAL SCIENCES TRUST FUND--CREATED-- UNIVERSITY OF NEW MEXICO--DISTRIBUTIONS.--The board of regents of the university of New Mexico shall establish a "social sciences trust fund" to be used to fund academic and professional development of graduate students in the social sciences. The board of regents shall invest the fund in the same manner as other funds of the university, and income from investment of the fund, other than capital gains, shall be used to pay allowable academic and professional development expenses. The board of regents may accept gifts, grants or donations for deposit in the fund. The board of regents shall promulgate rules to implement the provisions of this section, including student eligibility requirements and the types of expenses that may be paid from the fund. Money not expended from the realized earnings of the fund shall be returned to the corpus of the fund. Money in the fund shall not revert at the end of a fiscal year.

Section 2. APPROPRIATION.--Five hundred thousand dollars ($500,000) is appropriated from the general fund to the board of regents of the university of New Mexico for expenditure in fiscal year 2001 and subsequent fiscal years for deposit in the social sciences trust fund to carry out the purposes of Section 1 of this act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.