45th legislature - STATE OF NEW MEXICO - second session, 2002

RELATING TO EDUCATION; CREATING THE TEACHER QUALITY INVESTMENT FUND; ESTABLISHING A COMPETITIVE GRANT PROGRAM TO FUND QUALITY ENHANCEMENTS IN TEACHER EDUCATION PROGRAMS AT INSTITUTIONS OF HIGHER EDUCATION; MAKING AN APPROPRIATION.

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

Section 1. TEACHER QUALITY INVESTMENT FUND--USE.--

A. The "teacher quality investment fund" is created in the state treasury. The fund shall consist of appropriations and any gifts, grants and donations made to the fund and shall be administered by the commission on higher education. Earnings from investment of the fund shall be credited to the fund, and balances in the fund at the end of any fiscal year shall not revert to the general fund. Disbursements from the fund shall be made by warrant of the department of finance and administration pursuant to vouchers signed by the executive director of the commission on higher education.

B. Money in the teacher quality investment fund is appropriated to the commission on higher education to develop and administer a program to provide grants to institutions of higher education to implement quality enhancements in teacher education programs, including efforts designed to increase the number of graduates from those programs. Institutions of higher education shall apply to the commission on a competitive basis for the grants and shall be required to provide matching funds. The commission shall use no more than three percent of the money appropriated to the fund in any fiscal year for administration of the program. The remaining money in the fund shall be used solely to make grants to institutions of higher education for the implementation of quality enhancements in teacher education programs in accordance with the provisions of this section.

C. The commission on higher education shall provide by rule procedures for application and award of grants from the teacher quality investment fund. To assure that funds will be used for innovative new programs that have the maximum impact, the commission shall establish guidelines for selecting projects for funding that give priority to proposals that:

(1) promote student learning by providing a high-quality standards-based teacher preparation experience;

(2) incorporate in their approach the best practices in use in New Mexico or in the nation;

(3) have the greatest potential, both immediately and over the long term, to increase the supply of quality teachers in New Mexico;

(4) promote collaborative partnership efforts among universities, community colleges and schools; and

(5) include an evaluation plan that incorporates state and federal accountability requirements, as appropriate.

Section 2. APPROPRIATION.--One million two hundred fifty thousand dollars ($1,250,000) is appropriated from the general fund to the teacher quality investment fund for expenditure in fiscal year 2003 and subsequent fiscal years by the commission on higher education to develop and administer a program to make grants to institutions of higher education to implement enhancements in teacher education programs in accordance with the provisions in 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.