46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO PUBLIC EDUCATION; REQUIRING THE COMMISSION ON HIGHER EDUCATION TO PAY STUDENT LOANS FOR CERTAIN TEACHERS; MAKING AN APPROPRIATION.

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

Section 1. A new section of the Teacher Loan for Service Act is enacted to read:

"[NEW MATERIAL] NATIONAL BOARD CERTIFIED TEACHERS WITH MASTER'S DEGREES--STUDENT LOAN PAYMENT.--The commission shall pay outstanding student loans in an amount not to exceed six thousand dollars ($6,000) for each teacher who has a master's degree and who has been teaching for at least four consecutive years at one school in which at least ninety percent of the students receive free or reduced-fee lunches. The commission shall authorize payment of the loans from the teacher loan payment fund."

Section 2. A new section of the Teacher Loan for Service Act is enacted to read:

"[NEW MATERIAL] FUND CREATED.--The "teacher loan payment fund" is created in the state treasury to pay student loans for qualifying teachers. The fund includes gifts, grants and donations. Money in the fund shall not revert at the end of a fiscal year. The fund shall be administered by the commission and money in the fund is appropriated to the commission to carry out the purposes of the fund. Disbursements from the fund shall be made on warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the executive director of the commission or the designated representative of the executive director."

Section 3. APPROPRIATION.--Six hundred forty-two thousand dollars ($642,000) is appropriated from the general fund to the teacher loan payment fund for expenditure in fiscal year 2004 and subsequent fiscal years to carry out the provisions of the Teacher Loan for Service Act. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.