SENATE BILL 223

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Ben D. Altamirano

AN ACT

MAKING AN APPROPRIATION TO THE COMMISSION ON HIGHER EDUCATION FOR THE FACULTY ENDOWMENT FUND.

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

     Section 1. APPROPRIATION.--Twelve million dollars ($12,000,000) is appropriated from the general fund to the commission on higher education for deposit in the faculty endowment fund for expenditure in fiscal year 2005 and subsequent fiscal years to be disbursed in equal amounts to the three research universities, the New Mexico institute of mining and technology, the university of New Mexico and New Mexico state university. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

.149482.2