HOUSE BILL 338

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Gail C. Beam

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.--Nine million dollars ($9,000,000) is appropriated from the general fund to the commission on higher education for deposit in the faculty endowment fund for expenditure in fiscal year 2006 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.

.154196.1