SENATE BILL 331

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

INTRODUCED BY

William H. Payne

AN ACT

MAKING AN APPROPRIATION TO THE COMMISSION ON HIGHER EDUCATION TO SUPPORT COMPETITIVE RESEARCH IN UNIVERSITIES.

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

     Section 1. APPROPRIATION.--Five million dollars ($5,000,000) is appropriated from the general fund to the commission on higher education for expenditure in fiscal years 2006 and 2007 to provide support for competitive research at the New Mexico institute of mining and technology, New Mexico state university and the university of New Mexico. The money shall be divided between the three universities at an equal percentage rate up to one percent of a university's annual aggregate awards for competitive research. Any unexpended or unencumbered balance remaining at the end of fiscal year 2007 shall revert to the general fund.