AN ACT

RELATING TO NEW MEXICO MILITARY INSTITUTE; PROVIDING FOR THE TRANSFER OF CERTAIN BUDGET BALANCES TO THE LEGISLATIVE SCHOLARSHIP FUND; MAKING AN APPROPRIATION.

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

     Section 1. NEW MEXICO MILITARY INSTITUTE--TRANSFER OF BUDGET BALANCES.--With the approval of the commission on higher education, the board of regents of New Mexico military institute may, each fiscal year, transfer up to five hundred thousand dollars ($500,000) of the institute's budget balances to the legislative scholarship fund established to implement the General Richard T. Knowles legislative scholarship program.