SB 264

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AN ACT

RELATING TO HIGHER EDUCATION; PROVIDING A THRESHOLD AMOUNT

FOR CAPITAL EXPENDITURES REQUIRING STATE BOARD OF FINANCE

APPROVAL.

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

Section 1. Section 21-1-21 NMSA 1978 (being Laws 1971,

Chapter 235, Section 4) is amended to read:

"21-1-21. CAPITAL EXPENDITURES.--No expenditure shall

be made by any state educational institution confirmed by

Article 12, Section 11 of the constitution of New Mexico for

the purchase of real property or the construction of buildings

or other major structures or for major remodeling projects

without prior approval of the proposed purchase, construction

or remodeling by the higher education department. Capital

expenditures over one million dollars ($1,000,000) shall be

approved by the state board of finance."