0001| HOUSE BILL 1288 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| RAYMOND G. SANCHEZ | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO HIGHER EDUCATION; ENACTING THE INVESTMENT IN | 0012| UNIVERSITY EXCELLENCE ACT; CREATING PERMANENT ENDOWMENTS; | 0013| PROVIDING FOR ADMINISTRATION. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. SHORT TITLE.--This act may be cited as the | 0017| "Investment in University Excellence Act". | 0018| Section 2. PURPOSE.--The purpose of the Investment in | 0019| University Excellence Act is to encourage the investment of | 0020| private funds in New Mexico higher education by providing state | 0021| matching funds to attract private corporate and philanthropic | 0022| contributions to the state's institutions of higher education | 0023| as a public-private partnership in university excellence. | 0024| Section 3. UNIVERSITIES TO ESTABLISH ENDOWMENT | 0025| PROGRAMS.-- | 0001| A. The boards of regents of the university of New | 0002| Mexico, New Mexico state university, New Mexico institute of | 0003| mining and technology, New Mexico highlands university, eastern | 0004| New Mexico university and western New Mexico university may | 0005| establish endowed faculty chairs, professorships, lectureships | 0006| and graduate fellowships to carry out the purpose of the | 0007| Investment in University Excellence Act. | 0008| B. Money provided from public and private sources | 0009| for endowments established pursuant to Subsection A of this | 0010| section shall not be expended, but shall be invested by the | 0011| institutions, and the income from the investment shall be used | 0012| to carry out the provisions of the Investment in University | 0013| Excellence Act; provided that nothing in this section prohibits | 0014| an institution from reinvesting income from its endowment. | 0015| Section 4. FUND CREATED--ADMINISTRATION.-- | 0016| A. The "investment in university excellence fund" | 0017| is created in the state treasury. The money in the fund is | 0018| appropriated to the commission on higher education for the | 0019| purposes set forth in the Investment in University Excellence | 0020| Act and amounts in the fund shall not revert at the end of any | 0021| fiscal year. Amounts in the fund shall be distributed to the | 0022| institutions of higher education as provided in Subsection B of | 0023| this section and as otherwise provided by appropriation of the | 0024| legislature. The fund shall be administered by the commission | 0025| on higher education in accordance with the provisions of that | 0001| act. | 0002| B. An institution of higher education named in | 0003| Section 3 of the Investment in University Excellence Act shall | 0004| certify to the commission on higher education that it has | 0005| received contributions from private sources in an amount equal | 0006| to the amount requested from the investment in university | 0007| excellence fund. | 0008|  State of New Mexico | 0009| House of Representatives | 0010| | 0011| FORTY-THIRD LEGISLATURE | 0012| FIRST SESSION, 1997 | 0013| | 0014| | 0015| March 10, 1997 | 0016| | 0017| | 0018| Mr. Speaker: | 0019| | 0020| Your EDUCATION COMMITTEE, to whom has been referred | 0021| | 0022| HOUSE BILL 1288 | 0023| | 0024| has had it under consideration and reports same with | 0025| recommendation that it DO PASS, and thence referred to the | 0001| APPROPRIATIONS AND FINANCE COMMITTEE. | 0002| | 0003| Respectfully submitted, | 0004| | 0005| | 0006| | 0007| | 0008| | 0009| Samuel F. Vigil, Chairman | 0010| | 0011| | 0012| Adopted Not Adopted | 0013| | 0014| (Chief Clerk) (Chief Clerk) | 0015| | 0016| Date | 0017| | 0018| The roll call vote was 9 For 0 Against | 0019| Yes: 9 | 0020| Excused: Mallory, McSherry, Nicely, S.M. Williams | 0021| Absent: None | 0022| | 0023| | 0024| C:\OFFICE\WPWIN\WPDOCS\H1288EC1.WPD State of New Mexico | 0025| House of Representatives | 0001| | 0002| FORTY-THIRD LEGISLATURE | 0003| FIRST SESSION, 1997 | 0004| | 0005| | 0006| March 12, 1997 | 0007| | 0008| | 0009| Mr. Speaker: | 0010| | 0011| Your APPROPRIATIONS AND FINANCE COMMITTEE, to | 0012| whom has been referred | 0013| | 0014| HOUSE BILL 1288 | 0015| | 0016| has had it under consideration and reports same with | 0017| recommendation that it DO PASS. | 0018| | 0019| Respectfully submitted, | 0020| | 0021| | 0022| | 0023| | 0024| | 0025| Max Coll, Chairman | 0001| | 0002| | 0003| Adopted Not Adopted | 0004| | 0005| (Chief Clerk) (Chief Clerk) | 0006| | 0007| Date | 0008| | 0009| The roll call vote was 11 For 0 Against | 0010| Yes: 11 | 0011| Excused: Buffett, Garcia, M.H., Marquardt, Picraux, Salazar, | 0012| Townsend | 0013| Absent: None | 0014| | 0015| | 0016| G:\BILLTEXT\BILLW_97\H1288 | 0017| | 0018| FORTY-THIRD LEGISLATURE | 0019| FIRST SESSION, 1997 | 0020| | 0021| | 0022| March 17, 1997 | 0023| | 0024| Mr. President: | 0025| | 0001| Your EDUCATION COMMITTEE, to whom has been referred | 0002| | 0003| HOUSE BILL 1288 | 0004| | 0005| has had it under consideration and reports same with | 0006| recommendation that it DO PASS, and thence referred to the | 0007| FINANCE COMMITTEE. | 0008| | 0009| Respectfully submitted, | 0010| | 0011| | 0012| | 0013| | 0014| __________________________________ | 0015| Cynthia Nava, Chairman | 0016| | 0017| | 0018| | 0019| Adopted_______________________ Not | 0020| Adopted_______________________ | 0021| (Chief Clerk) (Chief Clerk) | 0022| | 0023| | 0024| | 0025| Date ________________________ | 0001| | 0002| | 0003| The roll call vote was 6 For 0 Against | 0004| Yes: 6 | 0005| No: 0 | 0006| Excused: Boitano, Duran, Garcia, Gorham | 0007| Absent: None | 0008| | 0009| | 0010| H1288ED1 | 0011| | 0012| | 0013| FORTY-THIRD LEGISLATURE | 0014| FIRST SESSION, 1997 | 0015| | 0016| | 0017| March 21, 1997 | 0018| | 0019| Mr. President: | 0020| | 0021| Your FINANCE COMMITTEE, to whom has been referred | 0022| | 0023| HOUSE BILL 1288 | 0024| | 0025| has had it under consideration and reports same with | 0001| recommendation that it DO PASS. | 0002| | 0003| Respectfully submitted, | 0004| | 0005| | 0006| | 0007| | 0008| __________________________________ | 0009| Ben D. Altamirano, Chairman | 0010| | 0011| | 0012| | 0013| Adopted_______________________ Not | 0014| Adopted_______________________ | 0015| (Chief Clerk) (Chief Clerk) | 0016| | 0017| | 0018| | 0019| Date ________________________ | 0020| | 0021| | 0022| The roll call vote was 6 For 0 Against | 0023| Yes: 6 | 0024| No: None | 0025| Excused: Carraro, Eisenstadt, Ingle, Lyons, McKibben | 0001| Absent: None | 0002| | 0003| | 0004| H1288FC1 |