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AN ACT

RELATING TO HIGHER EDUCATION FINANCIAL ASSISTANCE; AMENDING

THE DEFINITION OF "STUDENT" IN THE WICHE LOAN FOR SERVICE

ACT; MAKING AN APPROPRIATION.

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

Section 1. Section 21-29-2 NMSA 1978 (being Laws 1997,

Chapter 126, Section 2) is amended to read:

"21-29-2. DEFINITIONS.--As used in the WICHE Loan for

Service Act:

A. "commission" means the commission on higher

education; and

B. "student" means a New Mexico resident who is a

graduate of a New Mexico high school or has resided in New

Mexico for three consecutive years immediately preceding

application to the program and who attends or is about to

attend a graduate or professional program of education

through the auspices of the Compact for Western Regional

Cooperation in Higher Education."

Section 2. APPROPRIATIONS.--From collections generated

in the excess of the amount budgeted for fiscal year 1999, one

hundred thousand dollars ($100,000) is appropriated from the

medical student loan for service fund, one hundred thousand

dollars ($100,000) from the osteopathic medical student loan

for service fund and one hundred thousand dollars ($100,000)

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from the nursing student loan for service fund to the

commission on higher education for expenditure in fiscal year

1999 to support students participating in the western

interstate commission on higher education loan for service

program and for the administration of the programs. Any

unexpended or unencumbered balance remaining at the end of

fiscal year 1999 shall revert to the appropriate fund.

Section 3. APPROPRIATIONS.--From collections generated

in the excess of the amount budgeted for fiscal year 1999, one

hundred thousand dollars ($100,000) is appropriated from the

medical student loan for service fund and one hundred thousand

dollars ($100,000) from the osteopathic medical student loan

for service fund to the commission on higher education for

expenditure in fiscal year 1999 to support the operation and

administration of the state financial aid programs. Any

unexpended or unencumbered balance remaining at the end of

fiscal year 1999 shall revert to the appropriate fund.