NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

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(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

Commission on Higher Education (CHE)

SUMMARY

Synopsis of Bill

This bill appropriates $400.0 to the Board of Regents of the University of New Mexico for the purpose of paying for the operations of phase one of the manufacturing training and technology center's cleanroom of the manufacturing engineering program.

Significant Issues

According to the CHE, the project proposed in this bill was ranked 3rd in the list of ten special project requests made by the institution. Funding will allow support of up to 480 student labs and 60 R&D students per year in silicon processing for the state's high tech industries.

FISCAL IMPLICATIONS

The appropriation of $400.0 contained in this bill is a recurring expense to the general fund. Any unexpended or unencumbered balance remaining at the end of FY00 shall revert to the general fund.

OTHER SUBSTANTIVE ISSUES

According to the CHE, the state higher education funding formula allows institutions to retain 100% of earned overhead on federal grants and contracts for the purpose of providing seed money and matching funds for projects such as that proposed in this bill.

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