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 the balance of the New Mexico Tech Sinking Fund to the Board of Regents of the New Mexico Institute of Mining and Technology for the purpose of expanding science and technology programs. With the appropriation, this bill repeals Section 21-11-28 NMSA 1978.

Significant Issues

According to the CHE, the sinking fund was created in order to provide a loan fund that NMIMT could tap into when institutional balances were too low to allow for up-front contract expenditures associated with Department of Defense contracts. The funding would be used to expand NMIMT's capabilities in the area of anti-terrorist research.

FISCAL IMPLICATIONS

The appropriation of $1,000.0 contained in this bill is a non-recurring expense to the New Mexico Tech Sinking Fund. Any unexpended or unencumbered balance remaining at the end of FY00 shall not revert to the general fund.

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