N.M. Stat. § 21-21P-3
Current through 2024, ch. 69
The "grow your own teachers fund" is created in the state treasury. The fund consists of money appropriated for scholarships pursuant to the Grow Your Own Teachers Act, earnings from investment of the fund, gifts, grants and donations to the fund. Money in the fund shall not revert at the end of a fiscal year. Money in the fund is subject to appropriation by the legislature to implement the provisions of the Grow Your Own Teachers Act. The fund shall be administered by the department. All payments of money for loans shall be made on warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's designated representative.
NMS § 21-21P-3