A. Subject to available funding, the "Luciano "Lucky" Varela opportunity scholarship fund" is created. Money appropriated to the fund or accruing to it through gifts, grants or bequests shall not be transferred to another fund. The fund shall not revert at the end of a fiscal year. Any interest earned from investment of the fund shall be credited to the Luciano "Lucky" Varela opportunity scholarship fund for the purpose of implementing the Luciano "Lucky" Varela opportunity scholarship. Money in the fund is appropriated to the board of regents of the New Mexico military institute.
B. The board of regents of the New Mexico military institute may invest and reinvest the Luciano "Lucky" Varela opportunity scholarship fund in accordance with state investment council policy.
History: Laws 2018, ch. 20, § 3.
Effective dates. — Laws 2018, ch. 20, § 6 made Laws 2018, ch. 20, § 3 effective July 1, 2018.
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 12 - New Mexico Military Institute
Section 21-12-1 - [Board of regents; appointment; term; political affiliations; compensation.]
Section 21-12-2 - [Election of officers; duties; bond of secretary-treasurer.]
Section 21-12-3 - [Board of regents; duty; educational standard.]
Section 21-12-4 - [Rules and regulations; teachers' contracts; buildings; improvements.]
Section 21-12-5 - Sale of lands.
Section 21-12-6 - [Deeds and contracts signed by president.]
Section 21-12-7 - [Increase in tuition fee authorized.]
Section 21-12-8 - Officers to be governor's aides; rank; uniforms.
Section 21-12-9 - Organization of cadets; cadet commissions; authority of superintendent.
Section 21-12-10 - [Ordnance and quartermaster's stores; care and custody; annual report.]
Section 21-12-11 - General Richard T. Knowles legislative scholarship program created; purpose.
Section 21-12-12 - Program administration; criteria.
Section 21-12-13 - Fund created.
Section 21-12-14 - Investment of fund.
Section 21-12-15 - New Mexico military institute; transfer of budget balances.
Section 21-12-16 - Public safety education; scholarships.
Section 21-12-17 - Corrections education; scholarships.
Section 21-12-18 - Luciano "Lucky" Varela opportunity scholarship created; purpose.
Section 21-12-19 - Program administration; criteria.
Section 21-12-20 - Luciano "Lucky" Varela opportunity scholarship fund.
Section 21-12-21 - New Mexico military institute; transfer of budget balances.