Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Act, the board of educational finance [commission on higher education [higher education department]] shall certify to the state treasurer the demonstrated need for disbursement from the student loan fund. The state treasurer shall then disburse the needed funds to the fiscal agent. If the need for disbursement exceeds the balance in the student loan fund, the board of finance shall determine the requirements of the fund for income from the sale of revenue bonds.
History: 1953 Comp., § 73-38-7, enacted by Laws 1970, ch. 82, § 7.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63 Am. Jur. 2d Public Funds § 63.
81A C.J.S. States § 225.
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Section 21-21-1 - Short title.
Section 21-21-2 - Definitions.
Section 21-21-3 - Student loan fund; loan authority.
Section 21-21-4 - Conditions of loan.
Section 21-21-5 - Duties of the fiscal agent.
Section 21-21-6 - Reimbursement of the fiscal agent.
Section 21-21-8 - Issuance of revenue bonds.
Section 21-21-9 - Refunding bonds.
Section 21-21-10 - Legal investments; tax exemptions.
Section 21-21-11 - Proceeds from bond sale.
Section 21-21-12 - Repayment of bonds.
Section 21-21-13 - Investment of funds.
Section 21-21-14 - Short title.
Section 21-21-16 - Definitions.
Section 21-21-17 - Loan guarantees; powers and duties of board.
Section 21-21-18 - Fund created; method of payment.
Section 21-21-20 - Conditions of loan.
Section 21-21-21 - Duties of fiscal agent.
Section 21-21-22 - Reimbursement of the fiscal agent.
Section 21-21-23 - Certification of the board of educational finance.
Section 21-21-25 - Collection of student loans; contracts authorized.