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.
History: Laws 2019, ch. 230, § 3; 2021, ch. 11, § 2.
The 2021 amendment, effective July 1, 2021, clarified that money in the "grow your own teachers fund" is subject to legislative appropriation; and added "Money in the fund is subject to appropriation by the legislature to implement the provisions of the Grow Your Own Teachers Act".
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 21P - Grow Your Own Teachers
Section 21-21P-1 - Short title.
Section 21-21P-2 - Definitions.
Section 21-21P-3 - Fund created; method of payment.
Section 21-21P-4 - School employees; teacher preparation; professional leave.
Section 21-21P-5 - Conditions for eligibility.
Section 21-21P-6 - Scholarship authorized; administration; preference in scholarship awards.