2021 New Mexico Statutes
Article 22A - Osteopathic Medical Student Loans
Section 21-22A-8 - Fund created; method of payment.

There is created in the state treasury the "osteopathic medical student loan for service fund". All money appropriated for loans to osteopathic medical students under the Osteopathic Medical Student Loan for Service Act shall be credited to the fund. All payments of principal and interest on loans made pursuant to that act received by the department shall be deposited with the state treasurer to the credit of the fund or shall be deposited with the department's administrative agent. All payments of funds for loans shall be made upon vouchers signed by designated representatives of the department.
History: 1978 Comp., § 21-22A-8, enacted by Laws 1978, ch. 109, § 8; 1989, ch. 324, § 15; 1991, ch. 262, § 44; 2016, ch. 42, § 6.
The 2016 amendment, effective May 18, 2016, changed references to the commission on higher education to the higher education department; after "received by the", deleted "commission" and added "department", after "deposited with the", deleted "commission's" and added "department's", and after "representatives of the", deleted "commission" and added "department".
The 1991 amendment, effective June 14, 1991, inserted "for service" and "for Service" in the first and second sentences; deleted "on higher education" following "commission" and added "or shall be deposited with the commission's administrative agent" at the end of the third sentence; substituted "designated representatives" for "the chairman and the executive director" in the final sentence; and made a minor stylistic change.
General rule is that interest is accretion or increment to principal fund earning it, and becomes a part of that fund. 1980 Op. Att'y Gen. No. 80-17.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Funds § 3.
81A C.J.S. States § 135.

Structure 2021 New Mexico Statutes