The "teacher loan repayment fund" is created in the state treasury. All money appropriated for the teacher loan repayment program shall be credited to the fund, and any repayment of awards and interest received by the department shall be credited to the fund. Income from the fund shall be credited to the fund, and balances in the fund shall not revert to any other fund. Money in the fund is subject to appropriation by the legislature to the department for making loan repayment awards pursuant to the Teacher Loan Repayment Act. All payments for loan repayment awards shall be made upon vouchers signed by the designated representative of the department and upon a warrant issued by the secretary of finance and administration.
History: Laws 2013, ch. 177, § 7; 2019, ch. 193, § 5.
The 2019 amendment, effective June 14, 2019, provided that money in the teacher loan repayment fund is subject to appropriation by the legislature; and after "Money in the fund", deleted "appropriated" and added "subject to appropriation by the legislature".
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 22H - Teacher Loan Repayment
Section 21-22H-1 - Short title.
Section 21-22H-3 - Definitions.
Section 21-22H-4 - Department powers and duties; teacher eligibility; qualifications.
Section 21-22H-5 - Loan repayment award criteria; contract terms; payment.
Section 21-22H-6 - Contracts; enforcement.
Section 21-22H-7 - Teacher loan repayment fund created; method of payment.