There is created in the state treasury the "post-secondary educational institution fund". Money appropriated to this fund or accruing to it through gifts, grants or bequests shall not be transferred to another fund or encumbered or disbursed in any manner except for the administration of the Post-Secondary Educational Institution Act or the Out-of-State Proprietary School Act [Chapter 21, Article 24 NMSA 1978]. The fund shall not revert at the end of the fiscal year. Disbursements from the fund shall be made only upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's authorized representative.
History: 1953 Comp., § 73-40-8, enacted by Laws 1975, ch. 148, § 8; 1977, ch. 247, § 193; 1989, ch. 324, § 17; 2013, ch. 59, § 11.
Repeals and reenactments. — Laws 1975, ch. 148, § 8, repealed former 73-40-8, 1953 Comp., relating to collection and deposit of fees, and enacted a new 73-40-8, 1953 Comp.
The 2013 amendment, effective June 14, 2013, changed terms to assign administration of the Post-Secondary Educational Institution Act to the higher education department; and in the fourth sentence, after "vouchers signed by the", deleted "executive director" and added "secretary", after "secretary of" deleted "the commission on", and after "higher education", added "or the secretary's authorized representative".
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
Chapter 21 - State and Private Education Institutions
Article 23 - Post-Secondary Educational Institution Act
Section 21-23-1 - Short title.
Section 21-23-2 - Purpose of act.
Section 21-23-3 - Definitions.
Section 21-23-5 - Duties of the department.
Section 21-23-6 - Registration of colleges and universities; submission of materials.
Section 21-23-6.1 - Licensure of career schools; licensure of certain colleges and universities.
Section 21-23-6.2 - Licensure standards; requirements; fee authorization.
Section 21-23-6.3 - Fee authorization.
Section 21-23-7 - Claims; limitations; appeals.
Section 21-23-7.1 - Surety bond required; alternative surety.
Section 21-23-8 - Fund created.
Section 21-23-10 - Disciplinary actions; civil penalties.
Section 21-23-10.1 - Enforcement.
Section 21-23-11 - Existing post-secondary educational institutions.
Section 21-23-12 - Cooperation.
Section 21-23-14 - Prohibition.
Section 21-23-15 - Post-secondary educational institutions; termination.