A. The state treasurer shall be the custodian of all funds received by the state by virtue of a federal statute, gift or grant relating to aid for education, school construction or school breakfast or lunch programs. The state treasurer shall hold these funds in separate accounts according to the purpose of the grant or gift.
B. All federal funds, gifts or grants administered by the department shall be budgeted, accounted for and disbursed as provided by law and by the rules of the department of finance and administration.
History: 1953 Comp., § 77-7-5, enacted by Laws 1967, ch. 16, § 105; 2011, ch. 35, § 4.
The 2011 amendment, effective June 17, 2011, added federal funds for breakfast programs to the list of funds within the custody of the state treasurer.
Structure New Mexico Statutes
Article 9 - Federal Aid to Education
Section 22-9-2 - Federal aid to education; state educational agency.
Section 22-9-3 - State educational agency; powers; duties.
Section 22-9-4 - Limitation on accepting grants and gifts.
Section 22-9-5 - Custody of funds; budgets; disbursements.
Section 22-9-6 - Authorization to receive federal grants and to submit a state plan.
Section 22-9-7 - Federal grant-in-aid funds; custody; deposit; disbursement.
Section 22-9-8 - State educational authorities for federal grant administration.
Section 22-9-9 - Agencies for grants-in-aid; powers; duties.
Section 22-9-10 - Reports; federal funds; federal agencies; legislature.
Section 22-9-11 - [School facility construction grants-in-aid; enforcement of labor standards.]
Section 22-9-12 - Official notice of acceptance of federal acts for education and library service.