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|SHORT TITLE:||Expand Science & Technology Programs||SB||463|
|$ 1,000.0||Non-Rec||NM Tech Sinking Fund|
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Commission on Higher Education (CHE)
Synopsis of Bill
This bill appropriates the balance of the New Mexico Tech Sinking Fund to the Board of Regents of the New Mexico Institute of Mining and Technology for the purpose of expanding science and technology programs. With the appropriation, this bill repeals Section 21-11-28 NMSA 1978.
According to the CHE, the sinking fund was created in order to provide a loan fund that NMIMT could tap into when institutional balances were too low to allow for up-front contract expenditures associated with Department of Defense contracts. The funding would be used to expand NMIMT's capabilities in the area of anti-terrorist research.
The appropriation of $1,000.0 contained in this bill is a non-recurring expense to the New Mexico Tech Sinking Fund. Any unexpended or unencumbered balance remaining at the end of FY00 shall not revert to the general fund.