SENATE BILL 155
54th legislature - STATE OF NEW MEXICO - first session, 2019
William P. Soules
RELATING TO HIGHER EDUCATION; CREATING A RESEARCH GRANTS CLOSING FUND; PROVIDING FOR A COMPETITIVE APPLICATION PROCESS; PROVIDING FOR A REVIEW PANEL; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. [NEW MATERIAL] UNIVERSITY RESEARCH GRANTS--CLOSING FUND CREATED--COMMITTEE CREATED--POWERS AND DUTIES.--
A. The "research grants closing fund" is created as a nonreverting fund in the state treasury. The fund consists of appropriations, gifts, grants, donations and income from investment of the fund. The higher education department shall administer the fund, and money in the fund is appropriated to the department to provide researchers at the state's colleges and universities with required matching funds needed to receive research grants from a public or private sources. Disbursements from the fund shall be on warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's authorized representative.
B. A college or university may apply to the higher education department for a grant from the research grants closing fund in accordance with rules promulgated by the department to be used to meet matching fund requirements of a research grants. Closing grants shall be based on a competitive process with applications reviewed by a panel of experts established by the department in consultation with the presidents of the state's colleges and universities. The review panel shall judge proposals based on excellence in research design and other factors, if any, determined by the department and announced when grant applications are being sought.
C. To apply for a closing grant, a college or university must have equal or greater matching funds for the research proposal from sources other than the state.
SECTION 2. APPROPRIATION.--Ten million dollars ($10,000,000) is appropriated from the general fund to the research grants closing fund for expenditure in fiscal year 2020 and subsequent fiscal years to carry out the purposes of the fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.