0001|                               AN ACT
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0002| RELATING TO STATE LOTTERY REVENUES; APPROPRIATING MONEY IN THE LOTTERY
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0003| TUITION FUND TO THE COMMISSION ON HIGHER EDUCATION FOR DISTRIBUTION TO
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0004| NEW MEXICO PUBLIC POST-SECONDARY EDUCATIONAL INSTITUTIONS TO PROVIDE
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0005| TUITION ASSISTANCE TO NEW MEXICO STUDENTS; AMENDING A SECTION OF THE
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0006| NMSA 1978.
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0007| 
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0008| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0009|      Section 1.  Section 6-24-23 NMSA 1978 (being Laws 1995, Chapter
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0010| 155, Section 23) is amended to read:
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0011|      "6-24-23.  LOTTERY TUITION FUND CREATED--PURPOSE.--
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0012|           A.  The "lottery tuition fund" is created in the state
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0013| treasury.  The fund shall be administered by the commission on higher
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0014| education.  Earnings from investment of the fund shall accrue to the
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0015| credit of the fund.  Any balance in the fund at the end of any fiscal
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0016| year shall remain in the fund for appropriation by the legislature as
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0017| provided in this section.
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0018|           B.  After appropriation, if any, by the legislature for
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0019| scholarships pursuant to Subsection C of Section 21-1-2 NMSA 1978,
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0020| the remaining money in the lottery tuition fund is appropriated to
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0021| the commission on higher education for distribution to New
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0022| Mexico's public post-secondary educational institutions to provide
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0023| tuition assistance for New Mexico resident undergraduates as
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0024| provided by law."                    
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