HOUSE BILL 518

48th legislature - STATE OF NEW MEXICO - second session, 2008

INTRODUCED BY

Ben Lujan

AN ACT

MAKING AN APPROPRIATION FOR MATCHING FUNDS FOR HIGHER EDUCATION SCHOLARSHIPS FOR NEW MEXICO HIGH SCHOOL STUDENTS; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. APPROPRIATION.--Fifty thousand dollars ($50,000) is appropriated from the general fund to the higher education department for expenditure in fiscal year 2008 to provide matching funds for higher education scholarships offered by a New Mexico-based nonprofit foundation that has provided annual needs- and merit-based scholarships to New Mexico high school students totaling at least fifty thousand dollars ($50,000) each year for the last five years; provided that no money from this appropriation shall be used for operational expenses of the higher education department or the foundation. Any unexpended or unencumbered balance remaining at the end of fiscal year 2008 shall revert to the general fund.

     Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

- 2 -