HOUSE EDUCATION COMMITTEE SUBSTITUTE FOR

HOUSE BILL 68

53rd legislature - STATE OF NEW MEXICO - second session, 2018

AN ACT

RELATING TO THE NEW MEXICO MILITARY INSTITUTE; CREATING THE LUCIANO "LUCKY" VARELA OPPORTUNITY SCHOLARSHIP; CREATING THE LUCIANO "LUCKY" VARELA OPPORTUNITY SCHOLARSHIP FUND; ALLOWING THE TRANSFER OF FUNDS; MAKING AN APPROPRIATION.

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

     SECTION 1. A new section of Chapter 21, Article 12 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] LUCIANO "LUCKY" VARELA OPPORTUNITY SCHOLARSHIP CREATED--PURPOSE.--The Luciano "Lucky" Varela opportunity scholarship" is created at the New Mexico military institute. The purpose of the scholarship is to increase the number of New Mexico high school students attending the New Mexico military institute who meet need-based requirements and who might not otherwise have the opportunity to participate in a military education and environment."

     SECTION 2. A new section of Chapter 21, Article 12 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] PROGRAM ADMINISTRATION--CRITERIA.--

          A. The Luciano "Lucky" Varela opportunity scholarship shall be administered by the board of regents of the New Mexico military institute. The board of regents shall annually establish a number of Luciano "Lucky" Varela opportunity scholarships available to New Mexico high school students who meet need-based requirements.

          B. Scholarships shall be awarded to qualifying New Mexico residents for a term not to exceed four years.

          C. The board of regents of the New Mexico military institute shall establish criteria based on need, up to the total cost of attendance, in accordance with New Mexico military institute admission requirements for New Mexico high school residents."

     SECTION 3. A new section of Chapter 21, Article 12 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] LUCIANO "LUCKY" VARELA OPPORTUNITY SCHOLARSHIP FUND.--

          A. Subject to available funding, the "Luciano "Lucky" Varela opportunity scholarship fund" is created. Money appropriated to the fund or accruing to it through gifts, grants or bequests shall not be transferred to another fund. The fund shall not revert at the end of a fiscal year. Any interest earned from investment of the fund shall be credited to the Luciano "Lucky" Varela opportunity scholarship fund for the purpose of implementing the Luciano "Lucky" Varela opportunity scholarship. Money in the fund is appropriated to the board of regents of the New Mexico military institute.

          B. The board of regents of the New Mexico military institute may invest and reinvest the Luciano "Lucky" Varela opportunity scholarship fund in accordance with state investment council policy."

     SECTION 4. A new section of Chapter 21, Article 12 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] NEW MEXICO MILITARY INSTITUTE--TRANSFER OF BUDGET BALANCES.--With the approval of the higher education department, the board of regents of the New Mexico military institute may, each fiscal year, transfer up to five hundred thousand dollars ($500,000) of the institute's budget balances, including existing scholarship endowments, to the Luciano "Lucky" Varela opportunity scholarship fund established to implement the Luciano "Lucky" Varela opportunity scholarship."

     SECTION 5. Section 21-12-13 NMSA 1978 (being Laws 1990, Chapter 109, Section 1, as amended) is amended to read:

     "21-12-13. FUND CREATED.--The "legislative scholarship fund" is created. No money appropriated to the legislative scholarship fund or accruing to it through gifts, grants or bequests shall be transferred to another fund; provided that up to five hundred thousand dollars ($500,000) may be transferred annually to the Luciano "Lucky" Varela opportunity scholarship fund. The legislative scholarship fund shall not revert at the end of any fiscal year. Any interest earned from investment of the legislative scholarship fund shall be credited to the legislative scholarship fund for the purpose of implementing the General Richard T. Knowles legislative scholarship program. Money in the legislative scholarship fund is appropriated to the New Mexico military institute."

     SECTION 6. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2018.

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