The "higher education program fund" is created in the state treasury. The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund. The higher education department shall administer the fund. Money in the fund is subject to appropriation by the legislature to provide money for scholarships for tuition and fees at public post-secondary educational institutions, as provided by law. Expenditures from the fund shall be by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's authorized representative. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall revert to the higher education trust fund. History: Laws 2024, ch. 61, § 2. Effective dates. — Laws 2024, ch. 61 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 15, 2024, 90 days after adjournment of the legislature.
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