New Mexico § 21-27-5 Distributions from the fund; approval by the board

New Mexico Statutes

§ 21-27-5 — Distributions from the fund; approval by the board

New Mexico·Ch. 21 State and Private Education Institutions·Art. 27 Maintenance for Two-Year Colleges

required.

A.A qualifying institution shall make application to the board for distribution of its allocation, or any part thereof, only for any of the purposes enumerated in Section 4 [21- 27-4 NMSA 1978] of the Two-Year College Maintenance Act.

B.No distribution shall be made to any qualifying institution until the board [commission [department]] has approved the distribution of a specific amount. The board [commission [department]] may reduce the amount of any distribution to any qualifying institution. In taking such action, the board [commission [department]] shall set forth its reasons for such action and report its actions and reasons to the responsible governing board of the institution.

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required. A. A qualifying institution shall make application to the board for distribution of its allocation, or any part thereof, only for any of the purposes enumerated in Section 4 [21- 27-4 NMSA 1978] of the Two-Year College Maintenance Act. B. No distribution shall be made to any qualifying institution until the board [commission [department]] has approved the distribution of a specific amount. The board [commission [department]] may reduce the amount of any distribution to any qualifying institution. In taking such action, the board [commission [department]] shall set forth its reasons for such action and report its actions and reasons to the responsible governing board of the institution.

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