There is created in the state treasury the "post-secondary educational institution fund". Money appropriated to this fund or accruing to it through gifts, grants or bequests shall not be transferred to another fund or encumbered or disbursed in any manner except for the administration of the Post-Secondary Educational Institution Act or the Out-of-State Proprietary School Act [Chapter 21, Article 24 NMSA 1978]. The fund shall not revert at the end of the fiscal year. Disbursements from the fund shall be made only upon warrant drawn by the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's authorized representative.
History: 1953 Comp., § 73-40-8, enacted by Laws 1975, ch. 148, § 8; 1977, ch. 247, § 193; 1989, ch. 324, § 17; 2013, ch. 59, § 11.
Repeals and reenactments. — Laws 1975, ch. 148, § 8, repealed former 73-40-8, 1953 Comp., relating to collection and deposit of fees, and enacted a new 73-40-8, 1953 Comp.
The 2013 amendment, effective June 14, 2013, changed terms to assign administration of the Post-Secondary Educational Institution Act to the higher education department; and in the fourth sentence, after "vouchers signed by the", deleted "executive director" and added "secretary", after "secretary of" deleted "the commission on", and after "higher education", added "or the secretary's authorized representative".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Funds § 3.
81A C.J.S. States § 135.
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