Lottery tuition fund created; purpose

A. The "lottery tuition fund" is created in the state treasury. The fund shall be administered by the department. Earnings from investment of the fund shall accrue to the credit of the fund. The fund shall maintain an annual average balance of two million dollars ($2,000,000), and any balance in the fund at the end of any fiscal year shall remain in the fund for appropriation by the legislature as provided in this section. B. Money in the fund shall be appropriated by the legislature to the department for distribution to New Mexico's public post-secondary educational institutions and tribal colleges to provide tuition assistance for qualified students and legacy students as provided in the Legislative Lottery Tuition Scholarship Act. History: Laws 1995, ch. 155, § 23; 1997, ch. 106, § 1; 2001, ch. 300, § 2; 1978 Comp., § 6-24-23, recompiled and amended as § 21-21N-5 by Laws 2014, ch. 80, § 5; 2019, ch. 54, § 4.