Chapter 21 — Chapter 21

The fiscal agent shall be reimbursed by the board of educational finance [commission on higher education [higher education department]] for the expense connected with his duties under the terms of an agreement negotiated annually by the board of educational finance with the appro…

[commission on higher education]. Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Act, the board of educational finance [commission on higher education [higher education department]] shall certify to the state …

Upon receipt of a certification from the board of educational finance [commission on higher education [higher education department]] that a need exists under the Student Loan Act, the state board of finance shall, by resolution, provide for the issuance of negotiable revenue bond…

Upon recommendation of the state treasurer, the state board of finance may, be [by] resolution, provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Student Loan Act, together with accrued interest thereon. Provisions governing the issuance…

Chapter 21, Article 21A NMSA 1978 may be cited as the "Educational Assistance Act". History: Laws 1981, ch. 319, § 1; 2005, ch. 201, § 1.

The board of directors of the foundation may by resolution provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Educational Assistance Act, together with redemption premiums, if any, and interest accrued or to accrue thereon. Provisions gov…

In the discretion of the foundation, any bonds issued under the provisions of the Educational Assistance Act may be secured by a trust agreement by and between the foundation and a corporate trustee, which may be a bank or trust company having trust powers within or without the s…

The pledge of any assets or revenues of the foundation to the payment of the principal of or the interest on any bonds shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without…

Notwithstanding any other provisions of law, all money received by the foundation under the provisions of the Educational Assistance Act shall be deemed to be trust funds to be held and applied solely as provided in that act. The resolution authorizing any obligations or the trus…

Any holder of bonds issued under the provisions of the Educational Assistance Act or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such bonds, except as the rights given pursuant to that act may be restricted…

All bonds issued by the foundation under the Educational Assistance Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians and for the sinking funds of political s…

A. The foundation shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor, the secretary of state, the state auditor and the legislative finance committee. Each report shall set forth a complete ope…

History: Laws 1981, ch. 319, § 17; 1988, ch. 124, § 2; 1989, ch. 20, § 1; repealed by Laws 2011, ch. 168, § 10.

History: Laws 1981, ch. 319, § 18; 2005, ch. 201, § 8; repealed by Laws 2011, ch. 168, § 10.

associations. A. Any person or domestic corporation or association organized for the purpose of carrying on a business in New Mexico may, regardless of the provisions of any certificate of incorporation, charter or other articles of organization, make contributions or gifts, gran…

History: Laws 1981, ch. 319, § 2; 2005, ch. 201, § 2; repealed by Laws 2011, ch. 168, § 10.

History: Laws 1981, ch. 319, § 20; repealed by Laws 2011, ch. 168, § 10.

Upon termination or dissolution, all rights and properties of the foundation shall pass to and be vested in the state, subject to the rights of any bondholders, lienholders and other creditors. History: Laws 1981, ch. 319, § 21; 2011, ch. 168, § 7.

The state does hereby pledge to and agree with the holders of any bonds or notes issued under the Educational Assistance Act that the state will not limit or alter the rights hereby vested in the foundation or the corporation by that act to fulfill the terms of any agreement made…

History: Laws 1981, ch. 319, § 23; repealed by Laws 2011, ch. 168, § 10.

affected by repeal. The repeal of sections or parts of sections of the Educational Assistance Act does not affect the existence of the educational assistance foundation created pursuant to that act or its activities in relation to bonds issued and outstanding or the servicing of …

affected by repeal. The repeal of sections or parts of sections of the Educational Assistance Act does not affect the existence of the educational assistance nonprofit corporation created pursuant to that act or its designation as the single nonprofit corporation authorized to pr…

As used in the Educational Assistance Act: A. "bond" means any bond, note or other evidence of indebtedness; B. "educational loan" means a loan for educational purposes made to or for the benefit of qualified persons; C. "foundation" means a corporation formed pursuant to the pro…

History: Laws 1981, ch. 319, § 4; 1989, ch. 19, § 2; repealed by Laws 2011, ch. 168, § 10.

A majority of the four-year institutions of higher education may form, pursuant to the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978], a nonprofit foundation, separate and apart from the state. The purpose of the foundation is to improve the educati…

meetings; bylaws. A. The foundation shall be governed by and all of its functions, powers and duties shall be exercised by a board of directors. After the effective date of this 2011 act, the board sitting prior to the effective date of this 2011 act shall appoint the next succes…

The foundation may from time to time issue negotiable bonds in conformity with the applicable provisions of the Uniform Commercial Code [Chapter 55 NMSA 1978]. The foundation shall have all the powers necessary and convenient to carry out its purposes under the Educational Assist…

The foundation may from time to time issue negotiable revenue bonds. The proceeds of the sale of the bonds issued pursuant to the Educational Assistance Act may be used to fund reserves for the bonds, to pay interest on the bonds and to pay the necessary expenses of issuing the b…

A. Bonds and other obligations issued under the provisions of the Educational Assistance Act shall not be deemed to constitute a debt, liability or obligation of or a pledge of the faith and credit of the state or any political subdivision thereof, but shall be payable solely fro…

Chapter 21, Article 21B NMSA 1978 may be cited as the "Work-Study Act". History: Laws 1982, ch. 88, § 1; 2005, ch. 289, § 27.

As used in the Work-Study Act: A. "board" or "commission" or "department" means the higher education department; and B. "institution" means any state post-secondary educational institution and any private nonprofit post-secondary educational institution within New Mexico. History…

A "work-study fund" is created in the state treasury. The commission is instructed to create and maintain a state work-study program in accordance with the Work-Study Act. The commission is authorized to promulgate rules and regulations necessary to administer the Work-Study Act.…

Funds appropriated to the work-study fund shall be allocated by the board to eligible institutions for their use in employing eligible students. History: Laws 1982, ch. 88, § 4.

The board shall assure that expenditures from the work-study fund are apportioned equitably among eligible institutions. History: Laws 1982, ch. 88, § 5.

Any student who is eligible under Section 7 [21-21B-7 NMSA 1978] of the Work- Study Act may apply for work-study employment, but the board must expend at least one-third of the money from the work-study fund in any one academic year for applicants chosen on the basis of monetary …

A student is eligible for employment in the state work-study program if he is enrolled at least a one-half-time student, is in compliance with the institution's satisfactory academic progress requirements, is a resident of New Mexico and has legally entered the United States. The…

Students shall not be paid less than the rate set forth in Section 50-4-22 NMSA 1978. Students are not eligible for benefits under the Unemployment Compensation Law [Chapter 51 NMSA 1978] because of participation in the work-study program. History: Laws 1982, ch. 88, § 8.

Students cannot work in the following jobs and remain eligible for the state work- study program: A. jobs that advance a religious purpose; B. jobs that have an objective that is primarily religious; C. jobs that involve excessive entanglements with a religious organization; and …

This act [21-21C-1 to 21-21C-9 NMSA 1978] may be cited as the "Student Choice Act". History: Laws 1983, ch. 240, § 1.

The legislature finds that independent institutions of higher education provide a valuable service for New Mexico residents by allowing educational choice. The legislature declares that the purpose of the Student Choice Act is to broaden student choice and to make maximum possibl…

As used in the Student Choice Act: A. "board" ["commission" ["department"]] means the board of educational finance [commission on higher education [higher education department]]; B. "institution" means any independent nonprofit nonsectarian four-year college or university whose N…

There is created in the state treasury the "student choice fund" which shall be administered by the board [commission [department]] in accordance with the provisions of the Student Choice Act. History: Laws 1983, ch. 240, § 4.

Student choice grants shall be awarded in the following manner, subject to rules and regulations promulgated under Section 21-21C-8 NMSA 1978: A. the student desiring a student choice grant shall be entitled to a student choice grant upon a determination by the commission on high…

Eligibility of students under the provisions of the Student Choice Act shall be as follows: A. for the first year of implementation, eligibility shall be restricted to freshmen; B. for the second year of implementation, eligibility shall be restricted to freshmen and sophomores; …

No funds appropriated pursuant to the provisions of the Student Choice Act shall be used for sectarian purposes. History: Laws 1983, ch. 240, § 7.

The commission [department] may make reasonable regulations, consistent with the purposes and policies of the Student Choice Act, to carry out the purposes of and to efficiently administer the Student Choice Act. Those rules and regulations shall be promulgated in accordance with…

Any person knowingly submitting false information to the board [commission [department]] or its agents, which information the board [commission [department]] has requested in order to administer the provisions of the Student Choice Act, is guilty of a misdemeanor and may be punis…

This act [21-21D-1 to 21-21D-5 NMSA 1978] may be cited as the "Senior Citizens Reduced Tuition Act". History: Laws 1984, ch. 96, § 1.

The purpose of the Senior Citizens Reduced Tuition Act is to provide educational opportunities for senior citizens at reduced tuition rates at New Mexico post-secondary degree-granting educational institutions. Senior citizens on fixed incomes often cannot afford the tuition to a…

As used in the Senior Citizens Reduced Tuition Act: A. "department" means the higher education department; B. "eligible institution" means any New Mexico post-secondary degree-granting educational institution; C. "reduced tuition" means that tuition charged senior citizens at the…