The "legislative scholarship fund" is created. No money appropriated to the legislative scholarship fund or accruing to it through gifts, grants or bequests shall be transferred to another fund; provided that up to five hundred thousand dollars ($500,000) may be transferred annually to the Luciano "Lucky" Varela opportunity scholarship fund. The legislative scholarship fund shall not revert at the end of any fiscal year. Any interest earned from investment of the legislative scholarship fund shall be credited to the legislative scholarship fund for the purpose of implementing the General Richard T. Knowles legislative scholarship program. Money in the legislative scholarship fund is appropriated to the New Mexico military institute.

History: 1978 Comp., § 21-12-13, enacted by Laws 1990, ch. 109, § 1; 1998 (1st S.S.), ch. 4, § 3; 2018, ch. 20, § 5.

The 2018 amendment, effective July 1, 2018, authorized the transfer of funds from the legislative scholarship fund to the Luciano "Lucky" Varela opportunity scholarship fund; after "No money appropriated to the", added "legislative scholarship", after "transferred to another fund", added "provided that up to five hundred thousand dollars ($500,000) may be transferred annually to the Luciano "Lucky" Varela opportunity scholarship fund", after "The", added "legislative scholarship", after "investment of", added "legislative scholarship", and after "Money in the", added "legislative scholarship".

The 1998 amendment, effective on August 2, 1998, substituted "General Richard T. Knowles legislative scholarship program" for "legislative scholarship program" in the third sentence.