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 treasurer the demonstrated need for disbursement from the student loan fund. The state treasurer shall then disburse the needed funds to the fiscal agent. If the need for disbursement exceeds the balance in the student loan fund, the board of finance shall determine the requirements of the fund for income from the sale of revenue bonds.
History: 1953 Comp., § 73-38-7, enacted by Laws 1970, ch. 82, § 7.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63 Am. Jur. 2d Public Funds § 63.
81A C.J.S. States § 225.
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