The "teacher preparation affordability scholarship fund" is created as a nonreverting fund in the state treasury that consists of income from investment of the fund; specified distributions; appropriations; and unspecified gifts, grants and donations to the fund. Money in the fund is subject to appropriation by the legislature to the department for scholarship awards as provided in the Teacher Preparation Affordability Act. Expenditures from the fund shall be by warrant of the secretary of finance and administration pursuant to vouchers signed by the secretary of higher education or the secretary's authorized representative.
History: Laws 2019, ch. 193, § 13.
Effective dates. — Laws 2019, ch. 193 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2019, 90 days after the adjournment of the legislature.
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