LegalFix
Sign In

Section 22-8-32 - Current school fund; receipts; disposition.

NM Stat § 22-8-32 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. As they are received, the state treasurer shall deposit into the current school fund revenue received from the following sources:

(1) all fines and forfeitures collected under general laws;

(2) the net proceeds of property that may come to the state by escheat; and

(3) all other revenue which by law is to be credited to the current school fund.

B. At the end of each month, the state treasurer shall transfer the amount in the common school current fund, also known as the common school income fund, to the current school fund.

C. At the end of each month, after the transfer authorized in Subsection B of this section, the state treasurer shall transfer any unencumbered balance in the current school fund to the public school fund.

History: 1953 Comp., § 77-6-32, enacted by Laws 1967, ch. 16, § 86; 1972, ch. 90, § 2; 1976, ch. 7, § 1.

Cross references. — For public school fund generally, see 22-8-14 NMSA 1978.

Previous Section
Section 22-8-31 - State-support reserve fund.
Next Section
Section 22-8-33 - Distribution of certain revenue.