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.

Terms Used In New Mexico Statutes 21-12-13

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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