New Mexico Statutes 22-8-32. Current school fund; receipts; disposition
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A. As they are received, the state treasurer shall deposit into the current school fund revenue received from the following sources:
Terms Used In New Mexico Statutes 22-8-32
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
(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.