State Codes and Statutes
Statutes > New-mexico > Chapter-22 > Article-8b > Section-22-8b-14-122-8B-14.1. Charter school capital outlay fund. (Repealed effective July 1, 2012.)
A. The "charter school capital outlay fund" is created in the state treasury. The fund shall consist of appropriations, gifts, grants, donations and bequests made to the fund. Income from the fund shall be credited to the fund, and money in the fund shall not revert or be transferred to any other fund at the end of a fiscal year. Money in the fund is appropriated to the council for the purposes of making grants pursuant to Subsection B of this section. Expenditures from the fund shall be made on warrant of the secretary of finance and administration pursuant to vouchers signed by the director of the public school facilities authority.
B. Balances in the charter school capital outlay fund shall be used for the following purposes and, to the extent money is available in the fund, in the following order:
(1) for making grants to state-chartered charter schools pursuant to Subsection C of Section 22-24-6.1 NMSA 1978 to assist with the local match needed for an approved public school capital outlay project; and
(2) if the council determines that money in the fund is not needed for grants pursuant to Paragraph (1) of this subsection, remaining balances in the fund may be used for providing assistance to charter schools pursuant to Section 22-24-6.2 NMSA 1978.
