New Mexico Statutes 19-1-20. Transfers and distributions of funds for schools and institutions
A. All income and current funds created by Section 19-1-17 N.M. Stat. Ann. for the common schools and various state institutions shall be transferred by the secretary of finance and administration, from time to time, to the credit of the schools and institutions to be used as provided by law for the support and maintenance of the schools and institutions.
Terms Used In New Mexico Statutes 19-1-20
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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.
B. The secretary of finance and administration shall make distributions from the land grant permanent funds enumerated in Section 19-1-17 N.M. Stat. Ann. in the amount authorized by and calculated pursuant to the provisions of Article 12, § 7 of the constitution of New Mexico.
C. One-twelfth of the total amount authorized to be distributed in a fiscal year pursuant to Article 12, § 7 of the constitution of New Mexico shall be distributed each month to the beneficiaries enumerated in Section 19-1-17 N.M. Stat. Ann.. Each beneficiary shall receive that portion of the monthly distribution to which it is entitled pursuant to law.