New Mexico Statutes 21-27-4. Two-year college maintenance fund; created; use of the fund
A. The “two-year college maintenance fund” is created in the state treasury. The fund shall consist of such money as the legislature may from time to time appropriate. The fund shall be invested by the state treasurer as other funds are invested. Balances remaining in the fund at the end of each fiscal year shall not revert.
Terms Used In New Mexico Statutes 21-27-4
- 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 fund shall be used to provide funding to qualifying institutions only for the following purposes:
(1) major repair to buildings, including such items as roof repair, repair of floor coverings, repair of structural damage and replacement or repair of mechanical equipment;
(2) remodeling or renovation of existing structures;
(3) landscaping outside of buildings, including parking lots, to create more attractive, more efficient and safer settings;
(4) lighting, signs and general design work calculated to make the buildings and grounds safer;
(5) maintenance contracts on building equipment, mechanical equipment, structural equipment and any other equipment necessary for the operation of the institution;
(6) purchase, installation and maintenance of equipment calculated to provide energy or water conservation;
(7) construction of storage buildings and maintenance shop buildings; and
(8) construction of or repair to access roads to a campus if required.