Section 21-14-9 - State support; appropriation. - New Mexico Statutes

21-14-9. State support; appropriation.

A.     The commission on higher education shall recommend an appropriation for each branch community college and junior college based upon the college's financial requirements in relation to its authorized program and its available funds from non-general fund sources; provided, the recommended appropriation shall be an amount not less than three hundred twenty-five dollars ($325) for each full-time-equivalent student.   

B.     The commission on higher education shall not recommend an appropriation greater than three hundred twenty-five dollars ($325) for each full-time-equivalent student for any branch community college that levies a tax at a rate less than one dollar ($1.00), unless a lower amount is required by operation of the rate limitation provisions of Section 7-37-7.1 NMSA 1978 upon a rate approved by the electors of at least one dollar ($1.00) on each one thousand dollars ($1,000) of net taxable value, as that term is defined in the Property Tax Code [7-35-1 NMSA 1978], or any branch community college that reduces a previously authorized tax levy, except as required by the operation of the rate limitation provisions of Section 7-37-7.1 NMSA 1978.