Section 21-21-18 - Fund created; method of payment. - New Mexico Statutes

21-21-18. Fund created; method of payment.

A.     The state treasurer shall create a suspense account in the state treasury to be known as the "student loan guarantee fund" for the purpose of insuring student loans held by the fiscal agent. The student loan guarantee fund shall be held in trust and invested by the state treasurer in accordance with law.   

B.     There may be deposited in the student loan guarantee fund:   

(1)     receipts from the federal government under the federal Higher Education Act of 1965, as amended;   

(2)     receipts under the Student Loan Guarantee Act  [21-21-14 NMSA 1978] from any other source, except interest earned from investment of the student loan guarantee fund which shall be credited to the general fund, when the receipts may be lawfully used for the purpose of insuring student loans held by the fiscal agent; and   

(3)     insurance fees charged by the commission on higher education.   

C.     Disbursements from the student loan guarantee fund shall be made upon vouchers signed by the executive director of the commission on higher education.