Section 21-29-5 - Fund created; method of payment. - New Mexico Statutes

21-29-5. Fund created; method of payment.

The "WICHE loan for service fund" is created in the state treasury. All money appropriated for loans to students participating in the student exchange program of the western interstate commission on higher education shall be credited to the fund. All payments of principal and interest on loans made pursuant to the WICHE Loan for Service Act [21-29-1 NMSA 1978] shall be credited to the fund. All payments of money for loans shall be made upon vouchers signed by the designated representative of the commission and warrants drawn by the secretary of finance and administration.   

For the 1997-98 fiscal year, seventy thousand dollars ($70,000) is appropriated from the nursing-loan-for-service fund to the commission on higher education from collections generated in excess of the amount received and budgeted for the 1997-98 fiscal year. This appropriation shall be used to support the operation and administration of the program, including paying support fees for students currently enrolled in the WICHE program.