The fiscal agent shall be reimbursed by the board [commission [department]] for the expenses connected with his duties under the terms of an agreement negotiated annually by the board [commission [department]] with the approval of the state board of finance. Reimbursement shall include a reasonable overhead in addition to direct costs. An annual appropriation to the board for the cost of administering the student loan guarantee program shall be made from the severance tax income fund. Any part of this appropriation not needed for the reimbursement of the fiscal agent shall revert to the severance tax income fund at the end of each fiscal year.
History: 1978 Comp., § 21-21-22, enacted by Laws 1978, ch. 110, § 9.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.