There is created in the state treasury the "medical student loan for service fund". All money appropriated for loans to medical students under the Medical Student Loan for Service Act shall be credited to the fund. All payments of principal and interest on loans made pursuant to that act received by the commission [department] shall be deposited with the state treasurer to the credit of the fund. All payments of funds for loans shall be made upon vouchers signed by the designated representatives of the commission [department].
History: 1953 Comp., § 73-38A-8, enacted by Laws 1975, ch. 244, § 8; 1989, ch. 324, § 14; 1991, ch. 262, § 34.
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.
The 1991 amendment, effective June 14, 1991, inserted "for service" in the first sentence and "for Service" in the second sentence; deleted "on higher education" following "commission" in the third sentence; substituted "the designated representatives" for "the chairman and the executive director" in the final sentence; and made a minor stylistic change.
General rule is that interest is accretion or increment to principal fund earning it, and becomes a part of that fund. 1980 Op. Att'y Gen. No. 80-17.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Funds § 3.
81A C.J.S. States § 135.