Current school fund; receipts; disposition.

  1. Law
  2. New Mexico Statutes
  3. Public Schools
  4. Public School Finance
  5. Current school fund; receipts; disposition.

Checkout our iOS App for a better way to browser and research.

A. As they are received, the state treasurer shall deposit into the current school fund revenue received from the following sources:

(1) all fines and forfeitures collected under general laws;

(2) the net proceeds of property that may come to the state by escheat; and

(3) all other revenue which by law is to be credited to the current school fund.

B. At the end of each month, the state treasurer shall transfer the amount in the common school current fund, also known as the common school income fund, to the current school fund.

C. At the end of each month, after the transfer authorized in Subsection B of this section, the state treasurer shall transfer any unencumbered balance in the current school fund to the public school fund.

History: 1953 Comp., § 77-6-32, enacted by Laws 1967, ch. 16, § 86; 1972, ch. 90, § 2; 1976, ch. 7, § 1.

ANNOTATIONS

Cross references. — For public school fund generally, see 22-8-14 NMSA 1978.


Download our app to see the most-to-date content.