Section 21-27-5 - Distributions from the fund; approval by the board required.
21-27-5. Distributions from the fund; approval by the board required.
A. A qualifying institution shall make application to the board for distribution of its allocation, or any part thereof, only for any of the purposes enumerated in Section 4 [21-27-4 NMSA 1978] of the Two-Year College Maintenance Act.
B. No distribution shall be made to any qualifying institution until the board [commission] has approved the distribution of a specific amount. The board [commission] may reduce the amount of any distribution to any qualifying institution. In taking such action, the board [commission] shall set forth its reasons for such action and report its actions and reasons to the responsible governing board of the institution.