2011 New Mexico Statutes
Chapter 22: Public Schools
Article 9: Federal Aid to Education, 22-9-1 through 22-9-16
Section 22-9-5: Custody of funds; budgets; disbursements.
22-9-5. Custody of funds; budgets; disbursements.
A. The state treasurer shall be the custodian of all funds received by the state by virtue of a federal statute, gift or grant relating to aid for education, school construction or school breakfast or lunch programs. The state treasurer shall hold these funds in separate accounts according to the purpose of the grant or gift.
B. All federal funds, gifts or grants administered by the department shall be budgeted, accounted for and disbursed as provided by law and by the rules of the department of finance and administration.
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