New Mexico Statutes Chapter 21. State and Private Education Institutions § 21-12-20. Luciano “Lucky” Varela opportunity scholarship fund

A. Subject to available funding, the “Luciano “Lucky” Varela opportunity scholarship fund” is created. Money appropriated to the fund or accruing to it through gifts, grants or bequests shall not be transferred to another fund. The fund shall not revert at the end of a fiscal year. Any interest earned from investment of the fund shall be credited to the Luciano “Lucky” Varela opportunity scholarship fund for the purpose of implementing the Luciano “Lucky” Varela opportunity scholarship. Money in the fund is appropriated to the board of regents of the New Mexico military institute.

B. The board of regents of the New Mexico military institute may invest and reinvest the Luciano “Lucky” Varela opportunity scholarship fund in accordance with state investment council policy.