New Mexico Statutes Chapter 21. State and Private Education Institutions § 21-27-5. Distributions from the fund; approval by the board required

A. A qualifying institution shall make application to the board  1 for distribution of its allocation, or any part thereof, only for any of the purposes enumerated in Section 4 of the Two-Year College Maintenance Act.

B. No distribution shall be made to any qualifying institution until the board [commission [department]] has approved the distribution of a specific amount. The board [commission [department]] may reduce the amount of any distribution to any qualifying institution. In taking such action, the board [commission [department]] shall set forth its reasons for such action and report its actions and reasons to the responsible governing board of the institution.