NM HB8

Creates the Higher Education Major Projects Fund as a nonreverting fund in the state treasury, administered by the Higher Education Department, for major capital outlay projects at educational institutions

Four-year institutions may use funds for research/instruction projects costing $50 million or more, and for student housing and student life projects; two-year institutions and tribal colleges may use funds for student housing and student life projects

Requires matching funds from non-state sources: 25% for design and 10% for construction on four-year research/instruction projects; 50% for design and 20-50% for construction on student life projects; athletic facilities require a non-waivable 50% match on projects costing at least $50 million

Match requirements may be waived by the legislature if the Higher Education Department finds an institution cannot reasonably afford it; construction funding cannot be appropriated until at least 50% of design phase is complete

Establishes initial funding priorities totaling up to $350 million, including: $150 million for UNM School of Medicine, $50 million for NMSU multidisciplinary building, $100 million for statewide student life/housing, $20 million for UNM stadium, and $10 million each for ENMU, NMHU, and WNMU student housing projects