NM SB124

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

Match requirements vary by institution type and project phase: four-year institutions must provide 25% match for design and 10% for construction on academic projects, while student housing/life projects require 50% design match and 20% construction match; two-year institutions require 50% match for both phases

Athletic facilities at Division 1 universities require a non-waivable 50% match and minimum $50 million project cost; universities must also demonstrate a six-year graduation rate of 65% or higher to receive athletic facility funding

Legislature may waive match requirements if the Higher Education Department finds an institution cannot reasonably afford the match using reserves, bonds, property taxes, federal/tribal support, or student fees