HIGHER ED. MAJOR PROJECTS FUND

SB 124 creates a new state fund to support major capital projects at New Mexico's public colleges and universities. The fund finances research/instruction facilities costing $50 million or more at four-year universities, and student housing/life projects (like recreation centers and dining halls) at all public institutions. Projects must meet matching requirements (10-50% from non-state sources like bonds or fees), with waivers possible if institutions can't afford the match. The bill also requires graduation rate data for Division I athletic facility projects and mandates documentation on student population needs for new facilities.