NMMI among schools benefitting from strong oil, gas figures
July 21, 2017 06:54 PM
ROSWELL, N.M. -- Some New Mexico schools are getting a big boost and it's all because of the state's oil and gas industry.
The State Land Office tells KOB this month's oil and gas lease sale was a record setter -- generating more than $30 million.
“It was totally unexpected, particularly this large amount,” said Gen. Maj. Jerry Grizzle, president of the New Mexico Military Institute. “That per acre amount was just incredible.”
Now, more than $23 million from those sales will go towards public schools and other beneficiaries
The New Mexico Military Institute is receiving the biggest payout.
“The amount is about $4.5 million,” Grizzle said.
KOB asked Grizzle what the institute plans to use the money for.
“Capital improvement projects are going on right now, so this is going to go a long way,” he said.
A lot of the money will go towards the upgrades of several of the institute’s facilities.
"All of that is very favorable and it allows us to provide for students from New Mexico,” he said.
The New Mexico Military Institute expects to receive the funds within the fiscal year, but they could come sooner. Other schools like New Mexico Tech and the University of New Mexico will receive over $200,000.
Updated: July 21, 2017 06:54 PM
Created: July 21, 2017 06:28 PM
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