Section 21-3-20 NMSA 1978:
Such board shall have the general powers now conferred on boards of regents of the other normal schools of this state; including the power to acquire by donations, the title to the necessary lands for building site and campus, and the acceptance of such other donations as may be available; and provided further, that such board can incur no indebtedness whatever.
Source: Inventory of Statutory Executive Boards and Commissions, Legislative Council Service 2010 Update