A. The "geophysical research center" is created at the New Mexico institute of mining and technology. The center may enter into contracts and receive public and private gifts, grants and donations to carry out its activities.
B. The geophysical research center shall conduct research:
(1) in areas related to and affected by water, with emphasis on atmospheric, surface and underground water;
(2) on the relationships among lightning, thunderstorms and precipitation;
(3) in earthquake, volcanology and environmental geophysics; and
(4) in basic geophysical processes and their applications to state and national issues.