HOUSE JOINT RESOLUTION 2

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

Bill McCamley

A JOINT RESOLUTION

PROPOSING TO AMEND ARTICLE 12 OF THE CONSTITUTION OF NEW MEXICO BY ADDING A NEW SECTION TO REQUIRE THE WITHDRAWAL OF SEVEN BILLION DOLLARS ($7,000,000,000) FROM THE LAND GRANT PERMANENT FUND UPON THE CONSENT OF THE UNITED STATES CONGRESS AND PROVIDE BY LAW FOR DISTRIBUTION FOR ECONOMIC STIMULUS PROGRAMS.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. It is proposed to amend Article 12 of the constitution of New Mexico by adding a new section to read:

     "The legislature shall provide by law for the withdrawal of seven billion dollars ($7,000,000,000) from the land grant permanent fund described in Section 7 of this article; provided that the distribution from each land grant fund that makes up the permanent fund shall be in the same proportion as the proportion of that fund's market value to the total market value of the permanent fund. The legislature shall provide by law for the distribution of the withdrawal for economic stimulus programs over an eight-year period as follows:

          A. four billion dollars ($4,000,000,000) for infrastructure and energy projects;

          B. two billion dollars ($2,000,000,000) for applied research in clean energy and water technologies and technology transfer for such research; and

          C. one billion dollars ($1,000,000,000) for early childhood services."

     SECTION 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.

     SECTION 3. The amendment proposed by Section 1 of this resolution shall not become effective without the consent of the United States congress.

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