SENATE BILL 129

56th legislature - STATE OF NEW MEXICO - first session, 2023

INTRODUCED BY

Nancy Rodriguez

 

 

 

FOR THE LEGISLATIVE FINANCE COMMITTEE

 

AN ACT

RELATING TO THE PERMANENT SCHOOL FUND; PROVIDING FOR THE IMPLEMENTATION OF CONSTITUTIONAL AMENDMENT 1 APPROVED BY THE VOTERS IN 2022, WHICH PROVIDES FOR AN ADDITIONAL DISTRIBUTION FROM THE PERMANENT SCHOOL FUND FOR EDUCATIONAL PURPOSES.

 

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

     SECTION 1. Section 19-1-17 NMSA 1978 (being Laws 1917, Chapter 115, Section 1, as amended) is amended to read:

    "19-1-17. PERMANENT, INCOME AND CURRENT FUNDS--CREATING DEPOSITS.--

         A. The following funds are created. [B.] To the credit of these funds, in the respective proportions to which they are by law entitled, all money derived from state lands shall be deposited by the commissioner with the state treasurer, as nearly as possible, on the first day of each calendar month. The commissioner shall keep an accurate record of all such deposits. The funds are:

             (1) common school current fund;

             (2) common school permanent fund;

             (3) university income fund;

             (4) university permanent fund;

             (5) university saline income fund;

             (6) New Mexico state university income fund;

             (7) New Mexico state university permanent fund;

             (8) western New Mexico university income fund;

             (9) western New Mexico university permanent fund;

             (10) New Mexico highlands university income fund;

             (11) New Mexico highlands university permanent fund;

             (12) northern New Mexico state school income fund;

             (13) northern New Mexico state school permanent fund;

             (14) eastern New Mexico university income fund;

             (15) eastern New Mexico university permanent fund;

             (16) New Mexico institute of mining and technology income fund;

             (17) New Mexico institute of mining and technology permanent fund;

             (18) New Mexico military institute income fund;

             (19) New Mexico military institute permanent fund;

             (20) New Mexico boys' school income fund;

             (21) New Mexico boys' school permanent fund;

             (22) miners' hospital income fund;

             (23) miners' hospital permanent fund;

             (24) New Mexico behavioral health institute at Las Vegas income fund;

             (25) New Mexico behavioral health institute at Las Vegas permanent fund;

             (26) penitentiary income fund;

             (27) penitentiary permanent fund;

             (28) state charitable, penal and reformatory institutions income fund;

             (29) state charitable, penal and reformatory institutions permanent fund; to be equally distributed among the institutions as defined in Article 14, Section 1 of the constitution of New Mexico;

             (30) New Mexico school for the blind and visually impaired income fund;

             (31) New Mexico school for the blind and visually impaired permanent fund;

             (32) New Mexico school for the deaf income fund;

             (33) New Mexico school for the deaf permanent fund;

             (34) permanent reservoirs for irrigation purposes income fund;

             (35) permanent reservoirs for irrigation purposes permanent fund;

             (36) improvement of Rio Grande income fund;

             (37) improvement of Rio Grande permanent fund;

             (38) public buildings at capital income fund;

             (39) public buildings at capital permanent fund;

             (40) Santa Fe and Grant county railroad bond fund, to be applied as provided by Article 9, Section 4 of the constitution of New Mexico; [and]

             (41) state lands maintenance fund; and

             (42) early childhood education current fund.

         B. Forty percent of the additional distribution from the permanent school fund of the land grant permanent funds provided for in Subsection G of Section 7 of Article 12 of the constitution of New Mexico and allocated in Paragraph (1) of Subsection H of that section shall be deposited in the public education reform fund for enhanced instruction for public school students at risk of failure, extension of the public school year and public school teacher compensation.

         C. Sixty percent of the additional distribution from the permanent school fund of the land grant permanent funds provided for in Subsection G of Section 7 of Article 12 of the constitution of New Mexico and allocated in Paragraph (2) of Subsection H of that section shall be deposited in the early childhood education current fund for early childhood education."

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