SENATE BILL 174

57th legislature - STATE OF NEW MEXICO - first session, 2025

INTRODUCED BY

Crystal Brantley

 

 

 

 

 

AN ACT

RELATING TO REGIONAL SPACEPORT DISTRICTS; PROVIDING THAT THE BOARDS OF REGIONAL SPACEPORT DISTRICTS EMPLOY THE STATE INVESTMENT COUNCIL OR STATE TREASURER TO INVEST FUNDS IN A LOCAL GOVERNMENT INVESTMENT POOL.

 

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

     SECTION 1. Section 5-16-8 NMSA 1978 (being Laws 2006, Chapter 15, Section 8) is amended to read:

     "5-16-8. INVESTMENTS.--A board shall invest or deposit funds in accordance with the prudent investor rule set forth in the Uniform Prudent Investor Act. The board shall employ the state investment council or state treasurer to invest the funds in a local government investment pool and may pay reasonable compensation for investment management services from the assets of the applicable funds. The board shall keep accurate and complete records and accounts concerning the investment portfolio."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2025.

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