SENATE JOINT RESOLUTION 6

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

INTRODUCED BY

Michael Padilla

A JOINT RESOLUTION

PROPOSING TO ADD A NEW SECTION 23 OF ARTICLE 20 OF THE CONSTITUTION OF NEW MEXICO TO CREATE THE EARLY CHILDHOOD TRUST FUND TO BE USED EXCLUSIVELY FOR PRENATAL AND EARLY CHILDHOOD PROGRAMS AND SERVICES, EXCEPT WHEN STATE FUNDS WILL NOT MEET PREVIOUSLY AUTHORIZED EXPENSES.

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

     SECTION 1. It is proposed to amend Article 20 of the constitution of New Mexico by adding a new Section 23 to read:

          "A. The "early childhood trust fund" is created as a permanent trust fund in the state treasury. Money in the fund shall be invested as provided by law for prenatal programs and services and for early childhood programs and services for children until they are eligible for kindergarten, and money distributed from the fund shall only be used for those programs and services, expenses of administering those programs and services and as provided in Subsection D of this section.

          B. All additions to the fund and all earnings, including realized and unrealized gains and losses from investment of the fund, shall be credited to the corpus of the fund.

          C. As provided by law, an annual distribution shall be made in an amount equal to the greater of five percent of the average of the year-end market values of the fund for the immediately preceding three calendar years or five hundred million dollars ($500,000,000).

          D. Money in the fund may be expended in the event of a failure in revenue where state fund balances, as provided by law, will not meet the level of appropriations authorized for the current fiscal year. In that event, to avoid a deficit, the legislature may appropriate from the fund only in the amount necessary to meet the appropriations for that fiscal year and only if the legislature has authorized transfers from the state fund balances that exhaust those fund balances."

     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.

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