0001| HOUSE BILL 68
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| RAYMOND G. SANCHEZ
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0006|
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0007|
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0008| FOR THE LEGISLATIVE FINANCE COMMITTEE AND
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0009| THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE
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0010|
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0011| AN ACT
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0012| RELATING TO THE LAND GRANT PERMANENT FUNDS OF THE STATE;
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0013| PROVIDING FOR CHANGES IN THE ALLOCATION OF REVENUE TO THE
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0014| PERMANENT FUNDS; PROVIDING FOR DISTRIBUTIONS FROM THE PERMANENT
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0015| FUNDS TO THE BENEFICIARIES OF THOSE FUNDS.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. Section 19-1-18 NMSA 1978 (being Laws 1917,
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0019| Chapter 115, Section 2) is amended to read:
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0020| "19-1-18. SOURCES OF SPECIAL FUNDS.--The permanent funds
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0021| created by [this Act] Sections 19-1-17 through 19-1-20 NMSA
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0022| 1978 shall consist of the proceeds of sales of lands belonging
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0023| [thereto] to and that may have been or may hereafter be
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0024| granted to the state, not otherwise appropriated by the terms
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0025| and conditions of the grant, interest on the permanent funds,
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0001| income from investment of the permanent funds and such other
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0002| [moneys]
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0003|
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0004| money as may be specifically provided by law. [and] The
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0005| income and current funds created by [This Act] Sections 19-1-17 through 19-1-20 NMSA 1978 shall consist of rentals, sale of
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0006| products from lands [interest on permanent funds] and anything
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0007| else other than money directly derived from sale of all state
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0008| lands so granted, [the income derived from the investment of
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0009| the permanent funds herein created] such other [moneys]
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0010| money as may be specifically provided by law and miscellaneous
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0011| income not provided for by [this Act] Sections 19-1-17
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0012| through 19-1-20 NMSA 1978."
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0013| Section 2. Section 19-1-20 NMSA 1978 (being Laws 1917,
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0014| Chapter 115, Section 8, as amended) is amended to read:
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0015| "19-1-20. [TRANSFER] TRANSFERS AND DISTRIBUTIONS OF
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0016| FUNDS FOR SCHOOLS AND INSTITUTIONS.--
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0017| A. All income and current funds created by
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0018| [Sections 7-1-16 through 7-1-23 NMSA 1953] Section 19-1-17
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0019| NMSA 1978 for the common schools and various state institutions
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0020| [as enumerated in Section 7-1-18 NMSA 1953] shall be
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0021| transferred by the secretary of finance and administration,
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0022| from time to time, [transferred] to the credit of the schools
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0023| and institutions to be used as provided by law for the support
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0024| and maintenance of [said] the schools and institutions
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0025| [subject, however, to the limitation as provided for in Section
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0001| 7-1-21 NMSA 1953].
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0002| B. The secretary of finance and administration
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0003| shall make distributions from the land grant permanent funds
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0004|
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0005| enumerated in Section 19-1-17 NMSA 1978 in the amount authorized
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0006| by and calculated pursuant to the provisions of Article 12,
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0007| Section 7 of the constitution of New Mexico.
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0008| C. One-twelfth of the total amount authorized to be
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0009| distributed in a fiscal year pursuant to Article 12, Section 7
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0010| of the constitution of New Mexico shall be distributed each
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0011| month to the beneficiaries enumerated in Section 19-1-17 NMSA
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0012| 1978. Each beneficiary shall receive that portion of the
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0013| monthly distribution to which it is entitled pursuant to law."
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0014| Section 3. REPEAL.--Section 6-8-12 NMSA 1978 (being Laws
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0015| 1957, Chapter 179, Section 12, as amended) is repealed.
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0016| Section 4. EFFECTIVE DATE.--The effective date of the
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0017| provisions of this act is the later of:
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0018| A. the date the secretary of state certifies that
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0019| the constitution of New Mexico has been amended as proposed by a
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0020| joint resolution of the forty-second legislature, second
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0021| session, entitled "A JOINT RESOLUTION PROPOSING AMENDMENTS TO
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0022| ARTICLE 8, SECTION 10 AND ARTICLE 12, SECTIONS 2, 4 AND 7 OF THE
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0023| CONSTITUTION OF NEW MEXICO TO PROTECT THE STATE'S PERMANENT
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0024| FUNDS AGAINST INFLATION BY LIMITING DISTRIBUTIONS TO A
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0025| PERCENTAGE OF EACH FUND'S MARKET VALUE AND BY MODIFYING CERTAIN
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0001| INVESTMENT RESTRICTIONS TO ALLOW OPTIMAL DIVERSIFICATION OF
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0002| INVESTMENTS."; or
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0003| B. the date the congress of the United States
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0004| consents to the amendment of the constitution of New Mexico as
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0005|
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0006| proposed by the joint resolution specified in Subsection A of
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0007| this section.
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0008| - 4 - State of New Mexico
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0009| House of Representatives
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0010|
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0011| FORTY-SECOND LEGISLATURE
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0012| SECOND SESSION, 1996
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0013|
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0014|
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0015| January 29, 1996
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0016|
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0017|
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0018| Mr. Speaker:
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0019|
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0020| Your TAXATION AND REVENUE COMMITTEE, to whom has
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0021| been referred
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0022|
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0023| HOUSE BILL 68
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0024|
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0025| has had it under consideration and reports same with
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0001| recommendation that it DO PASS, and thence referred to the
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0002| APPROPRIATIONS AND FINANCE COMMITTEE.
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0003|
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0004| Respectfully submitted,
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0005|
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0006|
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0007|
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0008|
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0009| Jerry W. Sandel, Chairman
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0010|
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0011|
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0012| Adopted Not Adopted
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0013|
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0014| (Chief Clerk) (Chief Clerk)
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0015|
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0016| Date
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0017|
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0018| The roll call vote was 12 For 0 Against
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0019| Yes: 12
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0020| Excused: Gallegos
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0021| Absent: None
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0022|
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0023|
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0024|
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0025| H0068TR1
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0001|
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0002| FORTY-SECOND LEGISLATURE
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0003| SECOND SESSION, 1996
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0004|
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0005|
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0006| February 7, 1996
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0007|
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0008| Mr. President:
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0009|
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0010| Your WAYS AND MEANS COMMITTEE, to whom has been
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0011| referred
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0012|
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0013| HOUSE BILL 68
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0014|
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0015| has had it under consideration and reports same with
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0016| recommendation that it DO PASS, and thence referred to the
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0017| FINANCE COMMITTEE.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023| __________________________________
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0024| TITO D. CHAVEZ, Chairman
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0025|
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0001|
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0002|
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0003| Adopted_______________________ Not Adopted_______________________
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0004| (Chief Clerk) (Chief Clerk)
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0005|
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0006|
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0007| Date ________________________
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0008|
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0009|
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0010| The roll call vote was 5 For 0 Against
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0011| Yes: 5
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0012| No: 0
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0013| Excused: Campos, Riley, Wiener
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0014| Absent: None
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0015|
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0016|
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0017| H0068WM1
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0018|
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0019|
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0020|
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0021| FORTY-SECOND LEGISLATURE
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0022| SECOND SESSION, 1996
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0023|
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0024|
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0025| February 8, 1996
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0001|
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0002| Mr. President:
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0003|
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0004| Your FINANCE COMMITTEE, to whom has been referred
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0005|
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0006| HOUSE BILL 68
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS.
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0010|
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0011| Respectfully submitted,
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0012|
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0013|
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0014|
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0015| __________________________________
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0016| Ben D. Altamirano, Chairman
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0017|
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0018|
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0019|
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0020| Adopted_______________________ Not Adopted_______________________
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0021| (Chief Clerk) (Chief Clerk)
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0022|
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0023|
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0024|
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0025| Date ________________________
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0001|
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0002|
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0003| The roll call vote was 8 For 0 Against
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0004| Yes: 8
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0005| No: 0
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0006| Excused: Aragon, Ingle, Kidd, Kysar, Sanchez
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0007| Absent: None
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0008|
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0009|
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0010| H0068FC1
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0011|
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