46th legislature - STATE OF NEW MEXICO - first session, 2003
RELATING TO FINANCE; PROVIDING FOR A TEMPORARY INCREASE IN THE AMOUNT OF ANNUAL DISTRIBUTION FROM THE TOBACCO SETTLEMENT PERMANENT FUND; MAKING AN APPROPRIATION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 6-4-9 NMSA 1978 (being Laws 1999, Chapter 207, Section 1, as amended) is amended to read:
"6-4-9. TOBACCO SETTLEMENT PERMANENT FUND--INVESTMENT--DISTRIBUTION.--
A. The "tobacco settlement permanent fund" is
created in the state treasury. The fund shall consist of money
distributed to the state pursuant to the master settlement
agreement entered into between tobacco product manufacturers
and various states, including New Mexico, and executed November
23, 1998 or any money released to the state from a qualified
escrow fund or otherwise paid to the state as authorized by the
model statute provisions enacted as Sections 6-4-12 and 6-4-13
NMSA 1978 [enacted] pursuant to the master settlement
agreement. Money in the fund shall be invested by the state
investment officer as land grant permanent funds are invested
pursuant to Chapter 6, Article 8 NMSA 1978. Income from
investment of the fund shall be credited to the fund. Money in
the fund shall not be expended for any purpose, but an annual
distribution shall be made to the tobacco settlement program
fund in accordance with Subsection B of this section.
B. On July 1 of [fiscal year 2001 and on July 1 of]
each fiscal year [thereafter], an annual distribution shall be
made from the tobacco settlement permanent fund to the tobacco
settlement program fund of an amount equal to [fifty] one
hundred percent of the total amount of money distributed to the
tobacco settlement permanent fund in the immediately preceding
fiscal year until that amount is less than an amount equal to
four and seven-tenths percent of the average of the year-end
market values of the tobacco settlement permanent fund for the
immediately preceding five calendar years. Thereafter, the
amount of the annual distribution shall be four and seven-tenths percent of the average of the year-end market values of
the tobacco settlement permanent fund for the immediately
preceding five calendar years.
C. The legislative finance committee shall report to the first session of the forty-seventh legislature no later than January 18, 2005 on the effects of changes in the distribution formula provided in Subsection B of this section."