46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO STATE MUSEUMS; CREATING THE PALACE ENDOWMENT PERMANENT FUND FOR THE PURPOSE OF FUNDING EDUCATIONAL ACTIVITIES AND MUSEUM EXHIBITIONS OF THE PALACE OF THE GOVERNORS; MAKING AN APPROPRIATION.

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

Section 1. PALACE ENDOWMENT PERMANENT FUND--CREATION--DISBURSEMENTS.--

A. The "palace endowment permanent fund" is created in the state treasury. The fund shall consist of private grants and contributions, federal grants and legislative appropriations; provided, however, that no legislative appropriations shall be deposited in the fund unless an equal, matching amount is contributed to the fund from private sources. 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 revert or be transferred to any other fund and, except for the distribution from the fund pursuant to Subsection B of this section, money in the fund shall not be expended for any purpose.

B. In each fiscal year, a distribution shall be made from the fund in an amount equal to five percent of the market value of the fund at the end of the previous calendar year; provided that no distribution shall be made if the market value of the fund at the end of the previous calendar year is less than four million dollars ($4,000,000). The distribution shall be made to the board of regents of the museum of New Mexico and is appropriated to the board for the purpose of designing, acquiring, developing, constructing, buying or leasing materials for educational activities and museum exhibitions of the palace of the governors.

Section 2. APPROPRIATION.--Two million dollars ($2,000,000) is appropriated from the general fund to the department of finance and administration for expenditure in fiscal years 2004 through 2006 to match grants and contributions from private sources to the palace endowment permanent fund. No later than ten days after the end of each calendar quarter, the state cultural affairs officer shall certify to the secretary of finance and administration the amount of private grants and contributions made to the palace endowment permanent fund during that quarter. The secretary of finance and administration shall distribute a matching amount from the appropriation to the palace endowment permanent fund. Any unexpended or unencumbered balance of the appropriation remaining ten days after the end of fiscal year 2006 shall revert to the general fund.