SENATE BILL 66

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

William E. Sharer

AN ACT

PROVIDING FOR A TRANSFER TO THE LAND GRANT PERMANENT FUNDS; MAKING AN APPROPRIATION.

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

     Section 1. GENERAL FUND TRANSFER TO LAND GRANT PERMANENT FUNDS.--One billion dollars ($1,000,000,000) of the nonrecurring revenue of the general fund remaining at the end of fiscal year 2006 shall be transferred to the land grant permanent funds for the common schools and other state institutions enumerated in Section 19-1-17 NMSA 1978; provided that the distribution shall be proportional to the percentage that each individual permanent fund represents of the total of all permanent funds on June 30, 2006.

.160138.1