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A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 16 OF THE CONSTITUTION OF

NEW MEXICO TO ADD A NEW SECTION TO PROVIDE FOR A WATER TRUST

FUND.

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

Section 1. It is proposed to amend Article 16 of the

constitution of New Mexico by adding a new section to read:

"A. The "water trust fund" is created in the state

treasury to conserve and protect the water resources of New

Mexico and to ensure that New Mexico has the water it needs

for a strong and vibrant future. The purpose of the fund

shall be to secure a supply of clean and safe water for New

Mexico’s residents. The fund shall consist of money

appropriated, donated or otherwise accrued to the fund. Money

in the fund shall be invested by the state investment officer

as land grant permanent funds are invested, and there shall be

strict accountability and oversight measures as provided by

the state investment council to ensure appropriate safety of

and return on investments. Earnings from investment of the

fund shall be credited to the fund. Money in the fund shall

not revert or be expended for any purpose, but an annual

distribution shall be made to the water project fund, which

shall be used only to support critically needed projects that

preserve and protect New Mexico's water supply and is in

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accordance with Subsection B of this section.

B. On July 1, 2008 and each fiscal year

thereafter, an annual distribution shall be made from the

water trust fund pursuant to law, and that distribution shall

then be appropriated by the legislature only for water

projects consistent with a state water plan and as otherwise

provided by law."

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.