HOUSE JOINT RESOLUTION 6

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

INTRODUCED BY

W. Ken Martinez

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. 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. 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 in accordance with Subsection B of this section.

          B. On July 1 of each fiscal year, an annual distribution shall be made from the water trust fund in the amount of four million dollars ($4,000,000) 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 water trust 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 water trust fund for the immediately preceding five calendar years.

          C. The distributions made pursuant to Subsection B of this section shall be as provided by law, and those distributions 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. Contingent upon the enactment into law by the second session of the forty-seventh legislature of a bill that transfers one hundred million dollars ($100,000,000) to the water trust fund, 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.

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