SENATE JOINT RESOLUTION 16

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Jacob R. Candelaria

A JOINT RESOLUTION

PROPOSING AN AMENDMENT TO ARTICLE 8, SECTION 4 OF THE CONSTITUTION OF NEW MEXICO TO REQUIRE THAT FIVE PERCENT OF THE VALUE OF THE CASH HOLDINGS OF THE FUNDS THE STATE INVESTMENT OFFICER IS REQUIRED TO INVEST SHALL BE DEPOSITED IN NEW MEXICO BANKS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS.

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

     SECTION 1. It is proposed to amend Article 8, Section 4 of the constitution of New Mexico to read:

          "A. Any public officer making any profit out of public money or using the same for any purpose not authorized by law, shall be deemed guilty of a felony and shall be punished as provided by law and shall be disqualified to hold public office. All public money not invested in interest-bearing securities shall be deposited in national banks in this state, in banks or trust companies incorporated under the laws of the state, in federal savings and loan associations in this state, in savings and loan associations incorporated under the laws of this state whose deposits are insured by an agency of the United States and in credit unions incorporated under the laws of this state or the United States to the extent that such deposits of public money in credit unions are insured by an agency of the United States, and the interest derived therefrom shall be applied in the manner prescribed by law. The conditions of such deposits shall be provided by law.

          B. At least five percent of the value of the cash holdings of the funds the state investment officer is required to invest shall be deposited in banks, savings and loan associations and credit unions that are chartered in New Mexico only and are qualified as insured public depositories."

     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.

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