SENATE BILL 122

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

George K. Munoz

FOR THE LEGISLATIVE FINANCE COMMITTEE

AN ACT

RELATING TO STATE FUNDS; CREATING THE ECONOMIC DIVERSIFICATION AND CLIMATE RESILIENCE FUND.

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

     SECTION 1. A new section of Chapter 6, Article 4 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] ECONOMIC DIVERSIFICATION AND CLIMATE RESILIENCE FUND.--

          A. The "economic diversification and climate resilience fund" is created as a nonreverting fund in the state treasury. The fund consists of distributions, appropriations, gifts, grants and donations to the fund.

          B. Money in the fund is subject to appropriation by the legislature for the following purposes:

                (1) economic development efforts designed to attract investments and job creation from key sectors, including intelligent manufacturing, aerospace, defense, microelectronics, cybersecurity, biosciences, renewable energy and sustainable agriculture;

                (2) workforce training and development;

                (3) public works infrastructure improvements necessary to attract business development and enhance supply chains;

                (4) projects to support conservation, restoration, remediation and improvements of public lands, forests, watersheds, parks and trails; and

                (5) any other efforts to promote long-term economic growth, diversify the state economy or reduce state revenue reliance on fossil fuel development.

          C. Upon request by the legislative finance committee, an agency that receives an appropriation from the fund for economic diversification purposes shall report to the committee the impact to the state of the appropriation."

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