0001| SENATE BILL 27 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| MANNY M. ARAGON | 0006| | 0007| | 0008| FOR THE LEGISLATIVE FINANCE COMMITTEE AND | 0009| THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE | 0010| | 0011| AN ACT | 0012| RELATING TO THE LAND GRANT PERMANENT FUNDS OF THE STATE; | 0013| PROVIDING FOR CHANGES IN THE ALLOCATION OF REVENUE TO THE | 0014| PERMANENT FUNDS; PROVIDING FOR DISTRIBUTIONS FROM THE PERMANENT | 0015| FUNDS TO THE BENEFICIARIES OF THOSE FUNDS. | 0016| | 0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0018| Section 1. Section 19-1-18 NMSA 1978 (being Laws 1917, | 0019| Chapter 115, Section 2) is amended to read: | 0020| "19-1-18. SOURCES OF SPECIAL FUNDS.--The permanent funds | 0021| created by [this Act] Sections 19-1-17 through 19-1-20 NMSA | 0022| 1978 shall consist of the proceeds of sales of lands belonging | 0023| [thereto] to and that may have been or may hereafter be | 0024| granted to the state, not otherwise appropriated by the terms | 0025| and conditions of the grant, interest on the permanent funds, | 0001| income from investment of the permanent funds and such other | 0002| [moneys] | 0003| | 0004| money as may be specifically provided by law. [and] The | 0005| income and current funds created by [This Act] Sections 19-1-17 through 19-1-20 NMSA 1978 shall consist of rentals, sale of | 0006| products from lands [interest on permanent funds] and anything | 0007| else other than money directly derived from sale of all state | 0008| lands so granted, [the income derived from the investment of | 0009| the permanent funds herein created] such other [moneys] | 0010| money as may be specifically provided by law and miscellaneous | 0011| income not provided for by [this Act] Sections 19-1-17 | 0012| through 19-1-20 NMSA 1978." | 0013| Section 2. Section 19-1-20 NMSA 1978 (being Laws 1917, | 0014| Chapter 115, Section 8, as amended) is amended to read: | 0015| "19-1-20. [TRANSFER] TRANSFERS AND DISTRIBUTIONS OF | 0016| FUNDS FOR SCHOOLS AND INSTITUTIONS.-- | 0017| A. All income and current funds created by | 0018| [Sections 7-1-16 through 7-1-23 NMSA 1953] Section 19-1-17 | 0019| NMSA 1978 for the common schools and various state institutions | 0020| [as enumerated in Section 7-1-18 NMSA 1953] shall be | 0021| transferred by the secretary of finance and administration, | 0022| from time to time, [transferred] to the credit of the schools | 0023| and institutions to be used as provided by law for the support | 0024| and maintenance of [said] the schools and institutions | 0025| [subject, however, to the limitation as provided for in Section | 0001| 7-1-21 NMSA 1953]. | 0002| B. The secretary of finance and administration | 0003| shall make distributions from the land grant permanent funds | 0004| | 0005| enumerated in Section 19-1-17 NMSA 1978 in the amount authorized | 0006| by and calculated pursuant to the provisions of Article 12, | 0007| Section 7 of the constitution of New Mexico. | 0008| C. One-twelfth of the total amount authorized to be | 0009| distributed in a fiscal year pursuant to Article 12, Section 7 | 0010| of the constitution of New Mexico shall be distributed each | 0011| month to the beneficiaries enumerated in Section 19-1-17 NMSA | 0012| 1978. Each beneficiary shall receive that portion of the | 0013| monthly distribution to which it is entitled pursuant to law." | 0014| Section 3. REPEAL.--Section 6-8-12 NMSA 1978 (being Laws | 0015| 1957, Chapter 179, Section 12, as amended) is repealed. | 0016| Section 4. EFFECTIVE DATE.--The effective date of the | 0017| provisions of this act is the later of: | 0018| A. the date the secretary of state certifies that | 0019| the constitution of New Mexico has been amended as proposed by a | 0020| joint resolution of the forty-second legislature, second | 0021| session, entitled "A JOINT RESOLUTION PROPOSING AMENDMENTS TO | 0022| ARTICLE 8, SECTION 10 AND ARTICLE 12, SECTIONS 2, 4 AND 7 OF THE | 0023| CONSTITUTION OF NEW MEXICO TO PROTECT THE STATE'S PERMANENT | 0024| FUNDS AGAINST INFLATION BY LIMITING DISTRIBUTIONS TO A | 0025| PERCENTAGE OF EACH FUND'S MARKET VALUE AND BY MODIFYING CERTAIN | 0001| INVESTMENT RESTRICTIONS TO ALLOW OPTIMAL DIVERSIFICATION OF | 0002| INVESTMENTS."; or | 0003| B. the date the congress of the United States | 0004| consents to the amendment of the constitution of New Mexico as | 0005| | 0006| proposed by the joint resolution specified in Subsection A of | 0007| this section. | 0008| - 4 - | 0009| | 0010| FORTY-SECOND LEGISLATURE | 0011| SECOND SESSION, 1996 | 0012| | 0013| | 0014| JANUARY 22, 1996 | 0015| | 0016| Mr. President: | 0017| | 0018| Your COMMITTEES' COMMITTEE, to whom has been referred | 0019| | 0020| SENATE BILL 27 | 0021| | 0022| has had it under consideration and finds same to be GERMANE, PURSUANT | 0023| TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND | 0024| MEANS COMMITTEE. | 0025| | 0001| Respectfully submitted, | 0002| | 0003| | 0004| | 0005| | 0006| __________________________________ | 0007| SENATOR MANNY M. ARAGON, Chairman | 0008| | 0009| | 0010| | 0011| Adopted_______________________ Not Adopted_______________________ | 0012| (Chief Clerk) (Chief Clerk) | 0013| | 0014| | 0015| Date ________________________ | 0016| | 0017| | 0018| | 0019| S0027CC1 | 0020| | 0021| FORTY-SECOND LEGISLATURE | 0022| SECOND SESSION, 1996 | 0023| | 0024| | 0025| January 26, 1996 | 0001| | 0002| Mr. President: | 0003| | 0004| Your WAYS AND MEANS COMMITTEE, to whom has been referred | 0005| | 0006| SENATE BILL 27 | 0007| | 0008| has had it under consideration and reports same with recommendation that | 0009| it DO PASS, and thence referred to the FINANCE COMMITTEE. | 0010| | 0011| Respectfully submitted, | 0012| | 0013| | 0014| | 0015| __________________________________ | 0016| TITO D. CHAVEZ, Chairman | 0017| | 0018| | 0019| | 0020| Adopted_______________________ Not Adopted_______________________ | 0021| (Chief Clerk) (Chief Clerk) | 0022| | 0023| | 0024| Date ________________________ | 0025| | 0001| | 0002| The roll call vote was 6 For 1 Against | 0003| Yes: 6 | 0004| No: Rawson | 0005| Excused: Riley | 0006| Absent: | 0007| | 0008| | 0009| S0027WM1 | 0010| | 0011| | 0012| | 0013| FORTY-SECOND LEGISLATURE | 0014| SECOND SESSION, 1996 | 0015| | 0016| | 0017| February 3, 1996 | 0018| | 0019| Mr. President: | 0020| | 0021| Your FINANCE COMMITTEE, to whom has been referred | 0022| | 0023| SENATE BILL 27 | 0024| | 0025| has had it under consideration and reports same with recommendation that | 0001| it DO PASS. | 0002| | 0003| Respectfully submitted, | 0004| | 0005| | 0006| | 0007| __________________________________ | 0008| Ben D. Altamirano, Chairman | 0009| | 0010| | 0011| | 0012| Adopted_______________________ Not Adopted_______________________ | 0013| (Chief Clerk) (Chief Clerk) | 0014| | 0015| | 0016| | 0017| Date ________________________ | 0018| | 0019| | 0020| The roll call vote was 8 For 0 Against | 0021| Yes: 8 | 0022| No: 0 | 0023| Excused: Donisthorpe, Duran, Ingle, Kidd, Kysar | 0024| Absent: None | 0025| | 0001| | 0002| S0027FC1 | 0003| |