0001| HOUSE JOINT RESOLUTION 19
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| M. MICHAEL OLGUIN
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| A JOINT RESOLUTION
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0011| PROPOSING TO AMEND THE CONSTITUTION OF NEW MEXICO TO
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0012| TEMPORARILY POSTPONE DEPOSITS INTO THE SEVERANCE TAX PERMANENT
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0013| FUND IN ORDER TO FUND CAPITAL OUTLAY PROJECTS.
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0014|
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0015| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. It is proposed to amend Article 8, Section 10
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0017| of the constitution of New Mexico to read:
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0018| "A. There shall be deposited in a permanent trust
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0019| fund known as the "severance tax permanent fund" that part of
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0020| state revenue derived from excise taxes that have been or
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0021| shall be designated severance taxes imposed upon the severance
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0022| of natural resources within this state, in excess of:
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0023| (1) that amount that has been or shall be
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0024| reserved by statute for the payment of principal and interest
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0025| on outstanding bonds to which severance tax revenue has been
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0001| or shall be pledged; and
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0002| (2) that amount received from severance
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0003| taxes after January 1, 1999 and before January 1, 2003 and
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0004| appropriated by the legislature for capital outlay projects.
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0005| B. Money in the severance tax permanent fund
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0006| shall be invested as provided by law. Distributions from the
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0007| fund shall be appropriated by the legislature as other general
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0008| operating revenue is appropriated for the benefit of the
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0009| people of the state.
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0010| [B.] C. All additions to the fund and all
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0011| earnings, including interest, dividends and capital gains from
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0012| investment of the fund shall be credited to the corpus of the
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0013| fund.
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0014| [C.] D. The annual distributions from the fund
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0015| shall be one hundred two percent of the amount distributed in
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0016| the immediately preceding fiscal year until the annual
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0017| distributions equal four and seven-tenths percent of the
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0018| average of the year-end market values of the fund for the
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0019| immediately preceding five calendar years. Thereafter, the
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0020| amount of the annual distributions shall be four and seven-
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0021| tenths percent of the average of the year-end market values of
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0022| the fund for the immediately preceding five calendar years.
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0023| [D.] E. The frequency and the time of the
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0024| distributions made pursuant to Subsection [C] D of this
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0025| section shall be as provided by law."
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0001| Section 2. The amendment proposed by this resolution
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0002| shall be submitted to the people for their approval or
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0003| rejection at the next general election or at any special
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0004| election prior to that date which may be called for that
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0005| purpose.
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0006|
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