HB 99 — STATEWIDE ARTS SCHOOL DORMITORY FUND

HOUSE BILL 99 56TH LEGISLATURE -STATEOFNEWMEXICO-- STATEOFNEWMEXICO- FIRST SESSION, 2023 INTRODUCED BY Andrea Romero 6This 8document 10may ANincorporate ACTamendments RELATINGproposed TOby THEa NEWcommittee, MEXICObut SCHOOLnot FORyet THEadopted, ARTS;as well as amendments that have been adopted during the current legislative session.

PROVIDINGThe FORdocument ANis ANNUALa TRANSFERtool FROMto THEshow EXCESSamendments EXTRACTIONin TAXEScontext SUSPENSEand FUNDcannot TObe THEused NEWfor MEXICOthe SCHOOLpurpose FORof THEadding ARTSamendments DORMITORYto FUND;legislation.

h AN ACT g o RELATING TO THE NEW MEXICO SCHOOL FOR THE ARTS;

HTRCºPROVIDING t hr g e i k FOR AN ANNUAL TRANSFER FROM THE EXCESS EXTRACTION TAXES h r i s SUSPENSE FUND TO»HTRC HTRCºCREATING»HTRC THE NEW MEXICO SCHOOL h , t, FOR THE ARTS DORMITORY FUND;

16e u g e b l e e h n d d i = = o h BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

el t] 17b ,d i a º e HTRCº SECTION 1.

Section 6-4-27 NMSA 1978 (being Laws 2020,r i = r t e w ld m a n do 182020, Chapter 3, Section 4) is amended to read:

=d =m 19: a l "6-4-27.

EXCESSb EXTRACTION TAXES SUSPENSE FUND--TRANSFER i a e rd 20s OFº EXCESSo OILt ANDn GAS= EMERGENCY.223328.3AIC SCHOOLFebruary TAX22, REVENUE--TAX2023 a(3:43pm) ts mk m 21e STABILIZATIONe RESERVE--NEWa MEXICOn SCHOOLe FOR THE ARTS DORMITORY d r e 22l FUND--EARLYu CHILDHOOD[ EDUCATIONA ANDd CARE"6-4-27. FUND.-- c e s k 23 A.

TheEXCESS "excessEXTRACTION extractionTAXES taxesSUSPENSE suspenseFUND--TRANSFER fund"OF isEXCESS eOIL aAND nGAS bEMERGENCY 24SCHOOL createdTAX asREVENUE--TAX aSTABILIZATION nonrevertingRESERVE--NEW fundMEXICO inSCHOOL theFOR stateTHE treasury.ARTS DORMITORY FUND--EARLY CHILDHOOD EDUCATION AND CARE FUND.-- A.

MoneyThe in"excess uextraction [taxes thesuspense fundfund" shallis onlycreated beas useda tononreverting makefund transfersin by the departmentstate .223328.3treasury. of finance and administration as required by this section.

Money in the fund shall only be used to make transfers by the department of finance and administration as required by this section.

provided that, if the balance in h the excess extraction taxes suspense fund is not sufficient to u » r t h meet that level, the entire balance shall be transferred to the g e l i tax stabilization reserve;

[and] h r i s (2) to the New Mexico school for the arts h , e h t u g dormitory fund, two million dollars ($2,000,000);

and e b l e e , gh [(2)] (3) to the early childhood education and n d d i = = o h l ] b ,d care fund, the balance remaining in the excess extraction taxes i a º r e tr 17= suspense fund, if any, after the transfer is made pursuant to wt le nw d 18m [Paragrapha (1)]n Paragraphso (1)d andm (2): of this subsection.

=b r e t º o t n = 19.223328.3AIC February 22, 2023 (3:43pm) s k m e - 2 - e a n e d r e l C.u [ A d [Paragraph (1)] Paragraphs (1) and (2) of this subsection.

AsC. used in this section, "state reserves" means i a e r 20 the general fund balances, as determined by the department of a t m m 21 finance and administration, including all authorized revenues d r e 22 and transfers to the general fund and balances in the c e s k 23 appropriation contingency fund, the general fund operating e a n b 24 reserve, the state-support reserve fund, the tax stabilization u [ reserve and the tobacco settlement permanent fund." .223328.3 - 2 - SECTION 2.

As used in this section, "state reserves" means the general fund balances, as determined by the department of finance and administration, including all authorized revenues and transfers to the general fund and balances in the appropriation contingency fund, the general fund operating reserve, the state-support reserve fund, the tax stabilization reserve and the tobacco settlement permanent fund."»HTRC SECTION HTRCº2.»HTRC HTRCº1.»HTRC A new section of the New Mexico School for the Arts Act is enacted to read:

"[NEW MATERIAL]MATERIAL ] NEW MEXICO SCHOOL FOR THE ARTS DORMITORY FUND.--The "New Mexico school for the arts dormitory fund" is created as a nonreverting fund in the state treasury.

The fund consists of HTRCº an annual transfer from the excess extraction taxes suspense fund;

andand»HTRC appropriations, gifts, grants andHTRCºand»HTRC donations.h HTRCº,»HTRC donations HTRCºand income from investment of the u » r t h fund»HTRC .

The fund shall be administered by the school, and g e l i money in the fund is appropriated to the school to pay the h r i s expenses of providing room and board to residential students h , e h t u g that are over and above dormitory fees charged pursuant to e b l e e , gh Section 22-15F-7 NMSA 1978 and for operating costs of the n d d i = = o h dormitory.

The fund shall include a reserve to cover l ] b ,d i a º r e r = unforeseen repairs, maintenance and other operational expenses t e w d m a n o of the dormitory for which the school had not planned or budgeted.d m :

Expendituresb fromr the fund e t 17º shallo bet on warrants of the secretary of finance and w l n d 18 administration pursuant to vouchers signed by the head = =.223328.3AIC 19February a22, l2023 administrator(3:43pm) ors thek headm administrator's authorized i a e r 20 representative." a t m m 21 - 3 - d r e 22a cn e sd kr 23 e al n b 24 u [ .223328.3A d budgeted.

Expenditures from the fund shall be on warrants of the secretary of finance and administration pursuant to vouchers signed by the head administrator or the head administrator's authorized representative." - 4 - » g o » r h t i k l i g t h s , e h t l i w l b l e e , g n d l h = = b , a l º d i a r e r = , a t e d m a n o d m :

b r e t º o t n = .223328.3AIC February 22, 2023 (3:43pm) s k em e e a n e d r e l u [ A d