SB 9 — CREATE LEGACY PERMANENT FUNDS

SENATE FINANCE COMMITTEE SUBSTITUTE FOR SENATE BILL 9 56TH LEGISLATURE --STATEOFNEWMEXICO- STATEOFNEWMEXICO- FIRST SESSION, 2023 INTRODUCED4 BY6 Steven8 P.10 AN ACT RELATING TO CONSERVATION;

NevilleCREATING andTHE PeterCONSERVATION WirthLEGACY ThisPERMANENT documentFUND; may incorporate amendments proposed by a committee, but not yet adopted, as well as amendments that have been adopted during the current legislative session.

The document is a tool to show amendments in context and cannot be used for the purpose of adding amendments to legislation.

h AN ACT g o RELATING TO CONSERVATION;

CREATING THE CONSERVATION LEGACY t hr g e i k PERMANENT FUND;

hINCLUDING rTHE iCONSERVATION sLEGACY MAKINGPERMANENT APPROPRIATIONS.FUND IN THE PERMANENT FUNDS INVESTED BY THE STATE INVESTMENT COUNCIL.

h16 , t, e u g e b l e e h BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

ne dt d17 i = = o h SECTION 1.

ASection new6-8-1 sectionNMSA of1978 Chapter(being 75Laws NMSA1957, 1978w is l ]n bd ,d18 iChapter a179, ºSection e1, enactedas amended) is amended to read:

r= i = r19 t e w d m a nl o"6-8-1. "[NEW MATERIAL ] CONSERVATION LEGACY PERMANENT FUND-- d m :

bDEFINITIONS.--As eused din sChapter º6, oArticle t8 ni = .223887.1GLGAIC January 31, 2023 (2:06pm) s k m e e a n e d r e20 lNMSA u1978: [ A d CREATED--INVESTMENT--DISTRIBUTION.-- A.

The "conservation legacy permanent fund" is created as a nonrevertingt fundm inm the21 stateA. treasury.

The"council" fundmeans consiststhe ofstate distributions, appropriations, gifts, grants, donations and income from investment ofcouncil; the fund.

Moneyd inr thee fund22 shallB. be invested by the state investment officer as land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978.

"department" means the department of finance and c e s k 23 administration;

e a n b 24 C.

"land grant permanent funds" means the permanent u [ school fund established by Article 12, Section 2 of the .224843.1 SFC/SB 9 constitution of New Mexico and all other permanent funds derived from lands granted or confirmed to the state by the act of congress of June 20, 1910, entitled "An Act To enable the people of New Mexico to form a constitution and state government and be admitted into the Union on an equal footing with the original States...";

D.

"permanent funds" means the land grant permanent funds, rural libraries endowment fund, severance tax permanent fund, tobacco settlement permanent fund, conservation legacy permanent fund and water trust fund;

E.

"secretary" means the secretary of finance and administration;

F.

"severance tax permanent fund" means the fund established by Article 8, Section 10 of the constitution of New Mexico;

G.

"tobacco settlement permanent fund" means the e t 17 fund established by Section 6-4-9 NMSA 1978;

and w l n d 18 H.

"water trust fund" means the fund established by = = 19 Article 16, Section 6 of the constitution of New Mexico." a l i a e r 20 SECTION 2.

A new section of Chapter 75 NMSA 1978 is a t m m 21 enacted to read:

d r e 22 "[NEW MATERIAL] CONSERVATION LEGACY PERMANENT FUND-- c e s k 23 CREATED--INVESTMENT--DISTRIBUTION.-- e a n b 24 A.

The "conservation legacy permanent fund" is u [ created as a nonreverting fund in the state treasury.

The fund .224843.1 - 2 - SFC/SB 9 consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund.

Money in the fund shall be invested by the state investment officer with the same risk and return profile as land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978.

If, on July 1 of each year, the conservation legacy permanent fund exceeds SCONCºone twenty-five million dollars ($25,000,000)»SCONC SCONCºone hundred fifty million dollars ($150,000,000)»SCONC($150,000,000) and the investment income to the fund for the previous fiscal year exceeded SCONCºeightfive hundred thirty-three thousand dollars ($833,000)»SCONC SCONCºfive million dollars h($5,000,000), ($5,000,000)»SCONC , any investment income to the fund infrom excessthe ofprevious gfiscal oyear tin hrexcess SCONCºeightof hundredfive thirty-three thousand dollars g e i k ($833,000)»SCONC SCONCºfive million dollars ($5,000,000)»SCONC($5,000,000) h r i s shall be distributed to the land of enchantment legacy fund." h , t, e ut g17 SECTION 2.3.

A new section of Chapter 75 NMSA 1978 is ew b l en ed h18 enacted to read:

n d d i = = o19 h "[NEW MATERIALMATERIAL] ] LAND OF ENCHANTMENT LEGACY FUND--CREATED-- a l ] b ,d i a º e r i20 = r DISTRIBUTION.-- a t em w d m a21 n o A.

The "land of enchantment legacy fund" is created d mr :e 22 as a nonreverting fund in the state treasury.

bThe efund dc e s ºk o23 tconsists nof =distributions, .223887.1GLGAICappropriations, Januarygifts, 31,grants, 2023 (2:06pm) s k m e - 2 - e a n eb d24 rdonations eand lbequests umade [to A d as a nonreverting fund in the statefund. treasury.

The funddepartment consists of distributions,u appropriations,[ gifts,finance grants, donations and bequestsadministration madeshall toadminister the fund.

TheAny department.224843.1 - 3 - SFC/SB 9 interest earned by the land of financeenchantment andlegacy administrationfund shall administerbe credited to the fund.

h (1) twenty-two and one-half percent shall be u » r distributed to the energy, minerals and natural resources t h g e l i department, of which: