SENATE BILL 195

56th legislature - STATE OF NEW MEXICO - first session, 2023

INTRODUCED BY

Pete Campos

 

 

 

 

 

AN ACT

RELATING TO WATER INFRASTRUCTURE; CREATING THE WATER PROTECTION PERMANENT FUND; CREATING THE WATER PROTECTION FUND; MAKING APPROPRIATIONS.

 

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

     SECTION 1. A new section of Chapter 72 NMSA 1978 is enacted to read:

     "[NEW MATERIAL] WATER PROTECTION PERMANENT FUND--CREATED--INVESTMENT--DISTRIBUTION.--

          A. The "water protection permanent fund" is created as a nonreverting fund in the state treasury. The fund 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 as land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978. Money in the fund shall be expended only as provided by this section.

          B. On July 1, 2024 and on July 1 of each year thereafter, the department of finance and administration shall make an annual distribution from the water protection permanent fund to the water protection fund of eight million dollars ($8,000,000) until that amount is less than an amount equal to four and seven-tenths percent of the average of the year-end market values of the water protection permanent fund for the immediately preceding five calendar years. Thereafter, the amount of the annual distribution shall be four and seven-tenths percent of the average of the year-end market values of the water protection permanent fund for the immediately preceding five calendar years."

     SECTION 2. A new section of Chapter 72 NMSA 1978 is enacted to read: 

     "[NEW MATERIAL] WATER PROTECTION FUND--CREATED--DISTRIBUTION.--The "water protection fund" is created in the state treasury. The fund consists of distributions, appropriations, gifts, grants, donations and bequests made to the fund. The interstate stream commission shall administer the fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall revert to the water protection permanent fund. Expenditures from the fund shall be by warrant of the secretary of finance and administration upon vouchers signed by the director of the interstate stream commission or the director's authorized representative. Money in the fund is appropriated to the interstate stream commission to provide full-time-equivalent employees and funding for the planning, engineering, design, construction, restoration, repair and improvement of reservoirs, diversions and dams statewide."

     SECTION 3. APPROPRIATIONS.--

          A. One hundred fifty million dollars ($150,000,000) is appropriated from the general fund to water protection permanent fund in fiscal year 2024 and subsequent fiscal years for the purposes of the fund. Any unexpended or unencumbered balance remaining at the end of a fiscal year shall not revert to the general fund.

          B. Eight million dollars ($8,000,000) is appropriated from the general fund to the water protection fund for expenditure in fiscal year 2024 for the purposes of the fund. Any unexpended or unencumbered balance remaining at the end of fiscal year 2024 shall revert to the water protection permanent fund.

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