SENATE JOINT RESOLUTION 1

46th legislature - STATE OF NEW MEXICO - first special session, 2003

INTRODUCED BY

William E. Sharer

A JOINT RESOLUTION

SUSPENDING THE ADDITIONAL DISTRIBUTIONS FROM THE PERMANENT FUNDS PROVIDED FOR IN SUBSECTION G OF SECTION 7 OF ARTICLE 12 OF THE CONSTITUTION OF NEW MEXICO.

     WHEREAS, in 2003, the people of New Mexico narrowly approved an amendment to Article 12, Section 7 of the constitution of New Mexico to increase the distribution from the permanent school fund and 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"; and

     WHEREAS, the amendment approved by the people provides for a distribution of five percent of the average of the year-end market values of the fund for the immediately preceding five calendar years, which cannot be changed without further amendment to the constitution, and for temporary additional distributions of eight-tenths percent and one-half percent, which may be suspended by a three-fifths' vote of the members elected to each house of the legislature in accordance with the provisions of Subsection H of Section 7 of Article 12 of the constitution of New Mexico; and

     WHEREAS, the legislature desires to suspend the additional distributions provided for in Subsection G of Section 7 of Article 12 of the constitution of New Mexico;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the additional distributions provided for in Subsection G of Section 7 of Article 12 of the constitution of New Mexico be suspended through fiscal year 2016.

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