SENATE BILL 460
49th legislature - STATE OF NEW MEXICO - first session, 2009
INTRODUCED BY
Steven P. Neville
AN ACT
RELATING TO STATE INVESTMENTS; PROVIDING FOR ADDITIONAL APPOINTEES TO THE STATE INVESTMENT COUNCIL.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 6-8-2 NMSA 1978 (being Laws 1957, Chapter 179, Section 2, as amended) is amended to read:
"6-8-2. STATE INVESTMENT COUNCIL.--
A. There is created a "state investment council". The council shall be composed of:
[A.] (1) the governor;
[B.] (2) the state treasurer;
[C.] (3) the commissioner of public lands;
[D.] (4) the secretary;
[E. three public members appointed by the governor with the advice and consent of the senate;
F.] (5) the state investment officer; [and
G. the chief financial officer of a state institution of higher education appointed by the governor with the advice and consent of the senate.]
(6) one public member appointed by the president pro tempore of the senate with the advice and consent of the senate;
(7) one public member appointed by the minority floor leader of the senate with the advice and consent of the senate;
(8) one public member appointed by the speaker of the house of representatives with the advice and consent of the senate;
(9) one public member appointed by the minority floor leader of the house of representatives with the advice and consent of the senate; and
(10) four public members appointed by the majority of the other nine members, with the advice and consent of the senate.
B. The [chairman] chair of the council shall be the governor. All actions of the council shall be by majority vote, and at least [three] five members appointed pursuant to [Subsections E and G] Paragraphs (6) through (10) of Subsection A of this section must be present to constitute a quorum.
C. Members of the council appointed pursuant to Paragraphs (6) through (10) of Subsection [E] A of this section shall be reimbursed per diem and mileage pursuant to the provisions of the Per Diem and Mileage Act."
Section 2. Section 6-8-3 NMSA 1978 (being Laws 1957, Chapter 179, Section 3, as amended) is amended to read:
"6-8-3. COUNCIL TERMS AND QUALIFICATIONS.--
A. Members of the council appointed [by the governor] pursuant to Paragraphs (6) through (10) of Subsection A of Section 6-8-2 NMSA 1978, with the advice and consent of the senate, shall serve for staggered terms of five years. Members of the council shall serve until their successors are appointed and have qualified.
B. The members of the council appointed pursuant to Paragraphs (6) through (10) of Subsection [E] A of Section
6-8-2 NMSA 1978 shall be qualified by competence and experience in the field of investment or finance. During tenure, a member of the council shall not be engaged in any capacity in the sale of securities to the state. Members of the council and officers and employees of the council shall be governed by the provisions of the [Conflict of Interest] Governmental Conduct Act. Nothing in this section or in the [Conflict of Interest] Governmental Conduct Act shall be construed as prohibiting an officer of a financial institution from participating as a member of the council in setting general policies of the council, nor shall any provision of the [Conflict of Interest] Governmental Conduct Act prohibit the council or the state treasurer from depositing funds under the jurisdiction of the council in any financial institution. A council member shall not hold an office or employment in a political party.
C. Any member of the council appointed pursuant to Paragraphs (6) through (10) of Subsection [E or G] A of Section 6-8-2 NMSA 1978, may be removed from the council by the governor, for cause, in the manner provided for removal of members of boards of regents under Article 12, Section 13 of the constitution of New Mexico. A vacancy in the membership of the council occurring other than by expiration of term shall be filled in the same manner as the original appointment but for the unexpired term only."
Section 3. TEMPORARY PROVISION--TRANSITION MEMBERSHIP OF STATE INVESTMENT COUNCIL.--
A. The three public members serving on the state investment council on July 1, 2009 shall continue to serve on the council until their term expires.
B. On July 1, 2009, members may be appointed pursuant to Paragraphs (6) through (9) of Subsection A of Section 6-8-2 NMSA 1978 and shall serve on an interim basis until confirmed by the senate; provided that, the initial appointees shall, by lot, determine the terms of office for each position so that one position will be for an initial term of one year, two positions will be for initial terms of three years and one position will be for an initial term of five years. Thereafter, the terms shall be for five years.
C. After the appointments pursuant to Subsection B of this section, the members, including the members serving on an interim basis, shall select one of the members pursuant to Paragraph (10) of Subsection A of Section 6-8-2 NMSA 1978, who shall serve on an interim basis until confirmed by the senate and whose term shall be for five years. The other three members shall be appointed pursuant to Paragraph (10) of Subsection A of Section 6-8-2 NMSA 1978 as the terms of the public members serving on July 1, 2009 expire.
Section 4. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2009.
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