SENATE JOINT RESOLUTION 15
56th legislature - STATE OF NEW MEXICO - second session, 2024
A JOINT RESOLUTION
PROPOSING AN AMENDMENT TO ARTICLE 15 OF THE CONSTITUTION OF NEW MEXICO TO ADD A NEW SECTION TO CREATE THE CONSERVATION LEGACY PERMANENT FUND, REQUIRE ITS INVESTMENT BY THE STATE INVESTMENT OFFICER AND PROVIDE FOR CERTAIN DISTRIBUTIONS OF INVESTMENT INCOME OF THE FUND.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. It is proposed to amend Article 15 of the constitution of New Mexico by adding a new section to read:
"A. The "conservation legacy permanent fund" is created as a nonreverting fund in the state treasury. The purpose of the fund is to support projects and programs in the state for the conservation, restoration, protection, preservation, promotion or management of natural resources, cultural properties, agriculture, outdoor recreation or wildlife. 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 with the same risk and return profile as land grant permanent funds are invested, and there shall be strict accountability and oversight measures as provided by the state investment council to ensure appropriate safety of and return on investments.
B. If, on July 1 of each year, the conservation legacy permanent fund exceeds one hundred fifty million dollars ($150,000,000) and the investment income to the fund for the previous fiscal year exceeded five million dollars ($5,000,000), any investment income to the fund from the previous fiscal year in excess of five million dollars ($5,000,000) shall be distributed as provided by law.
C. Money from a distribution made from the fund pursuant to Subsection B of this section shall be subject to appropriation by the legislature."
SECTION 2. The amendment proposed by this resolution shall be submitted to the people for their approval or rejection at the next general election or at any special election prior to that date that may be called for that purpose.
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