0001|                            HOUSE BILL 188
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                          RICHARD T. KNOWLES
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO FEDERAL MINERAL LEASING REVENUES; PROVIDING THAT
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0012|     CERTAIN EXCESS REVENUES BE DISTRIBUTED TO THE COMMON SCHOOL
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0013|     PERMANENT FUND; MAKING AN APPROPRIATION.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 22-8-34 NMSA 1978 (being Laws 1967,
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0017|     Chapter 16, Section 90, as amended) is amended to read:
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0018|          "22-8-34.  FEDERAL MINERAL LEASING FUNDS.--
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0019|               <u>A.</u>  Except for an annual appropriation to the
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0020|     <s>[free textbook fund]</s> <u>instructional material fund</u> and to
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0021|     the bureau of mines and mineral resources of the New Mexico
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0022|     institute of mining and technology, <u>and except as provided in
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<u></u>0023| <u>    Subsection B of this section</u>, all other money received by the
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0024|     state pursuant to the provisions of the <s>[Act of Congress
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<s></s>0025| <s>    approved February 25, 1920 entitled "An Act to Promote the
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<center>- 1 -</center>

<s></s>0001| <s>    Mining of Coal, Phosphate, Oil, Oil Shale, Gas and Sodium on
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<s></s>0002| <s>    the Public Domain", as amended and compiled in 30 United
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<s></s>0003| <s>    States Code, Sections 181 through 214, is appropriated for the
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<s></s>0004| <s>    use and benefit of the public schools of this state for
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<s></s>0005| <s>    instructional purposes.  The state treasurer shall credit all
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<s></s>0006| <s>    money received under this federal act, less the appropriations
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<s></s>0007| <s>    to the free textbook fund and to the bureau of mines and
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<s></s>0008| <s>    mineral resources]</s> <u>federal Mineral Lands Leasing Act, 30
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<u></u>0009| <u>    USCA 181, et seq., shall be distributed</u> to the public school
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0010|     fund.
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0011|               <u>B.  All money received by the state as its share
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<u></u>0012| <u>    of a prepayment of royalties pursuant to 30 U.S.C. 1726(b)
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<u></u>0013| <u>    shall be distributed as follows:
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<u></u>0014| <u>                   (1)  a portion of the receipts equal to the
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<u></u>0015| <u>    amount that the state would have received as its share of
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<u></u>0016| <u>    royalties in the same fiscal year if the prepayment had not
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<u></u>0017| <u>    been made shall be distributed to the public school fund; and
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<u></u>0018| <u>                   (2)  the remainder shall be distributed to the
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<u></u>0019| <u>    common school permanent fund.</u>"
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0020|                              
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