0001|                      SENATE JOINT RESOLUTION 10
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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|                          BEN D. ALTAMIRANO
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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|                          A JOINT RESOLUTION
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0011|     PROPOSING AN AMENDMENT TO ARTICLE 8, SECTION 10 OF THE
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0012|     CONSTITUTION OF NEW MEXICO TO REDUCE THE AMOUNT OF SEVERANCE
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0013|     TAX REVENUES DEPOSITED INTO THE SEVERANCE TAX PERMANENT FUND.
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0014|     
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0015|     BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  It is proposed to amend Article 8, Section 10
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0017|     of the constitution of New Mexico to read:
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0018|               "A. There shall be deposited in a permanent trust
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0019|     fund known as the "severance tax permanent fund" <u>one-half of</u>
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0020|     that part of state revenue derived from excise taxes that have
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0021|     been or shall be designated severance taxes imposed upon the
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0022|     severance of natural resources within this state, in excess of
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0023|     that amount that has been or shall be reserved by statute for
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0024|     the payment of principal and interest on outstanding bonds to
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0025|     which severance tax revenue has been or shall be pledged. 
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0001|     Money in the severance tax permanent fund shall be invested as
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0002|     provided by law.  Distributions from the fund shall be
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0003|     appropriated by the legislature as other general operating
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0004|     revenue is appropriated for the benefit of the people of the
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0005|     state. 
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0006|               B. All additions to the fund and all earnings,
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0007|     including interest, dividends and capital gains from
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0008|     investment of the fund shall be credited to the corpus of the
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0009|     fund. 
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0010|               C. The annual distributions from the fund shall be
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0011|     one hundred two percent of the amount distributed in the
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0012|     immediately preceding fiscal year until the annual
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0013|     distributions equal four and seven-tenths percent of the
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0014|     average of the year-end market values of the fund for the
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0015|     immediately preceding five calendar years.  Thereafter, the
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0016|     amount of the annual distributions shall be four and
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0017|     seven-tenths percent of the average of the year-end market
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0018|     values of the fund for the immediately preceding five calendar
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0019|     years. 
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0020|               D. The frequency and the time of the distributions
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0021|     made pursuant to Subsection C of this section shall be as
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0022|     provided by law."
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0023|          Section 2.  The amendment proposed by this resolution
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0024|     shall be submitted to the people for their approval or
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0025|     rejection at the next general election or at any special
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0001|     election prior to that date which may be called for that
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0002|     purpose.
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0003|                              
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