HOUSE BILL 272

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

W. Ken Martinez

AN ACT

RELATING TO PUBLIC MONEY; PROVIDING FOR A TRANSFER FROM THE GENERAL FUND TO THE WATER TRUST FUND; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. TRANSFER--CONTINGENCY.--On the effective date of this act, one hundred million dollars ($100,000,000) is transferred from the general fund to the water trust fund for distribution pursuant to law; provided that:

          A. notwithstanding any other provision of law, no distribution or expenditure of the transferred money shall be made until on or after January 1, 2007; and

          B. notwithstanding any other provision of law, if the water trust fund is not established in the constitution of New Mexico pursuant to a constitutional amendment adopted by the people in the 2006 general election, one hundred million dollars ($100,000,000) shall be transferred from the water trust fund back to the general fund. 

- 2 -