6-4-38. Conservation legacy permanent fund; created; investment;
221 words·~1 min read·
/nm/chapter-6-public-finances/article-4-state-funds-and-capital-programs/6-4-38·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
distribution. (Effective July 1, 2026.)
A. The "conservation legacy permanent fund" is created as a nonreverting fund in the state treasury. 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 in accordance with the prudent investor rule as set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. Earnings from investment of the fund shall be credited to the fund. Money in the fund shall be expended only as provided by this section.
B. Except as provided in Subsection C of this section, on July 1 of each year, a distribution shall be made from the permanent fund to the land of enchantment legacy fund in an amount equal to five percent of the average of the year-end market values of the permanent fund for the immediately preceding three calendar years.
C. On July 1, 2026, a distribution shall be made from the permanent fund to the land of enchantment legacy fund in an amount equal to five percent of the average year-end market value of the permanent fund for the preceding two calendar years.
History: Laws 2023, ch. 26, § 2; 1978 Comp., § 75-12-1, recompiled and amended as § 6-4-38 by Laws 2026, ch. 37, § 1.