SENATE BILL 273
56th legislature - STATE OF NEW MEXICO - second session, 2024
INTRODUCED BY
William P. Soules
AN ACT
RELATING TO PUBLIC SCHOOL FINANCE; PROVIDING THAT INCOME DERIVED FROM STATE TRUST LANDS FOR THE BENEFIT OF THE COMMON SCHOOLS AND DISTRIBUTED FROM THE STATE LANDS MAINTENANCE FUND TO THE COMMON SCHOOL CURRENT FUND SHALL NOT SUPPLANT GENERAL FUND SUPPORT FOR PUBLIC SCHOOLS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 19-1-17 NMSA 1978 (being Laws 1917, Chapter 115, Section 1, as amended) is amended to read:
"19-1-17. PERMANENT, INCOME AND CURRENT FUNDS--CREATING DEPOSITS.--
A. The following funds listed in Subsection B of this section are created.
B. To the credit of these funds, in the respective proportions to which they are by law entitled, all money derived from state lands shall be deposited by the commissioner with the state treasurer, as nearly as possible, on the first day of each calendar month. The commissioner shall keep an accurate record of all such deposits. The funds are:
(1) common school current fund;
(2) common school permanent fund;
(3) university income fund;
(4) university permanent fund;
(5) university saline income fund;
(6) New Mexico state university income fund;
(7) New Mexico state university permanent fund;
(8) western New Mexico university income fund;
(9) western New Mexico university permanent fund;
(10) New Mexico highlands university income fund;
(11) New Mexico highlands university permanent fund;
(12) northern New Mexico state school income fund;
(13) northern New Mexico state school permanent fund;
(14) eastern New Mexico university income fund;
(15) eastern New Mexico university permanent fund;
(16) New Mexico institute of mining and technology income fund;
(17) New Mexico institute of mining and technology permanent fund;
(18) New Mexico military institute income fund;
(19) New Mexico military institute permanent fund;
(20) New Mexico boys' school income fund;
(21) New Mexico boys' school permanent fund;
(22) miners' hospital income fund;
(23) miners' hospital permanent fund;
(24) New Mexico behavioral health institute at Las Vegas income fund;
(25) New Mexico behavioral health institute at Las Vegas permanent fund;
(26) penitentiary income fund;
(27) penitentiary permanent fund;
(28) state charitable, penal and reformatory institutions income fund;
(29) state charitable, penal and reformatory institutions permanent fund; to be equally distributed among the institutions as defined in Article 14, Section 1 of the constitution of New Mexico;
(30) New Mexico school for the blind and visually impaired income fund;
(31) New Mexico school for the blind and visually impaired permanent fund;
(32) New Mexico school for the deaf income fund;
(33) New Mexico school for the deaf permanent fund;
(34) permanent reservoirs for irrigation purposes income fund;
(35) permanent reservoirs for irrigation purposes permanent fund;
(36) improvement of Rio Grande income fund;
(37) improvement of Rio Grande permanent fund;
(38) public buildings at capital income fund;
(39) public buildings at capital permanent fund;
(40) Santa Fe and Grant county railroad bond fund, to be applied as provided by Article 9, Section 4 of the constitution of New Mexico; and
(41) state lands maintenance fund.
C. The earnings derived from state lands for the benefit of the common schools and distributed from the state lands maintenance fund to the common school current fund shall not be used to supplant general fund support for public schools."
SECTION 2. A new section of the Public School Finance Act is enacted to read:
"[NEW MATERIAL] PUBLIC SCHOOL SUPPORT ANNUAL APPROPRIATIONS--OFFSETS.--Distributions from the state lands maintenance fund to the common school current fund shall not be used to supplant general fund support for public schools through the state equalization guarantee distribution. The state lands maintenance fund distributions shall be allocated each fiscal year to the school districts separate from the state equalization guarantee distribution."
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