The bill seeks to standardize the management and reporting of state investment funds in New Mexico by amending various sections of existing law. It classifies all funds managed by the State Investment Officer under Chapter 6, Article 8 NMSA 1978, and removes the State Investment Officer as the investment manager for certain funds. The Capital Development Program Fund will be relocated to the State Treasury, and the reversion period for funds in this and other state agency accounts will be shortened. Additionally, the bill mandates that fees collected by the Cannabis Control Division be deposited into the Regulation and Licensing Department Operating Fund and repeals an outdated section of the law.

Key amendments include the establishment of nonreverting funds for various purposes, such as the Tobacco Settlement Permanent Fund and the Opioid Settlement Restricted Fund, with investment guidelines under the Uniform Prudent Investor Act. The bill modifies the reversion timeline for unreserved and undesignated funds, requiring them to revert to the general fund by August 31. It also allows the state investment council to contract with state agencies for investment services, exempts the council from the New Mexico Uniform Securities Act for these services, and mandates quarterly performance reports to the legislative finance committee. The bill creates several new nonreverting funds, including the Rural Libraries Endowment Fund and the Vaccine Purchasing Fund, and sets an effective date of July 1, 2025, for its provisions.

Statutes affected:
introduced version: 6-4-9, 6-4-28, 6-4-32, 6-5-10, 6-8-1, 6-8-7, 6-8-14, 6-8-23, 6-30-7, 7-27-50, 7-27-51, 9-16-14, 9-16-15, 9-26-17, 9-29A-1, 18-18-1, 19-1-19, 24-5A-4, 58-32-1004, 72-4A-8, 75-12-1, 6-8-6