The bill amends Section 5-16-8 of the New Mexico Statutes to enhance the investment capabilities of boards of regional spaceport districts. Specifically, it mandates that these boards employ either the state investment council or the state treasurer to manage the investment of funds in a local government investment pool. Additionally, the boards are permitted to pay reasonable compensation for investment management services from the assets of the applicable funds.

The amendment also emphasizes the requirement for boards to adhere to the prudent investor rule as outlined in the Uniform Prudent Investor Act and mandates the maintenance of accurate and complete records regarding their investment portfolios. The provisions of this act are set to take effect on July 1, 2025.

Statutes affected:
introduced version: 5-16-8