The bill amends Section 5-16-8 of the New Mexico Statutes to enhance the investment capabilities of regional spaceport districts. Specifically, it mandates that the boards of these districts employ either the state investment council or the state treasurer to manage their funds, specifically directing them to invest in a local government investment pool. Additionally, the bill allows for the payment of reasonable compensation for investment management services from the assets of the applicable funds, ensuring that the boards maintain accurate and complete records of their investment portfolios.

The effective date for the provisions outlined in this act is set for July 1, 2025. This legislative change aims to provide regional spaceport districts with more robust investment strategies while ensuring compliance with prudent investment standards.

Statutes affected:
introduced version: 5-16-8