The bill amends Section 5-16-8 of the New Mexico Statutes to enhance the investment capabilities of regional spaceport district boards. 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 bill emphasizes the importance of maintaining accurate and complete records regarding the investment portfolio.

The effective date for the provisions of this act is set for July 1, 2025. This legislative change aims to ensure that regional spaceport districts can effectively manage their funds while adhering to the prudent investor rule established by the Uniform Prudent Investor Act.

Statutes affected:
introduced version: 5-16-8