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 their funds, which will now be invested 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 requirement for maintaining accurate and complete records and accounts concerning the investment portfolio remains intact.

The effective date for the provisions of this act is set for July 1, 2025. This legislative change aims to streamline the investment process for regional spaceport districts and ensure that their funds are managed by established state financial entities.

Statutes affected:
introduced version: 5-16-8