The bill amends existing provisions related to the Equine Shelter Rescue Fund and establishes a new Equine Welfare Trust Fund in New Mexico. The Equine Shelter Rescue Fund will now be administered by the New Mexico Department of Agriculture, which will solicit applications for contracts from eligible equine rescue and retirement facilities. The bill specifies that the fund will consist of various sources of revenue, including distributions, appropriations, gifts, and grants. It outlines the purposes for which the fund can be used, such as providing shelter, veterinary care, and adoption services for surrendered or transferred equines. Additionally, the bill mandates that applicants for funding must meet specific eligibility criteria, including being a registered equine rescue facility and adhering to certain guidelines.

The newly created Equine Welfare Trust Fund will also be a nonreverting fund in the state treasury, consisting of appropriations and other contributions. It will generate income through investments managed by the state investment officer. Starting in fiscal year 2027, the bill requires that a distribution of four percent of the average year-end market values of the Equine Welfare Trust Fund be made to the Equine Shelter Rescue Fund. This structure aims to enhance the support and welfare of equines in New Mexico by ensuring a steady flow of resources to facilities dedicated to their care and rehabilitation.

Statutes affected:
introduced version: 77-2-32
CO substitute: 77-2-32