The bill amends various sections of New Mexico law to enhance the management and oversight of state funds, introducing several nonreverting funds within the state treasury for specific purposes. Key provisions include the establishment of the "workforce development and apprenticeship trust fund," the "early childhood education and care fund," and the "rural libraries endowment fund," which will be funded through distributions, appropriations, gifts, grants, and donations. The state investment officer is designated to manage investments in these funds according to the prudent investor rule, replacing previous references to the state treasurer. Additionally, the bill ensures that unexpended balances in funds like the vaccine purchasing fund and the water trust fund do not revert to the general fund at the end of the fiscal year, thereby maintaining their availability for intended purposes.

Further amendments focus on the management of state lands and the creation of a conservation fund. The bill mandates that the commissioner of public lands record assessments against state lands and certify these amounts for payment, with no patents issued until all assessments are settled. It establishes the "conservation legacy permanent fund" as a nonreverting fund, which will be invested according to the prudent investor rule, and outlines that any excess investment income will be distributed to the land of enchantment legacy fund. The bill also includes the repeal of outdated legal sections and sets an effective date for its provisions to commence on July 1, 2026, aiming to streamline financial management and enhance accountability within the state's investment processes.

Statutes affected:
introduced version: 6-4-9, 6-4-27, 6-4-28, 6-4-32, 6-5-10, 6-8-1, 6-8-7, 6-8-14, 6-8-23, 6-12-2, 6-29-7, 6-30-7, 7-27-50, 7-27-51, 9-16-15, 9-26-17, 9-29A-1, 18-18-1, 19-1-19, 24-5A-4, 58-32-1004, 72-4A-8, 73-17-14, 73-18-11, 75-12-1, 6-8-6