This bill amends the management and distribution of funds from the Conservation Legacy Permanent Fund and the Land of Enchantment Legacy Fund in New Mexico. It establishes that the Conservation Legacy Permanent Fund will be invested according to the prudent investor rule, replacing the previous requirement for investment similar to land grant permanent funds. Additionally, the bill changes the distribution mechanism from the Conservation Legacy Permanent Fund to the Land of Enchantment Legacy Fund, stipulating that on July 1 of each year, a distribution will be made equal to five percent of the average year-end market values of the permanent fund over the preceding three years.

Furthermore, the bill modifies the distribution process from the Land of Enchantment Legacy Fund, specifying that the Department of Finance and Administration will administer the fund and make distributions based on the received amount from the Conservation Legacy Permanent Fund. It outlines the allocation of these distributions to various departments for specific projects, including forestry, agriculture, environmental improvements, economic development, cultural affairs, and wildlife protection. Any unexpended balances from these distributions will revert to the Conservation Legacy Permanent Fund at the end of the fiscal year following the distribution. The bill also includes a provision for transferring the balance of the Land of Enchantment Legacy Fund to the Conservation Legacy Permanent Fund, with the new provisions taking effect on July 1, 2026.

Statutes affected:
introduced version: 75-12-1, 75-12-2