New Mexico Statutes 22-8-34. Federal mineral leasing funds
A. Money received by the state pursuant to the provisions of the federal Mineral Leasing Act shall be distributed to the public school fund, except as follows: (1) an annual appropriation to the instructional material fund;
Terms Used In New Mexico Statutes 22-8-34
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(2) an annual appropriation to the board of regents of the New Mexico institute of mining and technology for the bureau of geology and mineral resources;
(3) the distribution made pursuant to Subsection B of this section; and
(4) the distribution made pursuant to Section 3 [9-29A-3 N.M. Stat. Ann.] of this 2020 act.
B. Money received by the state as its share of a prepayment of royalties pursuant to 30 U.S.C. § 1726(b), as that section may be amended or renumbered, shall be distributed as follows:
(1) a portion of the receipts, estimated by the taxation and revenue department to be equal to the amount that the state would have received as its share of royalties in the same fiscal year if the prepayment had not been made, shall be distributed to the public school fund; and
(2) the remainder shall be distributed to the common school permanent fund.