A. The “rural libraries endowment fund” is created in the state treasury to support the preservation, development and establishment of rural libraries throughout the state by providing funding for rural libraries’ operational and capital needs and funding for the delivery of specialized services to rural libraries.

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B. The rural libraries endowment fund consists of appropriations and donations to the fund and all income from investment of the fund. The state investment officer shall invest money in the fund as money in the fund described in Article 12, § 7 of the constitution of New Mexico is invested.

C. Distributions of money from the rural libraries endowment fund shall be: (1)     in the following gross amounts:

(a) for fiscal year 2022 and each of the following five fiscal years, the difference, if positive, between all fund investment income yielded through the immediately preceding calendar year and all fund distributions, up to five percent of the year-end market value of the fund for the immediately preceding calendar year; and

(b) for fiscal year 2028 and each subsequent fiscal year, the average of fund investment income yielded in the immediately preceding five calendar years, up to five percent of the year-end market value of the fund for the immediately preceding calendar year; and

(2)     in the following proportions:

(a) ninety-five percent of the gross distribution to the rural libraries program fund for grants through the rural libraries grant program; and

(b) five percent of the gross distribution to the cultural affairs department for the state’s delivery of specialized services to rural libraries.