New Mexico Statutes 75-12-1. Conservation legacy permanent fund; created;
investment; distribution.
Terms Used In New Mexico Statutes 75-12-1
- 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.
- Legacy: A gift of property made by will.
A. The “conservation legacy permanent fund” is created as a nonreverting fund in the state treasury. The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund. Money in the fund shall be invested by the state investment officer with the same risk and return profile as land grant permanent funds are invested pursuant to N.M. Stat. Ann. Chapter 6, Article 8. Earnings from investment of the fund shall be credited to the fund. Money in the fund shall be expended only as provided by this section.
B. If, on July 1 of each year, the conservation legacy permanent fund exceeds one hundred fifty million dollars ($150,000,000) and the investment income to the fund for the previous fiscal year exceeded five million dollars ($5,000,000), any investment income to the fund from the previous fiscal year in excess of five million dollars ($5,000,000) shall be distributed to the land of enchantment legacy fund.