New Mexico Statutes 75-12-2. Land of enchantment legacy fund; created; distribution
A. The “land of enchantment legacy fund” is created as a nonreverting fund in the state treasury. The fund consists of distributions, appropriations, gifts, grants, donations and bequests made to the fund. The department of finance and administration shall administer the fund. Any interest earned by the land of enchantment legacy fund shall be credited to the fund. Money in the fund shall be distributed and expended only as provided in this section.
Terms Used In New Mexico Statutes 75-12-2
- 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.
B. On July 1, 2024 and on July 1 of each year thereafter, the department of finance and administration shall make an annual distribution from the land of enchantment legacy fund in an amount that is the greater of twelve million five hundred thousand dollars ($12,500,000) or twenty-five percent of the total balance of the land of enchantment legacy fund; provided that, if the total balance in the fund is less than twelve million five hundred thousand dollars ($12,500,000), the annual distribution shall be the total fund balance. The annual distribution shall be distributed as follows:
(1) twenty-two and one-half percent shall be distributed to the energy, minerals and natural resources department, of which:
(a) fifty percent shall be allocated to the forestry division of the energy, minerals and natural resources department to carry out: 1) projects and programs pursuant to the Forest Conservation Act N.M. Stat. Ann. § 68-2-1 to 68-2-27; 2) forest and watershed management projects; 3) approved projects pursuant to the Forest and Watershed Restoration Act N.M. Stat. Ann. § 68-4-1 to 68-4-6; and 4) projects and programs pursuant to the Prescribed Burning Act N.M. Stat. Ann. § 68-5-1 to 68-5-8; and
(b) fifty percent shall be allocated for projects pursuant to the Natural Heritage Conservation Act N.M. Stat. Ann. § 75-10-1 to 75-10-9;
(2) twenty-two and one-half percent shall be distributed to the board of regents of New Mexico state university for the New Mexico department of agriculture to carry out programs and projects pursuant to the Noxious Weed Management Act [76- 7D-1 to 76-7D-6 N.M. Stat. Ann.], the Healthy Soil Act N.M. Stat. Ann. § 76-25-1 to 76-25-5 and the Soil and Water Conservation District Act N.M. Stat. Ann. § 73-20-25 to 73-20-48;
(3) ten percent shall be distributed to the department of environment to plan, design and construct projects to improve surface water quality and river habitat statewide;
(4) fifteen percent shall be distributed to the economic development department, of which:
(a) twenty-five percent shall be allocated to the New Mexico outdoor recreation division of the economic development department to carry out projects under the outdoor equity grant program; and
(b) seventy-five percent shall be allocated to the New Mexico outdoor recreation division for special projects and outdoor recreation infrastructure;
(5) eight percent shall be distributed to the cultural affairs department to carry out projects and programs pursuant to the Cultural Properties Protection Act [N.M. Stat. Ann. Chapter 18, Article 6A]; and
(6) twenty-two percent shall be distributed to the department of game and fish to carry out projects and programs for the protection and propagation of game and fish.
C. Any unencumbered balances from distributions made pursuant to Subsection B of this section shall revert to the land of enchantment legacy fund at the end of the fiscal year following the fiscal year in which the funds were distributed.
D. Distributions made pursuant to this section shall not be used for the purposes of eminent domain.