- 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 in accordance with the prudent investor rule as set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. 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. Except as provided in Subsection C of this section, on July 1 of each year, a distribution shall be made from the permanent fund to the land of enchantment legacy fund in an amount equal to five percent of the average of the year-end market values of the permanent fund for the immediately preceding three calendar years.
- C. On July 1, 2026, a distribution shall be made from the permanent fund to the land of enchantment legacy fund in an amount equal to five percent of the average year-end market value of the permanent fund for the preceding two calendar years.
History: Laws 2023, ch. 26, § 2; 1978 Comp., § 75-12-1, recompiled and amended as § 6-4-38 by Laws 2026, ch. 37, § 1.
ANNOTATIONS
Recompilations. — Laws 2026, ch. 37, § 1 recompiled and amended former 75-12-1 NMSA 1978 as 6-4-38 NMSA 1978, effective July 1, 2026.
The 2026 amendment, effective July 1, 2026, required the conservation legacy permanent fund to be invested in accordance with the prudent investor rule, and revised the amount of distribution from the conservation legacy permanent fund to the land of enchantment legacy fund; in Subsection A, after "state investment officer" deleted "with the same risk and return profile as land grant permanent funds are invested pursuant to Chapter 6, Article 8 NMSA 1978" and added "in accordance with the prudent investor rule as set forth in the Uniform Prudent Investor Act"; completely rewrote Subsection B; and added Subsection C.
Appropriations. — Laws 2026, ch. 37, § 3, effective May 20, 2026, provided that the balance of the land of enchantment legacy fund is transferred to the conservation legacy permanent fund.