Loading chat...
NM SJR4
Joint Resolution
Status
Engrossed
2/2/2012
Primary Sponsor
Carlos Cisneros
Click for details
AI Summary
- Proposes amending Article 12, Section 7 of the New Mexico Constitution to replace the existing "prudent businessman" investment standard for land grant permanent funds with the Uniform Prudent Investor Act standard
- Removes the 15% cap on international securities investment while retaining the 65% limit on corporate stocks and the 10% limit on voting stock of any single corporation
- Maintains the base annual distribution from the fund at 5% of the average year-end market values over the preceding five calendar years
- Preserves the additional distribution schedule for educational reforms: 0.8% for FY 2005–2012 and 0.5% for FY 2013–2016, contingent on the fund's five-year average market value remaining at or above $5.8 billion
- Requires submission of the proposed constitutional amendment to voters at the next general election or a special election called for that purpose
Legislative Description
Land grant permanent fund changes, ca
Last Action
[LD 26] Action postponed indefinitely
2/19/2012
Committee Referrals
Judiciary2/17/2012
Voters & Elections2/8/2012
Judiciary1/20/2012
Rules1/17/2012
Full Bill Text
No bill text available