NM HB121

Standardizes investment standards across state funds managed by the State Investment Officer to require compliance with the prudent investor rule set forth in the Uniform Prudent Investor Act, replacing various previous investment limitations

Removes the State Investment Officer as investment manager for certain smaller regulatory funds, including the mortgage regulatory fund and money services regulatory fund

Excludes the tobacco settlement permanent fund and state-support reserve fund from calculations used to determine when emergency withdrawals can be made from various trust funds to cover general fund deficits

Moves the capital development program fund from a subaccount of the severance tax bonding fund to a standalone fund in the state treasury, increases the project cost threshold from $5 million to $25 million, and reduces the reversion period for unspent appropriations

Reduces the deadline for state agency fund reversions from September 30 to August 31 and repeals Section 6-8-6 NMSA 1978, an outdated provision regarding State Investment Council membership