Bill > HB5

This bill: 1. Creates the "workforce development and apprenticeship trust fund" within the state treasury, funded by distributions, appropriations, gifts, grants, and donations. The state investment officer will invest the fund's money per the Uniform Prudent Investor Act. 2. Annually transfers $2.5 million from the trust fund to the public works apprentice and training fund, and appropriates $2.5 million to the Workforce Solutions Department to carry out the Apprenticeship Assistance Act. After 2025, the annual transfers and appropriations are reduced to $1.5 million each. 3. Allows the legislature to appropriate from the trust fund to the general fund if necessary to avoid an unconstitutional deficit, after exhausting other state fund balances. 4. Clarifies that the Workforce Solutions Department administers the Public Works Apprentice and Training Act and the Apprenticeship Assistance Act. 5. Makes various amendments to these two acts to align with the new trust fund and the Workforce Solutions Department's administration.

Budget and Finance, Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=5&year=24