Bill > SB92

This bill creates a new "Horse Racing Integrity and Safety Authority and Jockey and Exercise Rider Insurance Fund" within the state treasury. The fund will be used to offset the costs of insurance for jockeys and exercise riders and to ensure compliance with state and federal horse racing laws. The fund will be comprised of money collected by the racing commission, including distributions, appropriations, investment income, gifts, grants, donations, and bequests. The racing commission will administer the fund, and money from the fund can be used to pay for costs related to compliance with specific state statutes. Disbursements from the fund will be made through warrants signed by the secretary of finance and vouchers signed by the executive director of the racing commission or their designated representative. This fund is designed to be nonreverting, meaning any unspent money will remain in the fund for future use rather than being returned to the general state treasury at the end of a fiscal year.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=92&year=25