Bill > SB234

This bill creates the Tribal Education Trust Fund, a new nonreverting fund in the state treasury designed to support education for Native American students in New Mexico. The fund will be initially capitalized with $100 million from the general fund and will be invested by the state investment officer according to the prudent investor rule. Beginning in fiscal year 2027, the fund will distribute at least $12.5 million annually to the Public Education Department, which must then disburse funds to New Mexico tribes based on a formula developed by a specially created task force. The task force will include nine members representing different tribal nations, who will develop an equitable disbursement formula considering tribal needs and student counts. Tribes receiving funds must submit annual operating budgets, plans, and impact reports to the Public Education Department, which will then report to legislative committees. The bill ensures that tribes have flexibility in using the funds for purposes outlined in the Indian Education Act and preserves tribal sovereignty. An annual appropriation of up to $100,000 will be allocated to the Public Education Department to administer the fund, and the task force will periodically review the disbursement formula to ensure its continued effectiveness.

Government Affairs

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=234&year=25