Bill > HB261

This bill modifies existing New Mexico law regarding investment procedures for regional spaceport districts by expanding their options for fund management. Specifically, the bill amends Section 5-16-8 to allow spaceport district boards to either employ the state investment council or the state treasurer to invest their funds in a local government investment pool. Currently, the law only mentions the state investment council as an investment manager. The bill maintains the requirement that investments must follow the "prudent investor rule" from the Uniform Prudent Investor Act, which means investments should be made with reasonable care, skill, and caution. Boards will continue to be able to pay reasonable compensation for investment management services from their fund assets and are still required to maintain accurate records of their investment portfolio. The bill is set to take effect on July 1, 2025, giving spaceport districts more flexibility in how they manage and invest their funds by providing an additional option for investment management.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=261&year=25