Bill > HB184

This bill mandates that the Conservation Legacy Permanent Fund, a state fund for conservation purposes, be invested according to the "prudent investor rule," which requires investment managers to act with care, skill, and caution, similar to how other permanent funds are managed. It also changes how money is distributed from this fund to the Land of Enchantment Legacy Fund, a separate fund that supports various state agencies for environmental and cultural projects. Instead of a fixed amount or percentage based on the fund's balance, the distribution will now be a fixed percentage of the average market value of the Conservation Legacy Permanent Fund over the preceding three years. Furthermore, any money distributed to agencies from the Land of Enchantment Legacy Fund that is not spent will be returned to the Conservation Legacy Permanent Fund. The bill also transfers the entire balance of the Land of Enchantment Legacy Fund into the Conservation Legacy Permanent Fund, effectively consolidating these funds, and specifies that distributions from the Land of Enchantment Legacy Fund cannot be used for eminent domain. The changes to investment and distribution rules will take effect on July 1, 2026.

Agriculture and Natural Resources, Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=184&year=26