Bill > SJR4

This Joint Resolution proposes to amend Article 12, Section 7 of the New Mexico Constitution to better protect the state's Land Grant Permanent Funds, which are derived from lands granted to New Mexico by Congress in 1910. The amendment aims to enhance the "duty of care" for the state investment officer when managing these funds, requiring them to act with the prudence and diligence of a careful investor managing their own affairs, as outlined in the Uniform Prudent Investor Act, rather than focusing on speculation. It also seeks to remove specific restrictions on the types of investments that can be made, such as limits on corporate stock percentages and international securities, allowing for a broader range of investment options while still maintaining legislative oversight through a three-fourths vote. The proposed changes will be put to a vote of the people at the next general or special election.