Bill > SJR3

This Joint Resolution proposes an amendment to the New Mexico Constitution to increase the percentage of annual distributions from the state's permanent funds, which are derived from lands granted by Congress and managed by the state investment officer under the supervision of the state investment council. Specifically, it aims to change the annual distribution from the current rate to five and eight-tenths percent of the average market value of the fund over the preceding five years, removing provisions for additional distributions that were previously tied to specific fiscal years and educational reforms. The proposed amendment will be put to a vote of the people at the next general or special election.