New Mexico legislation · 2026 Regular Session
New Mexico HB184: INVESTMENT OF CONSERVATION & LEGACY FUNDS
Status: Signed into law, March 5, 2026
What the bill says
An act relating to public funds; requiring the conservation legacy permanent fund to be invested in accordance with the prudent investor rule; amending the amount of distribution from the permanent fund to the land of enchantment legacy fund; amending the amount that may be distributed to certain agencies from the land of enchantment legacy fund; providing that any unexpended balances of those distributions revert to the conservation legacy permanent fund; recompiling certain sections of the nmsa 1978…
From the enrolled text, March 6, 2026:
AN ACT RELATING TO PUBLIC FUNDS; REQUIRING THE CONSERVATION LEGACY PERMANENT FUND TO BE INVESTED IN ACCORDANCE WITH THE PRUDENT INVESTOR RULE; AMENDING THE AMOUNT OF DISTRIBUTION FROM THE PERMANENT FUND TO THE LAND OF ENCHANTMENT LEGACY FUND; AMENDING THE AMOUNT THAT MAY BE DISTRIBUTED TO CERTAIN AGENCIES FROM THE LAND OF ENCHANTMENT LEGACY FUND; PROVIDING THAT ANY UNEXPENDED BALANCES OF THOSE DISTRIBUTIONS REVERT TO THE CONSERVATION LEGACY PERMANENT FUND; RECOMPILING CERTAIN SECTIONS OF THE NMSA 1978; TRANSFERRING THE BALANCE OF THE LAND OF ENCHANTMENT LEGACY FUND TO THE CONSERVATION LEGACY PERMANENT FUND; MAKING APPROPRIATIONS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 75-12-1 NMSA 1978 (being Laws 2023, Chapter 26, Section 2) is recompiled as Section 6-4-38 NMSA 1978 and is amended to read: "6-4-38. CONSERVATION LEGACY PERMANENT FUND--CREATED-- INVESTMENT--DISTRIBUTION.-- A. The "conservation legacy permanent fund" is created as a nonreverting fund in the state treasury. The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund. Money in the fund shall be invested by the state investment officer in accordance with the prudent investor rule as set HB 184/a Page forth in the Uniform Prudent Investor Act. Earnings from investment of the fund shall be credited to the fund. Money in the fund shall be expended …
Sponsors
- Small, Nathan P. · primary sponsor