A. All income and current funds created by Section 19-1-17 NMSA 1978 for the common schools and various state institutions shall be transferred by the secretary of finance and administration, from time to time, to the credit of the schools and institutions to be used as provided by law for the support and maintenance of the schools and institutions.

B. The secretary of finance and administration shall make distributions from the land grant permanent funds enumerated in Section 19-1-17 NMSA 1978 in the amount authorized by and calculated pursuant to the provisions of Article 12, Section 7 of the constitution of New Mexico.

C. One-twelfth of the total amount authorized to be distributed in a fiscal year pursuant to Article 12, Section 7 of the constitution of New Mexico shall be distributed each month to the beneficiaries enumerated in Section 19-1-17 NMSA 1978. Each beneficiary shall receive that portion of the monthly distribution to which it is entitled pursuant to law.

History: Laws 1917, ch. 115, § 8; C.S. 1929, § 132-197; 1941 Comp., § 8-122; 1953 Comp., § 7-1-23; Laws 1977, ch. 247, § 87; 1996, ch. 4, § 2.

Compiler's notes. — Former § 7-1-18, 1953 Comp., relating to the investment of certain permanent funds, and former 7-1-21, 1953 Comp., authorizing the purchase of bonds at a premium but providing that the amount of the premium and all permanent losses be reimbursed from the respective income funds to the permanent funds involved, were repealed by Laws 1977, ch. 52, § 1. The schools and institutions enumerated in former 7-1-18, 1953 Comp., are the agricultural college (New Mexico state university), normal school, Silver City (western New Mexico university), normal school, Las Vegas (New Mexico highlands university), Spanish-American school, El Rito (northern New Mexico state school), normal school, eastern (eastern New Mexico university), school of mines (New Mexico institute of mining and technology), military institute (New Mexico military institute), reform school (New Mexico boys school), miners' hospital, insane asylum (New Mexico state hospital), penitentiary, state charitable, penal and reformatory institutions, blind asylum (New Mexico school for the visually handicapped) and deaf and dumb asylum (New Mexico school for the deaf).

Laws 1994, ch. 137, § 2 proposed to amend this section by substituting "Transfers and distributions" for "Transfer" in the section heading, designating the existing provisions as Subsection A and rewriting Subsection A, and adding Subsections B and C relating to distributions from the fund. Laws 1994, ch. 137, § 3 provided that the amendment to this section is effective on the later of the date the secretary of state certifies that Article 12 of the New Mexico Constitution is amended as proposed by Laws 1994, H.J.R. No. 8, or the date the congress of the United States enacts amendments to the Enabling Act for New Mexico permitting the changes to the constitution. The constitutional amendment was submitted to the people at the general election held on November 8, 1994, but was defeated by a vote of 187,216 for and 192,492 against.

The 1996 amendment, effective upon certification by the secretary of state that the proposed amendments to art. 8, § 10 and art. 12, §§ 2, 4, and 7 of the New Mexico Constitution have passed and been ratified by the United States congress, designated the existing section as Subsection A and rewrote that subsection, and added Subsections B and C. Those constitutional amendments, proposed by S.J.R. No. 2 (Laws 1996), were adopted at the general election held November 5, 1996, by a vote of 307,442 for and 153,021 against.

Income funds appropriated. — The income funds from lands granted for the use of the institution are sufficiently appropriated under this section and may be used for current expenses of the institution in an amount and according to a budget approved by the state board of finance, within the available funds from rentals from the state lands of the institution. 1955 Op. Att'y Gen. No. 55-6093.