A. The following funds are created.

B. To the credit of these funds, in the respective proportions to which they are by law entitled, all money derived from state lands shall be deposited by the commissioner with the state treasurer, as nearly as possible, on the first day of each calendar month. The commissioner shall keep an accurate record of all such deposits. The funds are:

(1) common school current fund;

(2) common school permanent fund;

(3) university income fund;

(4) university permanent fund;

(5) university saline income fund;

(6) New Mexico state university income fund;

(7) New Mexico state university permanent fund;

(8) western New Mexico university income fund;

(9) western New Mexico university permanent fund;

(10) New Mexico highlands university income fund;

(11) New Mexico highlands university permanent fund;

(12) northern New Mexico state school income fund;

(13) northern New Mexico state school permanent fund;

(14) eastern New Mexico university income fund;

(15) eastern New Mexico university permanent fund;

(16) New Mexico institute of mining and technology income fund;

(17) New Mexico institute of mining and technology permanent fund;

(18) New Mexico military institute income fund;

(19) New Mexico military institute permanent fund;

(20) New Mexico boys' school income fund;

(21) New Mexico boys' school permanent fund;

(22) miners' hospital income fund;

(23) miners' hospital permanent fund;

(24) New Mexico behavioral health institute at Las Vegas income fund;

(25) New Mexico behavioral health institute at Las Vegas permanent fund;

(26) penitentiary income fund;

(27) penitentiary permanent fund;

(28) state charitable, penal and reformatory institutions income fund;

(29) state charitable, penal and reformatory institutions permanent fund; to be equally distributed among the institutions as defined in Article 14, Section 1 of the constitution of New Mexico;

(30) New Mexico school for the blind and visually impaired income fund;

(31) New Mexico school for the blind and visually impaired permanent fund;

(32) New Mexico school for the deaf income fund;

(33) New Mexico school for the deaf permanent fund;

(34) permanent reservoirs for irrigation purposes income fund;

(35) permanent reservoirs for irrigation purposes permanent fund;

(36) improvement of Rio Grande income fund;

(37) improvement of Rio Grande permanent fund;

(38) public buildings at capital income fund;

(39) public buildings at capital permanent fund;

(40) Santa Fe and Grant county railroad bond fund, to be applied as provided by Article 9, Section 4 of the constitution of New Mexico; and

(41) state lands maintenance fund.

History: Laws 1917, ch. 115, § 1; C.S. 1929, § 132-190; 1941 Comp., § 8-115; 1953 Comp., § 7-1-16; 2005, ch. 313, § 2.

The 2005 amendment, effective June 17, 2005, renamed the permanent income and current funds listed in Subsections B(1) through (40).

Funds permanent. — Proceeds of sale of lands granted to the state of New Mexico by the Enabling Act, for certain specified purposes, and the natural products of such lands, with certain named exceptions, were intended by congress to constitute permanent funds, the interest only being available for current use. State v. Llewellyn, 1917-NMSC-031, 23 N.M. 43, 167 P. 414, cert. denied, 245 U.S. 666, 38 S. Ct. 63, 62 L. Ed. 538 (1917), distinguished in Regents of Univ. of N.M. v. Graham, 1928-NMSC-004, 33 N.M. 214, 264 P. 953.

Grant for reservoirs for irrigation. — The Ferguson Act of June 21, 1898, 30 Stat. 484, which granted to the territory of New Mexico 500,000 acres of land "for the establishment of permanent water reservoirs for irrigating purposes," provides that the moneys derived from the trust lands are to be placed to the credit of separate funds created for the respective purposes named in the act and used only as the legislative assembly of the territory may direct, and only for the use of the institutions or purposes for which the respective grants of land are made. State ex rel. Interstate Stream Comm'n v. Reynolds, 1963-NMSC-023, 71 N.M. 389, 378 P.2d 622.

Establishment of irrigation funds. — This section and Section 19-1-18 NMSA 1978 established the permanent reservoirs for irrigation purposes, permanent fund, and permanent reservoirs for irrigation purposes, income fund; subsequently, by Section 72-14-23 NMSA 1978, there was established the New Mexico irrigation works construction fund, to consist of the income creditable to the income fund above noted and such other moneys as may be appropriated thereto by the state legislature. State ex rel. Interstate Stream Comm'n v. Reynolds, 1963-NMSC-023, 71 N.M. 389, 378 P.2d 622.

And use thereof. — Appropriations for constructing, improving, repairing and protecting from floods the dams, reservoirs, ditches, flumes and appurtenances of certain irrigation systems made to the New Mexico state engineer from the New Mexico irrigation works construction fund, which fund consisted solely of moneys from the permanent reservoirs for irrigation purposes income fund accruing from the trust lands set aside by congress under the Ferguson Act of June 21, 1898, 30 Stat. 484, are within the fundamental purpose and reasonable meaning of the trust grant "for the establishment of permanent water reservoirs for irrigation purposes." State ex rel. Interstate Stream Comm'n v. Reynolds, 1963-NMSC-023, 71 N.M. 389, 378 P.2d 622.

Reimbursement of losses. — The state treasurer may reimburse from their income accounts, common school permanent fund's losses from uncollectible investments by issuing regular state vouchers for such purpose. 1938 Op. Att'y Gen. No. 38-1975.

Investment of funds. — Under former 7-1-18, 1953 Comp., requiring investment of certain permanent funds in safe, interest-bearing securities, with the written approval of the governor, secretary of state and attorney general, the state treasurer could invest permanent funds of the state penitentiary in purchasing certificates of indebtedness issued under Laws 1925, ch. 13, § 75, for expense of calling troops at general election. 1936 Op. Att'y Gen. No. 36-1474.

Bonds of the state. — Under former 7-1-18 and 7-1-19, 1953 Comp., requiring investment of certain permanent funds in safe, interest-bearing securities (to be bonds of New Mexico or its localities) revenue bonds of educational institutions were not bonds of the state under court decisions and the state treasurer could not for that reason legally invest permanent funds derived from public lands in such securities. 1946 Op. Att'y Gen. No. 46-4949.

Legislature may appropriate revenues from miners' hospital trust. — The state legislature may appropriate revenues from the trust established for the miners' hospital. 1989 Op. Att'y Gen. No. 89-30.

Budget increases from trust may not exceed amount appropriated. — The department of finance and administration may not approve budget increases from miners' hospital trust fund revenues in excess of the amount appropriated in the General Appropriation Act of 1988. 1989 Op. Att'y Gen. No. 89-30.

Budget increases. — The state budget division may deny a budget increase approved by the miners' hospital board of trustees, when the budget increase is intended to provide for the care of resident miners with occupation-related illnesses, if the increase would exceed the amount appropriated by the legislature and is not otherwise authorized by statute. 1989 Op. Att'y Gen. No. 89-30.

Restrictions on trust appropriations were limited to bill's fiscal period. — Restrictions on the appropriation of the miner's hospital trust fund revenues contained in the 1988 appropriations bill were consistent with the rule that legislative conditions on appropriations be limited to the fiscal period covered by the bill. 1989 Op. Att'y Gen. No. 89-30.