As used in Chapter 6, Article 8 NMSA 1978:

A. "council" means the state investment council;

B. "department" means the department of finance and administration;

C. "land grant permanent funds" means the permanent school fund established by Article 12, Section 2 of the constitution of New Mexico and all other permanent funds derived from lands granted or confirmed to the state by the act of congress of June 20, 1910, entitled "An Act To enable the people of New Mexico to form a constitution and state government and be admitted into the Union on an equal footing with the original States...";

D. "permanent funds" means the land grant permanent funds, rural libraries endowment fund, severance tax permanent fund, tobacco settlement permanent fund and water trust fund;

E. "secretary" means the secretary of finance and administration;

F. "severance tax permanent fund" means the fund established by Article 8, Section 10 of the constitution of New Mexico;

G. "tobacco settlement permanent fund" means the fund established by Section 6-4-9 NMSA 1978; and

H. "water trust fund" means the fund established by Article 16, Section 6 of the constitution of New Mexico.

History: 1953 Comp., § 11-2-8.4, enacted by Laws 1957, ch. 179, § 1; 1977, ch. 247, § 5; 1983, ch. 301, § 11; 1983, ch. 306, § 1; 1997, ch. 135, § 1; 1997, ch. 183, § 1; 2015, ch. 95, § 1; 2019, ch. 165, § 5.

The 2019 amendment, effective July 1, 2019, included the "rural libraries endowment fund" within the definition of "permanent funds", as used in Chapter 6, Article 8 NMSA 1978; and in Subsection D, after "land grant permanent funds", added "rural libraries endowment fund".

The 2015 amendment, effective June 19, 2015, amended certain definitions relating to public finances and the investment of public money; deleted Subsections A, B and C; redesignated Subsection D as Subsection A; and added new Subsections B through H.

The second 1997 amendment, effective on the date the United States congress consents to amendments of N.M. Const., art. VIII, § 10 and article XII, §§ 2, 4 and 7, approved at the 1996 general election, effected the same changes in the section as the first 1997 amendment. The United States Congress approved the constitutional amendments in P.L. 105-37, 111 Stat. 1113, the New Mexico Statehood and Enabling Act Amendments of 1997, approved August 7, 1997.

The first 1997 amendment, effective April 9, 1997, substituted "Chapter 6, Article 8" for "Sections 6-8-1 through 6-8-16" in the introductory language and substituted "land grant permanent funds" for "permanent fund" in Subsection C.

The restrictions specified in this article are valid and constitutional. 1958 Op. Att'y Gen. No. 58-10.