A. Before the state investment officer or other responsible employee of the investment office enters upon the officer's or employee's duties, the secretary shall require an individual bond or include the state investment officer and all employees of the investment office under a blanket bond for an amount and for a coverage deemed best to protect the state's interest. The bond premiums shall be paid by the state.

B. The state investment officer shall annually prepare a budget for administering and investing all funds managed by the investment office, which shall be reviewed and approved by the council. Any funds provided for the operating budget of the investment office shall be appropriated by the legislature from the assets of the land grant permanent funds, the severance tax permanent fund, funds available for investment pursuant to Subsection I of Section 6-8-7 NMSA 1978 or any other funds managed by the investment office, as authorized by law.

C. Amounts budgeted or appropriated from the land grant permanent funds and the severance tax permanent fund for the costs of administering and investing those funds shall be in addition to the amounts distributed to the beneficiaries of the land grant permanent funds and to the general fund from the severance tax permanent fund as provided by law.

D. The state investment officer shall appoint all employees of the investment office.

History: 1953 Comp., § 11-2-8.8, enacted by Laws 1957, ch. 179, § 5; 1976, ch. 6, § 1; 1977, ch. 247, § 98; 1997, ch. 135, § 2; 2015, ch. 95, § 4.

The 2015 amendment, effective June 19, 2015, changed certain requirements for administering and investing certain funds by the state investment officer; in Subsection A, after "enters upon", deleted "his" and added "the officer's or employee's", after "investment officer and", deleted "other responsible" and added "all", and after "employees", added of the investment office"; in Subsection B, after "shall be appropriated", added "by the legislature", after "as authorized by law", deleted the remainder of the subsection relating to the land grant permanent funds; and in Subsection C, after "permanent fund as provided by law", deleted the remainder of the subsection relating to amounts budgeted or appropriated from the land grant permanent fund.

The 1997 amendment, effective April 9, 1997, in Subsection A, substituted "office, enters" for "division, shall enter" and deleted "shall" preceding "include"; rewrote Subsection B; added Subsection C and redesignated former Subsection C as Subsection D; and substituted "office" for "division" in Subsection D.