New Mexico 2025 Regular Session

New Mexico House Bill HB520 Compare Versions

Only one version of the bill is available at this time.

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28	28	HOUSE BILL 520
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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35	35	OF
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37	37	NEW
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Patricia Roybal Caballero
48	48	AN ACT
49	49	RELATING TO SUBSIDIES; CREATING THE SUSTAIN THE FAMILIES TRUST
50	50	FUND FOR FUTURE ISSUANCE OF SUBSIDIES FOR LOWER INCOME
51	51	RESIDENTS FOR THE PURPOSE OF ASSISTING THOSE IN NEW MEXICO WHO
52	52	ARE MOST DISADVANTAGED AS A BASIC RIGHT.
53	53	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
54	54	SECTION 1. [NEW MATERIAL] SUSTAIN THE FAMILIES TRUST
55	55	FUND.--
56	56	A. The "sustain the families trust fund" is created
57	57	as a nonreverting fund in the state treasury. The fund shall
58	58	consist of distributions, appropriations, gifts, grants and
59	59	donations. Income from investment of the fund shall be
60	60	credited to the fund. Money in the fund shall be expended,
61	61	subject to availability of money in the fund, to provide income
62	62	subsidies to lower income residents, as provided by law.
63	63	.230949.3 underscored material = new
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90	90	B. The state investment officer, subject to the
91	91	approval of the state investment council, shall invest money in
92	92	the trust fund:
93	93	(1) in accordance with the prudent investor
94	94	rule set forth in the Uniform Prudent Investor Act; and
95	95	(2) in consultation with the secretary of
96	96	health care authority.
97	97	C. The state investment officer shall report
98	98	quarterly to the legislative finance committee and the state
99	99	investment council on the investments made pursuant to this
100	100	section. Annually, a report shall be submitted no later than
101	101	October 1 each year to the legislative finance committee, the
102	102	revenue stabilization and tax policy committee and any other
103	103	appropriate interim committees.
104	104	- 2 -
105	105	.230949.3