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HOUSE BILL 520
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Patricia Roybal Caballero
AN ACT
RELATING TO SUBSIDIES; CREATING THE SUSTAIN THE FAMILIES TRUST
FUND FOR FUTURE ISSUANCE OF SUBSIDIES FOR LOWER INCOME
RESIDENTS FOR THE PURPOSE OF ASSISTING THOSE IN NEW MEXICO WHO
ARE MOST DISADVANTAGED AS A BASIC RIGHT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. [NEW MATERIAL] SUSTAIN THE FAMILIES TRUST
FUND.--
A. The "sustain the families trust fund" is created
as a nonreverting fund in the state treasury. The fund shall
consist of distributions, appropriations, gifts, grants and
donations. Income from investment of the fund shall be
credited to the fund. Money in the fund shall be expended,
subject to availability of money in the fund, to provide income
subsidies to lower income residents, as provided by law.
.230949.3 underscored material = new
[bracketed material] = delete
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B. The state investment officer, subject to the
approval of the state investment council, shall invest money in
the trust fund:
(1) in accordance with the prudent investor
rule set forth in the Uniform Prudent Investor Act; and
(2) in consultation with the secretary of
health care authority.
C. The state investment officer shall report
quarterly to the legislative finance committee and the state
investment council on the investments made pursuant to this
section. Annually, a report shall be submitted no later than
October 1 each year to the legislative finance committee, the
revenue stabilization and tax policy committee and any other
appropriate interim committees.
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.230949.3