New Mexico 2025 Regular Session

New Mexico Senate Bill SB380 Compare Versions

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

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28	28	SENATE BILL 380
29	29	57
30	30	TH LEGISLATURE
31	31	-
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33	33	STATE
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35	35	OF
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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	Pete Campos
48	48	AN ACT
49	49	RELATING TO PUBLIC FUNDS; CREATING THE PHYSICIAN GRADUATE
50	50	MEDICAL EDUCATION TRUST FUND AND THE PHYSICIAN GRADUATE MEDICAL
51	51	EDUCATION PROGRAM FUND; MAKING A TRANSFER FROM THE GENERAL FUND
52	52	TO THE PHYSICIAN GRADUATE MEDICAL EDUCATION TRUST FUND.
53	53	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
54	54	SECTION 1. [NEW MATERIAL] PHYSICIAN GRADUATE MEDICAL
55	55	EDUCATION TRUST FUND.--
56	56	A. The "physician graduate medical education trust
57	57	fund" is created as a nonreverting fund in the state treasury.
58	58	The trust fund consists of distributions, appropriations,
59	59	gifts, grants and donations. Income from the trust fund shall
60	60	be credited to the trust fund. Money in the trust fund shall
61	61	be expended only as provided in this section.
62	62	B. The state investment officer shall invest money
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90	90	in the trust fund in accordance with the prudent investor rule
91	91	as set forth in Chapter 6, Article 8 NMSA 1978 and in
92	92	consultation with the secretary of health care authority.
93	93	C. The state investment officer shall report
94	94	quarterly to the legislative finance committee and the state
95	95	investment council on the investments made pursuant to this
96	96	section. An annual report shall be submitted no later than
97	97	October 1 of each year to the legislative finance committee,
98	98	the revenue stabilization and tax policy committee and any
99	99	other appropriate interim committees.
100	100	D. On July 1 of each year, a distribution shall be
101	101	made from the trust fund to the physician graduate medical
102	102	education program fund in an amount equal to five percent of
103	103	the average of the year-end market values of the trust fund for
104	104	the immediately preceding three calendar years. If, on July 1
105	105	of a year, the trust fund has been in effect for less than
106	106	three calendar years, the distribution shall be in an amount
107	107	equal to five percent of the average of the year-end market
108	108	values of the trust fund for the immediately preceding number
109	109	of calendar years that the trust fund has been in effect.
110	110	SECTION 2. [NEW MATERIAL] PHYSICIAN GRADUATE MEDICAL
111	111	EDUCATION PROGRAM FUND.--
112	112	A. The "physician graduate medical education
113	113	program fund" is created in the state treasury. The fund
114	114	consists of distributions, appropriations, gifts, grants,
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143	143	donations and income from investment of the fund. The health
144	144	care authority shall administer the fund. Money in the fund is
145	145	subject to appropriation by the legislature to provide:
146	146	(1) for each fiscal year 2026 through 2028:
147	147	(a) up to two million five hundred
148	148	thousand dollars ($2,500,000) for supporting physician graduate
149	149	medical education programs located in rural and underserved
150	150	areas that are in the process of developing applications with
151	151	the body responsible for accrediting physician graduate medical
152	152	education programs;
153	153	(b) up to five hundred thousand dollars
154	154	($500,000) for supporting physician graduate medical education
155	155	programs located in rural and underserved areas that have been
156	156	accredited by the body responsible for accrediting physician
157	157	graduate medical education programs for less than one year; and
158	158	(c) up to the balance of the fund for
159	159	further supporting physician graduate medical education
160	160	programs located in rural and underserved areas that have been
161	161	accredited by the body responsible for accrediting physician
162	162	graduate medical education programs for more than one year; and
163	163	(2) for fiscal years beginning in fiscal year
164	164	2029, up to the balance of the fund for supporting physician
165	165	graduate medical education programs located in rural and
166	166	underserved areas that have been accredited by the body
167	167	responsible for accrediting physician graduate medical
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196	196	education programs for more than one year.
197	197	B. Expenditures from the fund shall be by warrant
198	198	of the secretary of finance and administration pursuant to
199	199	vouchers signed by the secretary of health care authority or
200	200	the secretary's authorized representative. Any unexpended or
201	201	unencumbered balance remaining at the end of a fiscal year
202	202	shall revert to the physician graduate medical education trust
203	203	fund."
204	204	SECTION 3. TRANSFER.--One hundred million dollars
205	205	($100,000,000) is transferred from the general fund to the
206	206	physician graduate medical education trust fund.
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208	208	.229137.2