New Mexico 2025 Regular Session

New Mexico Senate Bill SJR6 Compare Versions

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

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28	28	SENATE JOINT RESOLUTION 6
29	29	57
30	30	TH LEGISLATURE
31	31	- STATE OF NEW MEXICO -
32	32	FIRST SESSION
33	33	, 2025
34	34	INTRODUCED BY
35	35	Michael Padilla
36	36	A JOINT RESOLUTION
37	37	PROPOSING TO ADD A NEW SECTION 23 OF ARTICLE 20 OF THE
38	38	CONSTITUTION OF NEW MEXICO TO CREATE THE EARLY CHILDHOOD TRUST
39	39	FUND TO BE USED EXCLUSIVELY FOR PRENATAL AND EARLY CHILDHOOD
40	40	PROGRAMS AND SERVICES, EXCEPT WHEN STATE FUNDS WILL NOT MEET
41	41	PREVIOUSLY AUTHORIZED EXPENSES.
42	42	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
43	43	SECTION 1. It is proposed to amend Article 20 of the
44	44	constitution of New Mexico by adding a new Section 23 to read:
45	45	"A. The "early childhood trust fund" is created as
46	46	a permanent trust fund in the state treasury. Money in the
47	47	fund shall be invested as provided by law for prenatal programs
48	48	and services and for early childhood programs and services for
49	49	children until they are eligible for kindergarten, and money
50	50	distributed from the fund shall only be used for those programs
51	51	.229641.3SA underscored material = new
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78	78	and services, expenses of administering those programs and
79	79	services and as provided in Subsection D of this section.
80	80	B. All additions to the fund and all earnings,
81	81	including realized and unrealized gains and losses from
82	82	investment of the fund, shall be credited to the corpus of the
83	83	fund.
84	84	C. As provided by law, an annual distribution shall
85	85	be made in an amount equal to the greater of five percent of
86	86	the average of the year-end market values of the fund for the
87	87	immediately preceding three calendar years or five hundred
88	88	million dollars ($500,000,000).
89	89	D. Money in the fund may be expended in the event
90	90	of a failure in revenue where state fund balances, as provided
91	91	by law, will not meet the level of appropriations authorized
92	92	for the current fiscal year. In that event, to avoid a
93	93	deficit, the legislature may appropriate from the fund only in
94	94	the amount necessary to meet the appropriations for that fiscal
95	95	year and only if the legislature has authorized transfers from
96	96	the state fund balances that exhaust those fund balances."
97	97	SECTION 2. The amendment proposed by this resolution
98	98	shall be submitted to the people for their approval or
99	99	rejection at the next general election or at any special
100	100	election prior to that date that may be called for that
101	101	purpose.
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103	103	.229641.3SA