2019 New Mexico Statutes
Chapter 22 - Public Schools
Article 8 - Public School Finance
Section 22-8-34 - Federal mineral leasing funds.

A. Except for an annual appropriation to the instructional material fund and to the bureau of geology and mineral resources of the New Mexico institute of mining and technology, and except as provided in Subsection B of this section, all other money received by the state pursuant to the provisions of the federal Mineral Lands Leasing Act, 30 USCA 181, et seq., shall be distributed to the public school fund.

B. All money received by the state as its share of a prepayment of royalties pursuant to 30 U.S.C. 1726(b) shall be distributed as follows:

(1) a portion of the receipts, estimated by the taxation and revenue department to be equal to the amount that the state would have received as its share of royalties in the same fiscal year if the prepayment had not been made, shall be distributed to the public school fund; and

(2) the remainder shall be distributed to the common school permanent fund.

History: 1953 Comp., § 77-6-36, enacted by Laws 1967, ch. 16, § 90; 1974, ch. 8, § 19; 1999, ch. 43, § 1; 1999, ch. 253, § 1; 2001, ch. 246, § 2.

Cross references. — For public school fund generally, see 22-8-14 NMSA 1978.

For instructional material fund generally, see 22-15-5 NMSA 1978 et seq.

For New Mexico institute of mining and technology generally, see 21-11-1 NMSA 1978 et seq.

The 2001 amendment, effective June 15, 2001, substituted "bureau of geology" for "bureau of mines" in Subsection A.

The 1999 amendment, effective June 18, 1999, rewrote the former section.

Law reviews. — For article, " 'New Mexican Nationalism' and the Evolution of Energy Policy in New Mexico," see 17 Nat. Resources J. 283 (1977).