2020 New Mexico Statutes
Chapter 9 - Executive Department
Article 29A - Early Childhood Education and Care Fund
Section 9-29A-3 - Distribution; early childhood education and care fund; payments pursuant to federal Mineral Leasing Act.
A. If, by June 30, 2022 and by June 30 of each fiscal year thereafter, the net receipts for that fiscal year of the money received by the state pursuant to the federal Mineral Leasing Act exceed the annual average amount, the excess shall be distributed to the early childhood education and care fund and attributed to that fiscal year. If there is an excess amount, the distribution shall be made as soon as practicable. If there is not an excess amount, no distribution shall be made to the fund. The department of finance and administration shall make the calculation to determine if an excess amount shall be distributed.
B. As used in this section, "annual average amount" means the total net receipts attributable to money received by the state pursuant to the federal Mineral Leasing Act in the immediately preceding five fiscal years, divided by five.
History: Laws 2020, ch. 3, § 3.
ANNOTATIONSEffective dates. — Laws 2020, ch. 3, § 8 made Laws 2020, ch. 3, § 3 effective July 1, 2020.
Cross references. — For the federal Mineral Leasing Act, see 30 U.S.C.
