A. There is created in the state treasury the "public election fund" solely for the purposes of:
(1) financing the election campaigns of certified candidates for covered offices;
(2) paying administrative and enforcement costs of the Voter Action Act; and
(3) carrying out all other specified provisions of the Voter Action Act.
B. The state treasurer shall invest the funds as other state funds are invested, and all income derived from the fund shall be credited directly to the fund. Remaining balances at the end of a fiscal year shall remain in the fund and not revert to the general fund.
C. Money received from the following sources shall be deposited directly into the fund:
(1) qualifying contributions that have been submitted to the secretary;
(2) any recurring balance of unspent fund money distributed to a certified candidate who does not remain a candidate through the primary or general election period for which the money was distributed;
(3) money that remains unspent or unencumbered by a certified candidate following the date of the primary election;
(4) money that remains unspent or unencumbered by a certified candidate following the date of the general election;
(5) unspent contributions to a candidate;
(6) money distributed to the fund from funds received pursuant to the Uniform Unclaimed Property Act (1995) [Chapter 7, Article 8A NMSA 1978]; and
(7) money appropriated by the legislature or as otherwise provided by law.
History: Laws 2003, ch. 14, § 10; 2007 (1st S.S.), ch. 2, § 5; 2014, ch. 2, § 1; 2019, ch. 175, § 7; 2020, ch. 9, § 12.
ANNOTATIONSContingent effective date. — Laws 2020, ch. 9, § 12 amended 1-19A-10 NMSA 1978, effective January 1, 2023, contingent upon certification by the secretary of state that the constitution of New Mexico has been amended as proposed by a joint resolution of the first session of the fifty-fourth legislature (Laws 2019, SJC/SRC/SJR Nos. 1 and 4, CA #1) at the general election to be held on November 3, 2020.
The 2020 amendment, effective January 1, 2023, removed certain provision that created a subaccount in the election fund established to pay the costs of carrying out the provisions of the Voter Action Act related to public regulation commission elections; and deleted Subsections D and E.