A. Money received by the state pursuant to the provisions of the federal Mineral Leasing Act shall be distributed to the public school fund, except as follows:
(1) an annual appropriation to the instructional material fund;
(2) an annual appropriation to the board of regents of the New Mexico institute of mining and technology for the bureau of geology and mineral resources;
(3) the distribution made pursuant to Subsection B of this section; and
(4) the distribution made pursuant to Section 3 [9-29A-3 NMSA 1978] of this 2020 act.
B. Money received by the state as its share of a prepayment of royalties pursuant to 30 U.S.C. 1726(b), as that section may be amended or renumbered, 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; 2020, ch. 3, § 7.
ANNOTATIONSCross references. — For the federal Mineral Leasing Act, see 30 U.S.C.
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 2020 amendment, effective July 1, 2020, provided for distributions to the early childhood education and care fund from money received by the state pursuant to the provisions of the federal Mineral Leasing Act; in Subsection A, in the introductory paragraph, deleted "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", after "federal Mineral", deleted "Lands", after "Leasing Act", deleted "30 USCA 181, et seq.", and after "public school fund", added "except as follows", and added Paragraphs A(1) through A(4); and in Subsection B, in the introductory paragraph, deleted "All", and after "30 U.S.C. 1726(b)", added "as that section may be amended or renumbered".
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).