[Congressional Record Volume 143, Number 68 (Wednesday, May 21, 1997)]
[Senate]
[Page S4919]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        NEW MEXICO STATEHOOD AND ENABLING ACT AMENDMENTS OF 1997

  Mr. STEVENS. I ask unanimous consent the Senate turn to immediate 
consideration of Calendar 53, Senate bill 430.
  The PRESIDING OFFICER. The clerk will report.
  The legislative clerk read as follows:

       A bill (S. 430) to amend the Act of June 20, 1910, to 
     protect the permanent trust funds of the State of New Mexico 
     from erosion due to inflation and modify the basis on which 
     distributions are made from those funds.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. STEVENS. I ask unanimous consent the bill be read for the third 
time and passed, the motion to reconsider be laid on the table, and any 
statements be placed at the appropriate place in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 430) was read the third time and passed, as follows:
       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. PERMANENT TRUST FUNDS OF THE STATE OF NEW MEXICO.

       (a) Short Title.--This Act may be cited as the ``New Mexico 
     Statehood and Enabling Act Amendments of 1997''.
       (b) Investment of and Distributions From Permanent Trust 
     Funds.--The Act of June 20, 1910 (36 Stat. 557, chapter 310), 
     is amended--
       (1) in the proviso in the second paragraph of section 7, by 
     striking ``the income therefrom only to be used'' and 
     inserting ``distributions from which shall be made in 
     accordance with the first paragraph of section 10 and shall 
     be used'';
       (2) in section 9, by striking ``the interest of which only 
     shall be expended'' and inserting ``distributions from which 
     shall be made in accordance with the first paragraph of 
     section 10 and shall be expended''; and
       (3) in the first paragraph of section 10, by adding at the 
     end the following: ``The trust funds, including all interest, 
     dividends, other income, and appreciation in the market value 
     of assets of the funds shall be prudently invested on a total 
     rate of return basis. Distributions from the trust funds 
     shall be made as provided in Article 12, Section 7 of the 
     Constitution of the State of New Mexico.''.
       (c) Consent of Congress.--Congress consents to the 
     amendments to the Constitution of the State of New Mexico 
     proposed by Senate Joint Resolution 2 of the 42nd Legislature 
     of the State of New Mexico, Second Session, 1996, entitled `` 
     A Joint Resolution proposing amendments to Article 8, Section 
     10 and Article 12, Sections 2, 4 and 7 of the Constitution of 
     New Mexico to protect the State's permanent funds against 
     inflation by limiting distributions to a percentage of each 
     fund's market value and by modifying certain investment 
     restrictions to allow optimal diversification of 
     investments'', approved by the voters of the State of New 
     Mexico on November 5, 1996.

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