SANTA FE—The Senate Finance Committee Monday night voted 8-2 to ’table without prejudice’ a Senate Joint Resolution that would have let New Mexico voters decide in a constitutional amendment whether to extend the current 5.5 percent funding level taken from the Land Grant Permanent Fund to a total of 7 percent.
Concerns about the resolution grew among some legislators that the Land Grant Permanent Fund would be depleted over time. However, the sponsor of the measure, Senate Majority Floor Leader Michael Sanchez, D-Valencia and Bernalillo), told members of the committee that measures built into the resolution would prevent funds to continue being taken from the $12.1 billion permanent fund if it dropped below a certain level.
“The fund would have continued to grow,” Sanchez said. “We weren’t going to take from the corpus of the fund. Obviously, I’m disappointed. But this isn’t going to discourage me from continuing the fight to try and better the lives and futures of all New Mexicans, especially those who are just starting out on the world.”