Page:United States Statutes at Large Volume 111 Part 2.djvu/33

 PUBLIC LAW 105-37 —AUG. 7, 1997 111 STAT. 1113 Public Law 105-37 105th Congress An Act 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. 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 MEX- ICO. (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, Aug. 7, 1997 [S. 430] New Mexico Statehood and Enabling Act Amendments of 1997. 36 Stat. 562. 36 Stat. 563. 36 Stat. 563. 39-194O-97-2:QL3Part2

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