SB 170 RURAL LIBRARIES ENDOWMENT FUND

Sen Jerry Ortiz y Pino

Actions: [2] SCC/SIRC/SFC-SCC [3]germane-SIRC [4] DP-SFC

Scheduled: Not Scheduled

 Senate Bill 170 (SB 170) appropriates thirty million dollars ($30,000,000) to the Rural Libraries Endowment Fund.
 

 Senate Bill 170 (SB 170) appropriates thirty million dollars ($30,000,000) from the General Fund (GF) to the Rural Libraries Endowment Fund for expenditure in Fiscal Year (FY) 2025 and subsequent FYs for the purpose of the fund.

Any unexpended or unencumbered balance remaining at the end of a FY will not revert to the GF.
 

  The governor signed Senate Bill 264 establishing the Rural Libraries Endowment Fund ( Section 18-18-1 NMSA 1978) in 2019. The Fund’s purpose is to support the preservation, development and establishment of rural libraries statewide, by providing a consistent funding mechanism for rural libraries’ operational and capital needs. The State Investment Council (SIC) manages this fund in a manner similar to the existing permanent funds.  The endowment fund’s  FY 2020 appropriation was $1 million