UNM REGENTS ENDORSE PASSAGE OF CONSTITUTIONAL AMENDMENTS

July 28, 2003

UNM REGENTS ENDORSE PASSAGE OF CONSTITUTIONAL AMENDMENTS

The University of New Mexico Board of Regents recently unanimously approved a resolution supporting the passage of two Constitutional Amendments that will be on the ballot of the Sept. 23, 2003 special election.

If passed, Constitutional Amendment 1 would create a public education department headed by a cabinet-level secretary of public education who would be appointed by the governor and an elected public education commission.

The secretary would have administrative and regulatory powers and duties, including functions relating to the distribution of school funds. The commission would have powers and duties to be defined by law enacted by the New Mexico Legislature.

Constitutional Amendment 2 would increase the annual distribution to all beneficiaries from the land grant permanent fund from the current 4.7 percent distribution to 5.8 percent for the next eight years (2005-12), 5.5 percent for the following four years (2013-16) and five percent thereafter.

The Amendment is predicted to generate an additional $752 million for distribution to beneficiaries for fiscal years 2005 through 2016. If the five-year average fund balance falls below $5.8 billion, the additional distributions will be suspended. Additionally, the Legislature with a three-fifths vote, may suspend the payment of the additional distributions.

The additional funds can only be used to implement and maintain education reforms passed by the Legislature.

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