Contact: Arnold Vigil

(505) 986-4263

FOR IMMEDIATE RELEASE

February 17, 2014 

FIANANCE COMMITTEE TABLES LAND GRANT FUND PROPOSAL TO BOOST EARLY EDUCATION FUNDING

Santa Fe, NM – The Senate Finance Committee on 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 7 percent.

Concerns about the resolution grew amongst some legislators that the Land Grant Permanent Fund would be depleted over time. However, the sponsor of measure, Senate Majority Floor Leader Michael Sanchez (D-29-Valencia & 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,” Senator Sanchez told the committee. “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.”

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