Summary:

 House Bill 261 (HB 261) relates g to regional spaceport districts; provides that the boards of regional spaceport districts employ the State Investment Council or State Treasurer to invest funds in a local government investment pool.  

Legislation Overview:

 House Bill 261 (HB 261) amends Section 5-16-8 NMSA 1978 to require that the boards of regional spaceport districts must employ the State Investment Council or State Treasurer to invest funds in a local government investment pool, in accordance with the prudent investor rule set forth in the Uniform Prudent Investor Act. 

Current Law:

 Currently boards are required to employ the State Investment Council to invest funds in a local government investment pool. The option of working with the State Treasurer for this purpose is not available. 

Amendments:

 Amended February 14, 2025 in HCEDC

HCEDCa/HB 261: The House Commerce and Economic Development Committee amendment to House Bill 261 makes the following changes:

1. On page 1, lines 12 and 13, strike "STATE INVESTMENT COUNCIL OR". 
2. On page 1, line 14, before the period, insert "; DECLARING AN EMERGENCY". 
3. On page 1, line 22, strike "state investment council or". 
4. On page 2, strike lines 3 and 4 and insert in lieu thereof: "SECTION 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately."