Santa Fe, NM – The proposed constitutional amendment would have kept the yearly distribution from the Land Grant Permanent Fund at its current level rather than allowing it to drop starting in 2013. The $10 billion fund paid out more than $500 million last year.
Opponents said the proposal would erode the fund's future value, lessening distributions for generations to come. Supporters said extra money was needed for public school reforms.
The measure failed on a 35-35 vote in the House on Thursday. Proposed constitutional amendments are subject to voter approval. Unlike a bill, a proposed constitutional amendment does not require the governor's signature.