New Mexico To Pay Hollywood Lawyer $260,000 To Advise On Film Investments

New Mexico – The State Investment Council has approved a $260,000-a-year contract for a Hollywood lawyer to advise New Mexico on film investments.

The council on Tuesday approved a three-year contract for Peter Dekom, but the state can cancel the contract with a 60-day notice.

Several council members voiced objections to the state making interest-free loans to movie projects.

New Mexico can lend up to $15 million to a film project produced in the state. Dekom recommends whether the council should approve the investments.

Dekom has served as the council's film adviser since 2001. He was picked to continue in the job after a competitive bidding process, in which four candidates were vetted for the position.

Copyright 2010 The Associated Press.