NM Land Office Brings In $52.6 Million In Revenues
The New Mexico State Land Office says it brought in more than $52 million in revenue for public schools and other beneficiaries in January.
Most of the money — $47.6 million — went to support public schools. Another $1.8 million went to state colleges and universities.
Other beneficiaries include the School for the Blind and Visually Impaired in Alamogordo, the School for the Deaf in Santa Fe, hospitals and the state penitentiary.
Revenues from nonrenewable uses of trust lands, such as royalties from oil and natural gas development, are deposited into the state's permanent fund. They are invested and a percentage is paid to the beneficiaries.
Revenues from grazing, rights of way and interest on earnings and bonuses paid for oil and gas leases are go directly to beneficiaries.
Copyright 2013 The Associated Press.