HB 7

1AN ACT
2  RELATING TO WORKFORCE DEVELOPMENT; MAKING ANNUAL TRANSFERS
3  FROM THE WORKFORCE DEVELOPMENT AND APPRENTICESHIP TRUST FUND
4  TO THE PUBLIC WORKS APPRENTICE AND TRAINING FUND AND ANNUAL
5  APPROPRIATIONS TO THE WORKFORCE SOLUTIONS DEPARTMENT TO CARRY
6  OUT THE PURPOSES OF THE APPRENTICESHIP ASSISTANCE ACT; MAKING
7  APPROPRIATIONS.
8
9  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
10      SECTION 1.     Section 9-26-17 NMSA 1978 (being Laws 2024,
11 Chapter 5, Section 1) is amended to read:
12      "9-26-17.     WORKFORCE DEVELOPMENT AND APPRENTICESHIP
13 TRUST FUND.--
14A.   The "workforce development and apprenticeship
15 trust fund" is created within the state treasury.     The fund
16 consists of distributions, appropriations, gifts, grants and
17 donations.    Income from investment of the fund shall be
18 credited to the fund.     Money in the fund shall be expended
19 only as provided in this section.
20B.   The state investment officer, subject to the
21 approval of the state investment council, shall invest money
22 in the workforce development and apprenticeship trust fund:
23(1)   in accordance with the prudent investor
24 rule set forth in the Uniform Prudent Investor Act; and
25(2)   in consultation with the state  HB 7
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1  treasurer.
2C.   The state investment officer shall report
3  quarterly to the legislative finance committee and the state
4  investment council on the investments made pursuant to this
5  section.   Annually, a report shall be submitted no later than
6  November 1 each year to the legislative finance committee,
7  the revenue stabilization and tax policy committee and any
8  other appropriate interim committees.
9D.   Subject to the availability of funds on July 1,
10 2026 and on July 1 of each year thereafter:
11(1)   two million five hundred thousand
12 dollars ($2,500,000) shall be transferred to the public works
13 apprentice and training fund; and
14(2)   two million five hundred thousand
15 dollars ($2,500,000) shall be appropriated to the workforce
16 solutions department to carry out the purposes of the
17 Apprenticeship Assistance Act.
18E.   In addition to the transfers and appropriations
19 pursuant to Subsection D of this section, money in the
20 workforce development and apprenticeship trust fund may be
21 expended in the event that general fund balances, including
22 all authorized revenues and transfers to the general fund and
23 balances in the general fund operating reserve, the
24 appropriation contingency fund, the state-support reserve fund
25 and the tax stabilization reserve, will not meet the level of       HB 7
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1  appropriations authorized from the general fund for a fiscal
2  year.   In that event, to avoid an unconstitutional deficit,
3  the legislature may appropriate from the workforce development
4  and apprenticeship trust fund to the general fund only in the
5  amount necessary to meet general fund appropriations for that
6  fiscal year and only if the legislature has authorized
7  transfers from the appropriation contingency fund, the general
8  fund operating reserve and the tax stabilization reserve that
9  exhaust those fund balances."  HB 7
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