Section 6-8-5 - Bond; staff; budget.
6-8-5. Bond; staff; budget.
A. Before the state investment officer, or other responsible employee of the investment office, enters upon his duties, the secretary shall require an individual bond or include the state investment officer and other responsible employees under a blanket bond for an amount and for a coverage deemed best to protect the state's interest. The bond premiums shall be paid by the state.
B. The state investment officer shall annually prepare a budget for administering and investing all funds managed by the investment office, which shall be reviewed by the council. Any funds provided for the operating budget of the investment office shall be appropriated from the assets of the land grant permanent funds, the severance tax permanent fund, funds available for investment pursuant to Subsection G of Section 6-8-7 NMSA 1978 or any other funds managed by the investment office, as authorized by law; however, in regard to the land grant permanent funds, appropriation shall be made from earnings on investments of the land grant permanent funds before distribution to the income funds during the period prior to the date the United States congress consents to the provisions of Constitutional Amendment 1 approved at the 1996 general election.
C. Amounts budgeted or appropriated from the land grant permanent funds and the severance tax permanent fund for the costs of administering and investing those funds shall be in addition to the amounts distributed to the beneficiaries of the land grant permanent funds and to the general fund from the severance tax permanent fund as provided by law; provided that amounts budgeted or appropriated from the land grant permanent funds shall be made from earnings on investments of the funds before distribution to the income funds during the period prior to the date the United States congress consents to the provisions of Constitutional Amendment 1 approved at the 1996 general election.
D. The state investment officer shall appoint all employees of the investment office.