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New MexicoNew Mexico's entry into the Union in 1912 was unique in many ways. Instead of the relatively simple enabling acts that the United States Congress had passed previously, New Mexico and Arizona (who entered the union at the same time, and have virtually identical Enabling Acts) were given strict and rigid provisions intended to prevent abuses which had occurred in other states. The Enabling Act of June 20, 1910, granted sections two and thirty-two in each thirty-six square mile township for the benefit of common schools, as well as significantly smaller acre grants to other public institutions. This land was granted in addition to sections sixteen and thirty-six which were originally granted in the Ferguson Act of 1898. The original school grant included 8.7 million acres. The Jones Act of 1927 provided that the grants included mineral estate along with surface acres. As of July 2007, 7.2 million surface and 13 million mineral acres remain in the trust for public schools, which is roughly 76% of the total acres managed by the New Mexico State Land Office. The Enabling Act also granted in-lieu land selection rights for school sections that were private property or otherwise unavailable at the time of statehood. The Act provided for the creation of a permanent fund from the proceeds of the land and detailed specific requirements for selling and leasing the land. New Mexico's State Constitution went further in protecting the school trust lands and the permanent fund. The New Mexico State Land Office (SLO) is responsible for the management of New Mexico's trust lands. It has adopted the following mission statement or The ABCs of the SLO. Administer state trust land to generate the highest possible level of sustainable revenue for New Mexico's public Schools, public institutions of higher learning, and other public institutions so that all New Mexicans can enjoy a higher quality of life. Benefit the trust and its natural resource through responsible stewardship which creates a strong economic environment that will contribute to healthy rural and urban communities so that future generations will continue to benefit from their endowment. Conduct the operations of the State Land Office with the highest level of fiscal accountability, efficiency, customer service, and employee relations. The land office is the trustee responsible for managing the land. The trust has the good fortune of retaining significant oil and gas reserves. Wise stewardship of these mineral resources, as well as prudent management of the surface resources has produced the second largest Permanent Fund in the nation at $10 billion in FY 2006. New Mexico's State Investment Council manages the Permanent Fund as the revenue flows from the land office and distributes the investment income to public schools. In FY 2006, schools received $52,695,563 from the land, $354,156,255 from the Permanent Fund, resulting in $406,851,818. Research Links
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