Section 19-10-41 - Remitting moneys for oil and gas royalty suspense fund; investment of fund; disposition of investment income. - New Mexico Statutes

19-10-41. [Remitting moneys for oil and gas  royalty suspense fund; investment of fund; disposition of investment income.]

The commissioner of public lands is directed  to remit all such royalties to the state treasurer, with the proper memorandum of distribution of such funds attached thereto  and such moneys shall be placed in a special suspense fund by the state treasurer, to be known as "the oil and gas  royalty suspense fund," and such fund shall be segregated from all other funds in the hands of the state treasurer; all  moneys of such fund shall from time to time be invested by the state treasurer in the same manner as the permanent school fund is now required to be invested or such funds may be placed on time deposit in qualified state depositories under the provisions of Chapter 92 of the Session Laws of 1929 [6-10-31, 6-10-32 NMSA 1978]. All income accruing from such investments or deposits shall  likewise be held in said special suspense fund.