Section 1-19A-10 - Public election fund; creation; use.
1-19A-10. Public election fund; creation; use.
A. There is created in the state treasury the "public election fund" solely for the purposes of:
(1) financing the election campaigns of certified candidates for covered offices;
(2) paying administrative and enforcement costs of the Voter Action Act [1-19A-1 NMSA 1978]; and
(3) carrying out all other specified provisions of the Voter Action Act.
B. The state treasurer shall invest the funds as other state funds are invested, and all income derived from the fund shall be credited directly to the fund. Remaining balances at the end of a fiscal year shall remain in the election fund and not revert to the general fund.
C. Money received from the following sources shall be deposited directly into the fund:
(1) qualifying contributions that have been submitted to the secretary;
(2) any recurring balance of unspent fund money distributed to a certified candidate who does not remain a candidate through the primary or general election period for which the money was distributed;
(3) money that remains unspent or unencumbered by a certified candidate following the date of the primary election;
(4) money that remains unspent or unencumbered by a certified candidate following the date of the general election;
(5) unspent seed money that cannot be used for any other purpose;
(6) money distributed to the fund from funds received pursuant to the Uniform Unclaimed Property Act (1995) [7-8A-30 NMSA 1978]; and
(7) money appropriated by the legislature.
D. A subaccount shall be established in the fund, and money in the subaccount shall only be used to pay the costs of carrying out the provisions of the Voter Action Act related to public regulation commission elections.
E. Three hundred thousand dollars ($300,000) per year shall be collected and deposited in the subaccount for public regulation commission elections as follows:
(1) one hundred thousand dollars ($100,000) from inspection and supervision fees collected pursuant to Section 62-8-8 NMSA 1978;
(2) one hundred thousand dollars ($100,000) from utility and carrier inspection fees collected pursuant to Section 63-7-20 NMSA 1978; and
(3) one hundred thousand dollars ($100,000) from the insurance premium tax collected pursuant to Section 59A-6-2 NMSA 1978.