Pay to Play Losses Targeted

George Munoz

Santa Fe, NM- The state's money watchdogs will get some sharper teeth to go after Pay-to-Play under a bill introduced by Gallup Senator George Munoz (D-Cibola, Mckinley-4). Sen. Munoz' Senate Bill 86 (SB86) authorizes the State Investment Council to hire legal services on a contingent fee to track money from Pay-to-Play scandals that wracked the state a few years ago. "This bill helps us right the wrongs that were done to the Permanent Funds and the citizens of New Mexico," said Sen. Munoz. Sen. Munoz' SB86 has been endorsed by the Investments Oversight Committee to look into possible Pay-to-Play schemes in which lucrative work on state bond deals were allegedly given to political donors of key government leaders. A Federal Investigation that dated back to 2008 resulted in no criminal charges being filed, but concerns about the potential for wrong-doing persist.

The State Investment Council manages New Mexico's $14 billion permanent trust funds; the Land Grant Permanent Fund, the Severance Tax Permanent Fund, the Tobacco Settlement Permanent Fund and the Water Trust Permanent Fund. Those funds contribute recurring revenue for the operating budget of the state and provide resources to various fund beneficiaries. The SIC investment goals are to preserve the permanent endowment funds for future generations and also to provide future benefits by growing the funds at a rate at least equal to inflation.

Pay to Play Losses Targeted