B. The land grant permanent funds shall be invested by the state investment officer in accordance with policy rules promulgated by the state investment council.
C. In making investments, the state investment officer, under the supervision of the state investment council, shall invest and manage the land grant permanent funds in accordance with the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978].
D. The legislature may establish criteria for investing the land grant permanent funds if the criteria are enacted by a threefourths' vote of the members elected to each house, but investment of the land grant permanent funds is subject to the following restrictions:
(2) not more than ten percent of the voting stock of a corporation shall be held; and
(3) stocks eligible for purchase shall be restricted to those stocks of businesses listed upon a national stock exchange or included in a nationally recognized list of stocks.
F. The annual distributions from the land grant permanent funds to the beneficiaries specified in the Ferguson Act and the Enabling Act shall be five percent of the average of the year-end market values of the land grant permanent funds for the immediately preceding five calendar years.
G. In addition to the annual distributions made pursuant to Subsection F of this section, unless suspended pursuant to Subsection J of this section, an annual distribution of one and one-fourth percent of the average of the year-end market value of the permanent school fund for the immediately preceding five calendar years shall be made as provided in Subsection H of this section; provided that the additional distribution shall not be made in any fiscal year if the average of the year-end market values of the land grant permanent funds for the immediately preceding five calendar years is less than seventeen billion dollars ($17,000,000,000).
H. Unless suspended pursuant to Subsection G or J of this section, the additional distribution from the permanent school fund provided for in Subsection G of this section shall be as follows and as provided by law:
(2) sixty percent of the additional distribution shall be for the provision of early childhood education.
J. The legislature, by a three-fifths' vote of the members elected to each house, may suspend any additional distribution provided for in Subsection G of this section.
