Aug 19, 2008: Carrie Tingley Hospital Acquires New Trust Lands

The Land Office manages nine million acres of surface estate and 13 million mineral acres held in trust to support public schools, seven universities, three hospitals, correctional facilities, public building construction and repair, and water projects, as well as the New Mexico Military Institute, New Mexico School for the Deaf and New Mexico School for the Blind and Visually Impaired.

Each acre of trust lands is designated to a specific institution, with the majority held in trust for public schools. Carrie Tingley Hospital was designated a trust beneficiary in 1939 and 4,743 surface acres of trust lands are designated to the facility.

Carrie Tingley owns no developed mineral resources therefore the facility receives no income from the Land Grant Permanent Fund, which is almost entirely the product of revenues generated by the Land Office. Royalty payments from oil, gas, and mineral production on trust lands, along with proceeds from the sale of trust lands are paid into the LGPF. The 21 trust beneficiaries are paid 5.8 percent of the five-year average market value of the fund, or approximately $470 million in fiscal year 2008.

In the last fiscal year, Carrie Tingley Hospital received only $3,125 from agricultural and business and community development activity on its designated surface estate.

The mineral rights in Sandoval County are located on lands received through a land exchange with the University of New Mexico, and the surface and mineral estate in Doña Ana County was a gift from the Joan Simpson Trust in Oregon.

“For 70 years Carrie Tingley Hospital has provided specialized care to New Mexico’s children and by designating mineral lands to the facility we ensure that the hospital will earn significantly more revenue which is vital to its mission to provide cutting-edge healthcare,” said Commissioner Lyons.

A unique statutory provision, NMSA 1978, Section 23-2-9, provides that the state treasurer must authorize the exchange when trust lands have been acquired by purchase and placed under the Land Office.

“I am honored to partner with Commissioner Lyons in our legal responsibility by designating these trust lands to Carrie Tingley Hospital. The lands will be an asset to the hospital in its future needs,” said Treasurer Lewis.

The Treasurer’s Office acts as the state’s bank, responsible for the accounting, oversight and safekeeping of billions of dollars of taxpayer money.

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