Federal mineral leasing funds.

A. Money received by the state pursuant to the provisions of the federal Mineral Leasing Act shall be distributed to the public school fund, except as follows: (1) an annual appropriation to the instructional material fund; (2) an annual appropriation to the board of regents of the New Mexico institute of mining and technology for the bureau of geology and mineral resources; (3) the distribution made pursuant to Subsection B of this section; and (4) the distribution made pursuant to Section 3 [9-29A-3 NMSA 1978] of this 2020 act. B. Money received by the state as its share of a prepayment of royalties pursuant to 30 U.S.C. 1726(b), as that section may be amended or renumbered, shall be distributed as follows: (1) a portion of the receipts, estimated by the taxation and revenue department to be equal to the amount that the state would have received as its share of royalties in the same fiscal year if the prepayment had not been made, shall be distributed to the public school fund; and (2) the remainder shall be distributed to the common school permanent fund.