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SANTA FE — A newly appointed member of the State Investment Council questioned Tuesday whether New Mexico should use an endowment fund to make interest-free loans to films.
Former state Sen. Leonard Lee Rawson, a Las Cruces Republican, voiced his doubts as the council agreed to temporarily extend a contract with a Hollywood lawyer to advise the state on film investments.
The contract with Peter Dekom will be extended through May while the council looks to hire a permanent film adviser through a competitive bidding process.
New Mexico can lend up to $15 million to a film project produced in the state, and Dekom recommends whether the council should approve the investments.
The council last month extended Dekom’s contract through April and he was paid a monthly rate of nearly $15,000 — roughly half of what his previous $350,000-a-year contract provided.
Rawson said he wanted a report analyzing whether the film loans have been a successful investment for the state. He and another council member expressed doubts about the program.
“I don’t know that we have a mandate to stay in film,” said Rawson, who was named to the council last month by the Legislature.
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