FORTY-SIXTH LEGISLATURE

SECOND SESSION, 2004

February 18, 2004

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

SENATE FINANCE COMMITTEE SUBSTITUTE FOR

SENATE BILL 399, as amended

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 1, line 15, strike the comma, after "USED" strike the remainder of the line and on line 16, strike "DISTRIBUTION".

     2. On page 1, line 17, after "TO" strike the remainder of the line and strike line 18.

     3. On page 37, line 1 through page 38, line 13, strike Section 11 in its entirety.

     4. Renumber the succeeding sections accordingly.

     5. On page 46, line 25, after "($50.00)" strike the remainder of the line and insert in lieu thereof "through".

     6. On page 52, between lines 8 and 9, insert the following new section:

     "Section 18. TEMPORARY PROVISION--NO REDUCTION FOR KINDERGARTEN PROJECTS.--Notwithstanding the provisions of Paragraph (6) of Subsection B of Section 22-24-5 NMSA 1978, no reduction calculated pursuant to that paragraph shall take into account any appropriation in the 2004 Capital Projects General Obligation Bond Act to a school district for full-day kindergarten projects.".

     7. Renumber the succeeding sections accordingly.

                             Respectfully submitted,

Donald L. Whitaker, Chairman

Adopted     Not Adopted

           (Chief Clerk)                            (Chief Clerk)

Date

The roll call vote was 15 For 0 Against

Yes:      15

No:       0

Excused:  None

Absent:   White

.151681.2

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