FORTY-NINTH LEGISLATURESB 19/a

FIRST SESSION, 2009

February 25, 2009

Madam President:

    Your FINANCE COMMITTEE, to whom has been referred

SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE SUBSTITUTE FOR SENATE BILL 19

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

    1. On page 1, line 20, after "by" insert "tax increments authorized pursuant to the Tax Increment for Development Act to be pledged to pay the principal of and interest on the bonds, including".

    2. On page 2, between lines 11 and 12, insert the following new section:

    "Section 2. ADDITIONAL REQUIREMENTS.--The New Mexico finance authority may require any additional covenants and provisions it determines are reasonably necessary or advisable to ensure that the principal, interest and other payments due with respect to the bonds authorized pursuant to Section 1 of this act are paid as soon as possible after tax increment revenues pledged to pay the bonds are available.".

    3. Renumber the succeeding sections accordingly.

                               Respectfully submitted,

                               __________________________________

                               John Arthur Smith, Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 11 For 0 Against

Yes:     11

No:      0

Excused: None

Absent:  None

SB0019FC1                                                  .176880.1