0001| HOUSE BILL 335 | 0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, | 0003| 1996 | 0004| INTRODUCED BY | 0005| JERRY W. SANDEL | 0006| | 0007| | 0008| | 0009| | 0010| | 0011| AN ACT | 0012| RELATING TO PUBLIC FUNDS; CHANGING CERTAIN PROVISIONS FOR | 0013| INVESTMENT OF THE PERMANENT FUND AND THE SEVERANCE TAX PERMANENT | 0014| FUND. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. Section 6-8-9 NMSA 1978 (being Laws 1957, | 0018| Chapter 179, Section 9, as amended) is amended to read: | 0019| "6-8-9. SECURITIES AND INVESTMENT.--Money made available | 0020| for investment for a period in excess of one year may be | 0021| invested in the following classes of securities and investments: | 0022| A. bonds, notes or other obligations of the United | 0023| States government, its agencies or instrumentalities; | 0024| B. bonds, notes or obligations of a municipal or | 0025| political subdivision of this state, issued pursuant to a law of | 0001| this state; provided that the issuer has not, within ten years | 0002| prior to the making of the investment, been in default for more | 0003| than three months in the payment of any part of the principal or | 0004| interest on any debt evidenced by its bonds, notes or | 0005| obligations; and provided further, if the bonds are city or | 0006| county utility or utility-district revenue bonds, the revenues | 0007| of that utility, other than for payment of operation and | 0008| maintenance expenses, are pledged wholly to the payment of the | 0009| interest on and principal of the indebtedness and the utility | 0010| project has been completely self-supporting for a period of five | 0011| years next preceding the investment; | 0012| C. bonds, debentures or other obligations issued by | 0013| a federal land bank or by a federal intermediate credit bank or | 0014| banks for cooperatives under the acts of congress known as the | 0015| Federal Farm Loan Act, as amended, and the Farm Credit Act of | 0016| 1933, as amended; | 0017| D. bonds, debentures or other obligations issued or | 0018| guaranteed by any national mortgage association under the act of | 0019| congress of June 27, 1934 known as the National Housing Act, as | 0020| amended; | 0021| E. bonds, notes, debentures, equipment trust | 0022| certificates, conditional sales agreements or other evidences of | 0023| indebtedness of any corporation organized and operating within | 0024| the United States, rated not less than ~~[A]~~ Baa or BBB or the | 0025| equivalent by a national rating service; | 0001| F. common and preferred stocks and convertible | 0002| issues of any corporation organized and operating within the | 0003| United States; provided that it has a minimum net worth of | 0004| twenty-five million dollars ($25,000,000) and securities listed | 0005| on one or more national stock exchanges; and provided further | 0006| that the fund shall not own more than five percent of the voting | 0007| stock of any company. Common stocks should represent a | 0008| diversified portfolio with an above-average current yield and | 0009| the prospect for dividend increases and capital appreciation; | 0010| G. industrial revenue bonds issued pursuant to the | 0011| Industrial Revenue Bond Act, where both the principal and | 0012| interest of the bonds are fully and unconditionally guaranteed | 0013| by a lease agreement, executed by a corporation organized and | 0014| operating within the United States, rated not less than A by a | 0015| national rating service; | 0016| H. notes or obligations securing loans to New Mexico | 0017| businesses made by banks and savings and loan associations | 0018| pursuant to the act of congress of July 30, 1953 known as the | 0019| Small Business Act of 1953, as amended, only to the extent that | 0020| both principal and interest are guaranteed by the United States | 0021| government. The state investment officer may enter into | 0022| conventional agreements for the servicing of the loans and the | 0023| administration of the receipts therefrom. Any servicing | 0024| agreement may contain reasonable and customary provisions as the | 0025| state investment officer may deem advisable and as may be agreed | 0001| upon; | 0002| I. notes or obligations securing loans or | 0003| participation in loans to business concerns or other | 0004| organizations ~~[which]~~ that are obligated to use the loan | 0005| proceeds within New Mexico, to the extent the loans are secured | 0006| by first mortgages on real estate located in New Mexico and are | 0007| further secured by an assignment of rentals, the payment of | 0008| which is fully guaranteed by the United States in an amount | 0009| sufficient to pay all principal and interest of the mortgage; | 0010| J. notes or obligations securing loans issued by | 0011| banks and savings and loan associations pursuant to Title IV of | 0012| the act of congress of November 8, 1965 known as the Higher | 0013| Education Act of 1965, as amended, only to the extent that both | 0014| principal and interest are guaranteed unconditionally by the | 0015| United States government. The applicant banks or savings and | 0016| loan associations shall enter into an indemnity agreement to pay | 0017| off the investments, together with interest and any unpaid costs | 0018| and expenses in connection therewith, according to the terms | 0019| under which they are made in a form ~~[which]~~ that meets the | 0020| approval of the state investment officer. The state investment | 0021| officer may enter into conventional agreements for the servicing | 0022| of the loans and the administration of the receipts therefrom. | 0023| Any servicing agreement may contain reasonable and customary | 0024| provisions as the state investment officer may deem advisable | 0025| and as may be agreed upon; | 0001| K. obligations secured by mortgages constituting a | 0002| first lien upon real estate located within the state of New | 0003| Mexico ~~[which]~~ that are fully insured or guaranteed as to | 0004| the payment of the principal and interest thereof by the | 0005| government of the United States or by any authorized agency | 0006| thereof, including mortgages securing loans insured under the | 0007| National Housing Act or the Farmers' Home Administration Act, as | 0008| amended. The state investment officer may enter into | 0009| conventional agreements for the servicing of those loans and the | 0010| administration of the receipts therefrom, and any servicing | 0011| agreement may contain reasonable and customary provisions as the | 0012| state investment officer may deem advisable and as may be agreed | 0013| upon, with respect to such matters as the taking and holding of | 0014| title in the name of the servicing agent for the benefit of the | 0015| state investment officer; the physical custody of the | 0016| obligations and mortgages serviced by the servicing agent; the | 0017| deduction of the servicing agent's fee, in the amount ~~[which]~~ | 0018| that shall not annually exceed one-half of one percent of the | 0019| principal balance of the obligations serviced from time to time | 0020| outstanding, by the servicing agent, prior to remittance of the | 0021| proceeds; the periodic remittance of the net proceeds received | 0022| in payment on all obligations so secured to the state treasurer | 0023| as custodian of the permanent fund; the authority and duty of | 0024| the servicing agent with respect to the collection of any | 0025| obligation in default and the effectuation of the applicable | 0001| federal insurance or guarantee thereof; and other appropriate | 0002| matters; and | 0003| L. bonds, notes, debentures and other obligations | 0004| issued by the state of New Mexico. All transactions entered | 0005| into on or after July 1, 1991 shall be accounted for in | 0006| accordance with generally accepted accounting principles. | 0007| Not more than fifty percent of the total of the permanent | 0008| fund shall be invested in securities ~~[under]~~ described in | 0009| Subsections E and F of this section, and no more than ten | 0010| percent of the book value of the permanent fund shall be | 0011| invested in securities described in Subsection E of this section | 0012| that are rated Baa or BBB. | 0013| Commissions paid for the purchase and sale of any security | 0014| shall not exceed brokerage rates prescribed and approved by | 0015| national stock exchanges or by industry practice." | 0016| Section 2. Section 6-8-19 NMSA 1978 (being Laws 1987, | 0017| Chapter 126, Section 1, as amended) is amended to read: | 0018| "6-8-19. SHORT-TERM INVESTMENTS--REPURCHASE AGREEMENTS.-- | 0019| A. Money in or derived from the land grant permanent | 0020| trust funds and in or from the severance tax permanent fund made | 0021| available for investment for a period of less than one year may | 0022| be invested in: | 0023| (1) contracts for the present purchase and | 0024| resale at a specified time in the future, not to exceed one | 0025| year, of specific securities at specified prices at a price | 0001| differential representing the interest income to be earned by | 0002| the state. No such contract shall be invested in unless the | 0003| contract is fully secured by: | 0004| (a) obligations of the United States or | 0005| other securities backed by the United States ~~[having]~~ if the | 0006| obligations or securities have a market value of at least one | 0007| hundred two percent of the amount of the contract; or | 0008| (b) A1 or P1 commercial paper, corporate | 0009| obligations rated AA or better and maturing in five years or | 0010| less or asset-backed securities rated AAA with an average life | 0011| of five years or less if the commercial paper, corporate | 0012| obligations or asset-backed securities have a market value of at | 0013| least one hundred three percent of the market value of the | 0014| contract; | 0015| (2) contracts for the temporary exchange of | 0016| state-owned securities for the use of broker-dealers, banks or | 0017| other recognized institutional investors in securities, for | 0018| periods not to exceed one year, for a specified fee rate. No | 0019| such contract shall be invested in unless the contract is fully | 0020| secured by exchange of an irrevocable letter of credit running | 0021| to the state, cash or equivalent collateral of at least one | 0022| hundred two percent of the market value of the securities plus | 0023| accrued interest temporarily exchanged. Such contracts may | 0024| authorize the state investment officer to invest cash collateral | 0025| in instruments or securities that are authorized investments for | 0001| the funds and may authorize payment of a fee from the funds, or | 0002| from income generated by the investment of cash collateral, to | 0003| the borrower of securities providing cash as collateral. The | 0004| state investment officer may enter into a contract that | 0005| apportions income derived from the investment of cash to pay its | 0006| agent in securities-lending transactions; | 0007| (3) commercial paper issued by corporations | 0008| organized and operating within the United States and rated | 0009| "prime" quality by a national rating service; and | 0010| (4) prime bankers' acceptances issued by money | 0011| center banks. | 0012| B. The collateral required for either of the forms | 0013| of investment specified in Paragraph (1) or (2) of Subsection A | 0014| of this section shall be delivered to the state fiscal agent or | 0015| its designee contemporaneously with the transfer of funds or | 0016| delivery of the securities, at the earliest time industry | 0017| practice permits, but in all cases settlement shall be on a | 0018| same-day basis. | 0019| C. Neither of the contracts specified in Paragraph | 0020| (1) or (2) of Subsection A of this section shall be invested in | 0021| unless the contracting bank, brokerage firm or recognized | 0022| institutional investor has a net worth in excess of five hundred | 0023| million dollars ($500,000,000) or is a primary broker or primary | 0024| dealer." | 0025| Section 3. Section 7-27-5.1 NMSA 1978 (being Laws 1983, | 0001| Chapter 306, Section 8, as amended) is amended to read: | 0002| "7-27-5.1. MARKET RATE INVESTMENTS.-- | 0003| A. The severance tax permanent fund may be invested | 0004| in the following market rate investments: | 0005| (1) bonds, notes or other obligations of the | 0006| United States government, its agencies or instrumentalities and | 0007| bonds, notes or other obligations guaranteed by agencies and | 0008| instrumentalities of the United States government, including the | 0009| bureau of Indian affairs; | 0010| (2) bonds, notes, debentures or other | 0011| obligations issued under the act of congress of June 27, 1934 | 0012| known as the Federal Farm Loan Act, as amended, and the | 0013| ~~[Federal]~~ Farm Credit Act of 1933, as amended; | 0014| (3) bonds, notes, debentures or other | 0015| obligations issued or guaranteed by any national mortgage | 0016| association under the act of congress of June 27, 1934 known as | 0017| the National Housing Act, as amended; | 0018| (4) preferred stock, common stock or | 0019| convertible issues of any corporation organized and operating | 0020| within the United States; provided that it shall have a minimum | 0021| net worth of twenty-five million dollars ($25,000,000) and | 0022| securities listed on one or more national stock exchanges or | 0023| included on a nationally recognized list of stocks; and provided | 0024| further that the fund shall not own more than five percent of | 0025| the voting stock of any company. Common stock shall not be | 0001| purchased if, at the time, it will exceed or will with the | 0002| purchase exceed ~~[thirty-five]~~ fifty percent of the book | 0003| value of the severance tax permanent fund. Common stocks should | 0004| represent a diversified portfolio with an above-average current | 0005| yield and the prospects for dividend increases and capital | 0006| appreciation; | 0007| (5) bonds, notes, debentures or other evidence | 0008| of indebtedness, excluding commercial paper of any corporation | 0009| organized and operating within the United States; provided that | 0010| the bonds, notes, debentures or other evidence of indebtedness | 0011| are rated at least Baa or BBB or the equivalent by a national | 0012| rating service. No more than ten percent of the severance tax | 0013| permanent fund shall be invested in bonds, notes, debentures or | 0014| other evidence of indebtedness that are rated Baa or BBB or the | 0015| equivalent by a national rating service; | 0016| (6) commercial paper rated "prime" quality by a | 0017| national rating service, issued by corporations organized and | 0018| operating within the United States; | 0019| (7) prime bankers' acceptances issued by money | 0020| center banks; | 0021| (8) contracts for the present purchase and | 0022| resale at a specified time in the future, not to exceed one | 0023| year, of specific securities at specific prices at a price | 0024| differential representing the interest income to be earned by | 0025| the state. No such contract shall be invested in unless the | 0001| contract is fully secured by: | 0002| (a) obligations of the United States or | 0003| other securities backed by the United States ~~[having]~~ if the | 0004| obligations or securities have a market value of at least one | 0005| hundred two percent of the amount of the contract; or | 0006| (b) A1 or P1 commercial paper, corporate | 0007| obligations rated AA or better and maturing in five years or | 0008| less or asset-backed securities rated AAA with an average life | 0009| of five years or less if the commercial paper, corporate | 0010| obligations or asset-backed securities have a market value of at | 0011| least one hundred three percent of the amount of the contract; (9) contracts for the temporary exchange of | 0012| state-owned securities for the use of broker-dealers, banks or | 0013| other recognized institutional investors in securities, for | 0014| periods not to exceed one year, for a specified fee rate. No | 0015| such contract shall be invested in unless the contract is fully | 0016| secured by exchange of an irrevocable letter of credit running | 0017| to the state, cash or equivalent collateral of at least one | 0018| hundred two percent of the market value of the securities plus | 0019| accrued interest temporarily exchanged. Such contracts may | 0020| authorize the state investment officer to invest cash collateral | 0021| in instruments or securities that are authorized investments for | 0022| the funds and may authorize payment of a fee from the funds, or | 0023| from income generated by the investment of cash collateral, to | 0024| the borrower of securities providing cash as collateral. The | 0025| state investment officer may enter into a contract that | 0001| apportions income derived from the investment of cash to pay its | 0002| agent in securities-lending transactions; and | 0003| (10) participation interests in New Mexico | 0004| real-property-related business loans. The actual amount | 0005| invested under this paragraph shall not exceed ten percent of | 0006| the severance tax permanent fund and shall be included in any | 0007| minimum amount of severance tax permanent fund investments | 0008| required to be placed in New Mexico certificates of deposit. | 0009| Investments authorized in this paragraph are subject to the | 0010| following: | 0011| (a) the state investment officer may | 0012| purchase from eligible institutions a participation interest of | 0013| up to eighty percent in any loan secured by a first mortgage or | 0014| a deed of trust on the real property located in New Mexico of an | 0015| eligible business entity, or its subsidiary, that is operating | 0016| or shall use loan proceeds to commence operations within New | 0017| Mexico plus any other guarantees or collateral that may be | 0018| judged by the eligible institution or the state investment | 0019| officer to be prudent. To be eligible for investment the | 0020| following minimum requirements shall be met: 1) the loan | 0021| proceeds shall be used exclusively for the purpose of expanding | 0022| or establishing businesses in New Mexico, including the | 0023| refinancing of such businesses for expansion purposes only. If | 0024| a portion of the loan proceeds were used for refinancing or | 0025| repaying an existing loan and payment of principal and interest | 0001| to the state has not been made within ninety days from the due | 0002| date, unless extended pursuant to agreement between the | 0003| originating institution and the state investment officer, the | 0004| originating institution shall buy back the state's participation | 0005| interest in the loan and begin foreclosure proceedings; | 0006| 2) eligible business entities shall not include public utilities | 0007| or financial institutions or shopping centers, apartment | 0008| buildings or other such passive investments; 3) the minimum loan | 0009| amount shall be two hundred fifty thousand dollars ($250,000) | 0010| and may be met by packaging up to ten separate loans satisfying | 0011| the requirements of this paragraph. The maximum loan amount | 0012| shall be two million dollars ($2,000,000); 4) the loan maturity | 0013| shall be not less than five years or more than thirty years; | 0014| 5) the maximum loan-to-value ratio shall be seventy-five percent | 0015| and based on current appraisal of the real property by an | 0016| appraiser who is licensed or certified in New Mexico and | 0017| approved by the state investment officer, which shall be made | 0018| not more than one hundred eighty days from the loan origination | 0019| date; 6) the interest rate of the loan shall be fixed for five | 0020| years and shall be adjusted at every fifth anniversary of the | 0021| note to the rate specified in Item 7) of this subparagraph; | 0022| 7) the yield on the state's participation interest shall in no | 0023| case be less than the greater of the then-prevailing yield on | 0024| United States treasury securities of five-year maturity plus two | 0025| and one-half percent or the yield received by the lending | 0001| institution calculated exclusive of servicing fees; 8) if | 0002| payment of principal or interest has not been made within one | 0003| hundred eighty days from the due date, unless extended pursuant | 0004| to agreement between the originating institution and the state | 0005| investment officer, the originating institution shall buy back | 0006| the state's participation interest in the loan, substitute | 0007| another qualifying loan or begin foreclosure proceedings; and | 0008| 9) if foreclosure proceedings are commenced, the state and the | 0009| originating institution shall share in proportion to their | 0010| participation interest, as provided in this subparagraph, in the | 0011| legal and other foreclosure expenses and in any loss incurred as | 0012| a result of a foreclosure sale; | 0013| (b) a standardized participation | 0014| agreement, the form of which shall be approved by the attorney | 0015| general's office, shall be executed between the investment | 0016| office and each eligible originating institution. The | 0017| participation agreement shall provide that the originating | 0018| institution shall not assign its interest in any loan covered by | 0019| the agreement without the prior written consent of the state | 0020| investment officer; | 0021| (c) a formal forward commitment program | 0022| may be instituted by the state investment officer with the | 0023| approval of the council; | 0024| (d) the council shall adopt regulations: | 0025| 1) defining passive investments; 2) establishing underwriting | 0001| guidelines; 3) ensuring diversification across a variety of | 0002| types of collateral, types of businesses and regions of the | 0003| state; and 4) providing for the review by the state investment | 0004| officer of servicing and other fees that may be charged by the | 0005| eligible institution; | 0006| (e) eligible institutions include banks, | 0007| savings and loan associations and credit unions operating in the | 0008| state; and | 0009| (f) real property is defined as land and | 0010| attached buildings, but excludes all interests that may be | 0011| secured by a security interest under Article 9 of the Uniform | 0012| Commercial Code, and mineral resource values. | 0013| B. The collateral required for either of the forms | 0014| of investment specified in Paragraph (8) or (9) of Subsection A | 0015| of this section shall be delivered to the state fiscal agent or | 0016| its designee contemporaneously with the transfer of funds or | 0017| delivery of the securities, at the earliest time industry | 0018| practice permits, but in all cases settlement shall be on a | 0019| same-day basis. | 0020| C. Neither of the contracts specified in Paragraph | 0021| (8) or (9) of Subsection A of this section shall be invested in | 0022| unless the contracting bank, brokerage firm or recognized | 0023| institutional investor has a net worth in excess of five hundred | 0024| million dollars ($500,000,000) or is a primary broker or primary | 0025| dealer." | 0001| Section 4. EFFECTIVE DATE.--The effective date of the | 0002| provisions of this act is July 1, 1996. | 0003| State of New Mexico | 0004| House of Representatives | 0005| | 0006| FORTY-SECOND LEGISLATURE | 0007| SECOND SESSION, 1996 | 0008| | 0009| | 0010| February 2, 1996 | 0011| | 0012| | 0013| Mr. Speaker: | 0014| | 0015| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0016| been referred | 0017| | 0018| HOUSE BILL 335 | 0019| | 0020| has had it under consideration and reports same with | 0021| recommendation that it DO PASS, amended as follows: | 0022| | 0023| 1. On page 6, line 6, strike "total" and insert in lieu | 0024| thereof "book value". | 0025| | 0001| 2. On page 6, line 7, after "invested" insert "at any given | 0002| time". | 0003| | 0004| 3. On page 6, line 10, after "invested" insert "at any given | 0005| time"., | 0006| | 0007| and thence referred to the APPROPRIATIONS AND FINANCE | 0008| COMMITTEE. | 0009| | 0010| Respectfully submitted, | 0011| | 0012| | 0013| | 0014| | 0015| Jerry W. Sandel, Chairman | 0016| | 0017| | 0018| Adopted Not Adopted | 0019| | 0020| (Chief Clerk) (Chief Clerk) | 0021| | 0022| Date | 0023| | 0024| The roll call vote was 12 For 0 Against | 0025| Yes: 12 | 0001| Excused: Gonzales | 0002| Absent: None | 0003| | 0004| | 0005| .111603.1 | 0006| H0335TR1 State of New Mexico | 0007| House of Representatives | 0008| | 0009| FORTY-SECOND LEGISLATURE | 0010| SECOND SESSION, 1996 | 0011| | 0012| | 0013| February 2, 1996 | 0014| | 0015| | 0016| Mr. Speaker: | 0017| | 0018| Your TAXATION AND REVENUE COMMITTEE, to whom has | 0019| been referred | 0020| | 0021| HOUSE BILL 335 | 0022| | 0023| has had it under consideration and reports same with | 0024| recommendation that it DO PASS, amended as follows: | 0025| | 0001| 1. On page 6, line 6, strike "total" and insert in lieu | 0002| thereof "book value". | 0003| | 0004| 2. On page 6, line 7, after "invested" insert "at any given | 0005| time". | 0006| | 0007| 3. On page 6, line 10, after "invested" insert "at any given | 0008| time"., | 0009| | 0010| and thence referred to the APPROPRIATIONS AND FINANCE | 0011| COMMITTEE. | 0012| | 0013| Respectfully submitted, | 0014| | 0015| | 0016| | 0017| | 0018| Jerry W. Sandel, Chairman | 0019| | 0020| | 0021| Adopted Not Adopted | 0022| | 0023| (Chief Clerk) (Chief Clerk) | 0024| | 0025| Date | 0001| | 0002| The roll call vote was 12 For 0 Against | 0003| Yes: 12 | 0004| Excused: Gonzales | 0005| Absent: None | 0006| | 0007| | 0008| .111603.1 | 0009| H0335TR1 State of New Mexico | 0010| House of Representatives | 0011| | 0012| FORTY-SECOND LEGISLATURE | 0013| SECOND SESSION, 1996 | 0014| | 0015| | 0016| February 6, 1996 | 0017| | 0018| | 0019| Mr. Speaker: | 0020| | 0021| Your APPROPRIATIONS AND FINANCE COMMITTEE, to | 0022| whom has been referred | 0023| | 0024| HOUSE BILL 335, as amended | 0025| | 0001| has had it under consideration and reports same with | 0002| recommendation that it DO PASS. | 0003| | 0004| Respectfully submitted, | 0005| | 0006| | 0007| | 0008| | 0009| Max Coll, Chairman | 0010| | 0011| | 0012| Adopted Not Adopted | 0013| | 0014| (Chief Clerk) (Chief Clerk) | 0015| | 0016| Date | 0017| | 0018| The roll call vote was 11 For 0 Against | 0019| Yes: 11 | 0020| Excused: Bird, Casey, Gentry, Martinez, Picraux, Salazar, | 0021| Watchman | 0022| Absent: none | 0023| | 0024| | 0025| | 0001| H0335AF1 | 0002| | 0003| FORTY-SECOND LEGISLATURE | 0004| SECOND SESSION, 1996 | 0005| | 0006| | 0007| February 12, 1996 | 0008| | 0009| Mr. President: | 0010| | 0011| Your WAYS AND MEANS COMMITTEE, to whom has been | 0012| referred | 0013| | 0014| HOUSE BILL 335, as amended | 0015| | 0016| has had it under consideration and reports same with | 0017| recommendation that it DO PASS, and thence referred to the | 0018| FINANCE COMMITTEE. | 0019| | 0020| Respectfully submitted, | 0021| | 0022| | 0023| | 0024| __________________________________ | 0025| TITO D. CHAVEZ, Chairman | 0001| | 0002| | 0003| | 0004| Adopted_______________________ Not Adopted_______________________ | 0005| (Chief Clerk) (Chief Clerk) | 0006| | 0007| | 0008| Date ________________________ | 0009| | 0010| | 0011| The roll call vote was 7 For 0 Against | 0012| Yes: 7 | 0013| No: 0 | 0014| Excused: Romero | 0015| Absent: None | 0016| | 0017| | 0018| H0335WM1 | 0019| | 0020| | 0021| | 0022| FORTY-SECOND LEGISLATURE | 0023| SECOND SESSION, 1996 | 0024| | 0025| | 0001| February 13, 1996 | 0002| | 0003| Mr. President: | 0004| | 0005| Your FINANCE COMMITTEE, to whom has been referred | 0006| | 0007| HOUSE BILL 335, as amended | 0008| | 0009| has had it under consideration and reports same with | 0010| recommendation that it DO PASS. | 0011| | 0012| Respectfully submitted, | 0013| | 0014| | 0015| | 0016| __________________________________ | 0017| Ben D. Altamirano, Chairman | 0018| | 0019| | 0020| | 0021| Adopted_______________________ Not Adopted_______________________ | 0022| (Chief Clerk) (Chief Clerk) | 0023| | 0024| | 0025| | 0001| Date ________________________ | 0002| | 0003| | 0004| The roll call vote was 8 For 0 Against | 0005| Yes: 8 | 0006| No: 0 | 0007| Excused: Donisthorpe, Duran, Ingle, Kidd, Kysar | 0008| Absent: None | 0009| | 0010| | 0011| H0335FC1 | 0012| |