0001| SENATE BILL 690
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| MANNY M. ARAGON
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0006|
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0007|
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0008|
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0009|
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0010|
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0011| AN ACT
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0012| RELATING TO FUND TRANSFERS; PROVIDING FOR TRANSFERS TO THE
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0013| GENERAL FUND; PROVIDING AUTHORITY FOR TRANSFERS TO THE GENERAL
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0014| FUND OPERATING RESERVE UNDER CERTAIN CONDITIONS; DECLARING AN
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0015| EMERGENCY.
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0016|
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0017| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018| Section 1. TRANSFERS TO THE GENERAL FUND.--To compensate
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0019| for the anticipated revenue shortfall in fiscal year 1996, the
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0020| following amounts are transferred from the funds specified to
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0021| the general fund:
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0022| A. seventeen million dollars ($17,000,000) from the
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0023| workers' compensation retention fund; and
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0024| B. seventeen million dollars ($17,000,000) from the
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0025| public liability fund.
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0001| Section 2. AUTHORITY TO TRANSFER AMOUNTS TO THE GENERAL
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0002| FUND OPERATING RESERVE.--
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0003| A. Pursuant to the provisions of Subsection B of
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0004| this section, during fiscal year 1997 the governor is authorized
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0005| to transfer the following amounts from the funds specified to
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0006| the general fund operating reserve:
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0007| (1) a maximum of thirteen million dollars
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0008| ($13,000,000) from the workers' compensation retention fund;
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0009| (2) a maximum of thirteen million dollars
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0010| ($13,000,000) from the public liability fund;
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0011| (3) a maximum of seven million seven hundred
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0012| fifty thousand dollars ($7,750,000) from the subsequent injury
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0013| fund;
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0014| (4) a maximum of five million dollars
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0015| ($5,000,000) from the risk account in the public school
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0016| insurance fund; or
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0017| (5) a maximum of one million two hundred fifty
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0018| thousand dollars ($1,250,000) from the long-term lease guarantee
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0019| fund.
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0020| B. The authorization in Subsection A of this section
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0021| is contingent upon the following:
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0022| (1) at the end of fiscal year 1996, the total
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0023| amount in the general fund operating reserve, the state-support
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0024| reserve fund and the appropriation contingency fund is less than
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0025| one million dollars ($100,000,000);
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0001| (2) the governor finds that the total amount
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0002| projected to be in the general fund operating reserve, the
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0003| state-support reserve fund and the appropriation contingency
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0004| fund at the end of fiscal year 1997 is less than one hundred
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0005| forty million dollars ($140,000,000); and
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0006| (3) the governor finds that the amount in the
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0007| general fund operating reserve is at a level that is either
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0008| insufficient to address a severe emergency or revenue shortfall
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0009| or is jeopardizing the rating for bonds issued by the state.
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0010| C. Any transfers made pursuant to the provisions of
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0011| Subsections A and B of this section are appropriated to the
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0012| general fund operating reserve.
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0013| Section 3. EMERGENCY.--It is necessary for the public
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0014| peace, health and safety that this act take effect immediately.
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0015|
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0016|
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0017| FORTY-SECOND LEGISLATURE
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0018| SECOND SESSION, 1996
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0019|
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0020|
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0021| JANUARY 31, 1996
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0022|
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0023| Mr. President:
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0024|
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0025| Your COMMITTEES' COMMITTEE, to whom has been referred
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0001|
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0002| SENATE BILL 690
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0003|
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0004| has had it under consideration and finds same to be GERMANE, PURSUANT
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0005| TO CONSTITUTIONAL PROVISIONS, and thence referred to the FINANCE
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0006| COMMITTEE.
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0007|
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0008| Respectfully submitted,
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0009|
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0010|
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0011|
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0012|
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0013| __________________________________
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0014| SENATOR MANNY M. ARAGON, Chairman
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0015|
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0016|
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0017|
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0018| Adopted_______________________ Not Adopted_______________________
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021|
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0022| Date ________________________
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0023|
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0024|
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0025|
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0001| S0690CC1
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0002|
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0003| FORTY-SECOND LEGISLATURE
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0004| SECOND SESSION, 1996
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0005|
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0006|
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0007| February 12, 1996
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0008|
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0009| Mr. President:
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0010|
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0011| Your FINANCE COMMITTEE, to whom has been referred
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0012|
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0013| SENATE BILL 690
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0014|
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0015| has had it under consideration and reports same with recommendation that
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0016| it DO PASS.
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0017|
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0018| Respectfully submitted,
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0019|
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0020|
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0021|
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0022| __________________________________
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0023| Ben D. Altamirano, Chairman
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0024|
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0025|
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0001|
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0002| Adopted_______________________ Not Adopted_______________________
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0003| (Chief Clerk) (Chief Clerk)
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0004|
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0005|
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0006|
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0007| Date ________________________
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0008|
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0009|
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0010| The roll call vote was 8 For 0 Against
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0011| Yes: 8
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0012| No: 0
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0013| Excused: Donisthorpe, Duran, Ingle, Kidd, Kysar
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0014| Absent: None
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0015|
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0016|
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0017| S0690FC1
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0018|
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