0001| HOUSE BILL 495
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| RICHARD T. KNOWLES
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0005|
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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| AN ACT
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0011| RELATING TO THE NEW MEXICO MILITARY INSTITUTE; PROVIDING FOR
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0012| INVESTMENT OF THE LEGISLATIVE SCHOLARSHIP FUND.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. Section 21-12-14 NMSA 1978 (being Laws 1990,
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0016| Chapter 109, Section 2) is amended to read:
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0017| "21-12-14. INVESTMENT OF FUND. [A.] The board of
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0018| regents of New Mexico military institute may invest and
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0019| reinvest the legislative scholarship fund in accordance with
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0020| state investment council policy for investment of the state's
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0021| permanent funds, subject to the approval of the state
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0022| investment council after explanation and presentation of the
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0023| investment plan.
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0024| [B. The legislative scholarship fund may be
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invested in:
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(1) bonds, notes or other obligations of the
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United States or those guaranteed by the United States or for
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which the credit of the United States is pledged for the
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payment of the principal and interest or dividends thereof;
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(2) bonds, notes, debentures, equipment trust
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certificates, conditional sales agreements or other evidences
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of indebtedness of any corporation organized and operating
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within the United States rated not less than A by a national
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rating service; and
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(3) common and preferred stocks and
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convertible issues of any corporation organized and operating
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within the United States; provided that it has a minimum net
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worth of twenty-five million dollars ($25,000,000) and
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securities listed on one or more national stock exchanges; and
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provided further that the fund shall not own more than five
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percent of the voting stock of any company. Common stocks
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should represent a diversified portfolio with an above-average
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current yield and the prospect for dividend increases and
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capital appreciation.]"
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0020| State of New Mexico
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0021| House of Representatives
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0022|
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0023| FORTY-THIRD LEGISLATURE
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0024| FIRST SESSION, 1997
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0025|
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0001|
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0002| February 21, 1997
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0003|
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0004|
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0005| Mr. Speaker:
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0006|
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0007| Your EDUCATION COMMITTEE, to whom has been referred
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0008|
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0009| HOUSE BILL 495
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0010|
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0011| has had it under consideration and reports same with
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0012| recommendation that it DO PASS, amended as follows:
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0013|
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0014| 1. On page 1, line 20, after "for" strike the remainder of
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0015| the line and insert in lieu thereof "market rate investments for
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0016| the severance tax permanent fund,".,
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0017|
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0018| and thence referred to the APPROPRIATIONS AND FINANCE
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0019| COMMITTEE.
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0020|
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0021| Respectfully submitted,
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0022|
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0023|
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0024|
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0025|
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0001|
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0002| Samuel F. Vigil, Chairman
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0003|
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0004|
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0005| Adopted Not Adopted
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0006|
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0007| (Chief Clerk) (Chief Clerk)
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0008|
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0009| Date
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0010|
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0011| The roll call vote was 8 For 0 Against
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0012| Yes: 8
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0013| Excused: Nicely, Trujillo, Weeks, S.M. Williams, Wright
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0014| Absent: None
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0015|
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0016|
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0017| .117427.1
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0018| G:\BILLTEXT\BILLW_97\H0495 State of New Mexico
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0019| House of Representatives
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0020|
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0021| FORTY-THIRD LEGISLATURE
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0022| FIRST SESSION, 1997
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0023|
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0024|
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0025| February 21, 1997
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0001|
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0002|
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0003| Mr. Speaker:
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0004|
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0005| Your EDUCATION COMMITTEE, to whom has been referred
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0006|
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0007| HOUSE BILL 495
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0008|
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0009| has had it under consideration and reports same with
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0010| recommendation that it DO PASS, amended as follows:
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0011|
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0012| 1. On page 1, line 20, after "for" strike the remainder of
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0013| the line and insert in lieu thereof "market rate investments for
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0014| the severance tax permanent fund,".,
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0015|
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0016| and thence referred to the APPROPRIATIONS AND FINANCE
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0017| COMMITTEE.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023|
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0024|
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0025| Samuel F. Vigil, Chairman
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0001|
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0002|
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0003| Adopted Not Adopted
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0004|
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0005| (Chief Clerk) (Chief Clerk)
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0006|
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0007| Date
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0008|
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0009| The roll call vote was 8 For 0 Against
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0010| Yes: 8
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0011| Excused: Nicely, Trujillo, Weeks, S.M. Williams, Wright
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0012| Absent: None
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0013|
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0014|
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0015| .117427.1
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0016| G:\BILLTEXT\BILLW_97\H0495 State of New Mexico
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0017| House of Representatives
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0018|
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0019| FORTY-THIRD LEGISLATURE
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0020| FIRST SESSION, 1997
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0021|
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0022|
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0023| March 5, 1997
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0024|
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0025|
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0001| Mr. Speaker:
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0002|
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0003| Your APPROPRIATIONS AND FINANCE COMMITTEE, to
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0004| whom has been referred
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0005|
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0006| HOUSE BILL 495, as amended
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0007|
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0008| has had it under consideration and reports same with
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0009| recommendation that it DO PASS.
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0010|
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0011| Respectfully submitted,
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0012|
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0013|
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0014|
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0015|
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0016|
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0017| Max Coll, Chairman
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0018|
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0019|
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0020| Adopted Not Adopted
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0021|
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0022| (Chief Clerk) (Chief Clerk)
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0023|
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0024| Date
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0025|
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0001| The roll call vote was 11 For 0 Against
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0002| Yes: 11
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0003| Excused: Bird, Coll, Picraux, Salazar, Wallace, Watchman
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0004| Absent: None
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0005|
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0006|
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0007| G:\BILLTEXT\BILLW_97\H0495
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