0001|                           SENATE BILL 1030
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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 M. ROMERO
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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|     AUTHORIZING THE NEW MEXICO FINANCE AUTHORITY TO ISSUE REVENUE
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0012|     BONDS PAYABLE FROM THE PETROLEUM PRODUCTS LOADING FEE; AMENDING
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0013|     AND ENACTING SECTIONS OF THE NMSA 1978; DECLARING AN EMERGENCY.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 7-1-6.25 NMSA 1978 (being Laws 1988,
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0017|     Chapter 70, Section 9, as amended) is amended to read:
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0018|          "7-1-6.25.  DISTRIBUTION OF PETROLEUM PRODUCTS LOADING
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0019|     FEE--CORRECTIVE ACTION FUND--LOCAL GOVERNMENTS ROAD FUND.--A
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0020|     distribution pursuant to Section 7-1-6.1 NMSA 1978 of the net
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0021|     receipts attributable to the petroleum products loading fee
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0022|     shall be made to each of the following funds in the following
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0023|     amounts:
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0024|               A.  to the local governments road fund an amount
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0025|     equal to the net receipts attributable to a fee of forty
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0001|     dollars ($40.00) per load; and
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0002|               B.  to the corrective action fund the balance, if
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0003|     any, of the net receipts. <u>The secretary of taxation and
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<u></u>0004| <u>    revenue is authorized to redirect all or a portion of the
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<u></u>0005| <u>    distribution of the petroleum products loading fee from the
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<u></u>0006| <u>    corrective action fund to the New Mexico finance authority
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<u></u>0007| <u>    pursuant to a certification from the secretary of environment
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<u></u>0008| <u>    authorizing such redirection in connection with issuance by the
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<u></u>0009| <u>    New Mexico finance authority of bonds payable from the
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<u></u>0010| <u>    petroleum products loading fee.</u>"
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0011|          Section 2.  [<u>NEW MATERIAL</u>]  NEW MEXICO FINANCE AUTHORITY
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0012|     REVENUE BONDS--PURPOSE--APPROPRIATION.--
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0013|               A.  The New Mexico finance authority may issue and
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0014|     sell revenue bonds in compliance with the New Mexico Finance
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0015|     Authority Act in installments or at one time in an amount not
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0016|     to exceed seven million dollars ($7,000,000) for the payment of
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0017|     claims associated with underground storage tank remediation
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0018|     projects for the department of environment and paying expenses
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0019|     connected with the sale and issuance of the bonds.
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0020|               B.  The New Mexico finance authority may issue and
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0021|     sell revenue bonds authorized by this section when the
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0022|     secretary of environment certifies the need for issuance of the
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0023|     bonds.  The proceeds from the sale of the bonds are
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0024|     appropriated to the department of environment for the purposes
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0025|     enumerated in Subsection A of this section.
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0001|               C.  Money deposited in the corrective action fund
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0002|     and redirected to the New Mexico finance authority pursuant to
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0003|     Section 7-1-6.25 NMSA 1978 shall be distributed monthly to the
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0004|     authority to be pledged irrevocably for the payment of the
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0005|     principal, interest, premium, expenses and obligations related
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0006|     to the bonds authorized by Subsection A of this section.
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0007|               D.  Money from the corrective action fund
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0008|     distributed monthly to the New Mexico finance authority shall
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0009|     be deposited in a segregated bond fund or account of the
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0010|     authority.  At the end of each month, any money remaining in
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0011|     the special bond fund or account from distributions made to the
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0012|     authority during the month, after debt service accumulations,
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0013|     expenses or obligations required by the resolution authorizing
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0014|     issuance of the bonds to be made during the month and any
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0015|     deficiencies from prior months are fully satisfied or paid,
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0016|     shall be transferred by the authority to the corrective action
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0017|     fund.  Upon payment of all principal, interest, premium,
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0018|     expenses or obligations related to the bonds, the New Mexico
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0019|     finance authority shall certify to the department of
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0020|     environment that all obligations for the bonds issued pursuant
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0021|     to this section have been fully discharged and shall direct the
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0022|     taxation and revenue department to cease distributing money to
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0023|     the authority pursuant to Section 7-1-6.25 NMSA 1978.
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0024|               E.  The legislature shall not repeal, amend or
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0025|     otherwise modify any law that affects, reduces or impairs the
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0001|     imposition of the petroleum products loading fee, the
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0002|     collection of the petroleum products loading fee by the
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0003|     taxation and revenue department or the distribution of the
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0004|     petroleum products loading fee to the New Mexico finance
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0005|     authority or otherwise affects any revenue bonds of the New
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0006|     Mexico finance authority secured by a pledge of the petroleum
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0007|     products loading fee and distributed to the corrective action
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0008|     fund or the authority pursuant to Section 7-1-6.25 NMSA 1978
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0009|     until the revenue bonds and the interest on the bonds are fully
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0010|     met and discharged or provision has been made for their full
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0011|     payment and discharge.
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0012|          Section 3.  EMERGENCY.--It is necessary for the public
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0013|     peace, health and safety that this act take effect immediately.
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0014|                                    
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0015|   
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0016|                      FORTY-THIRD LEGISLATURE
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0017|                        FIRST SESSION, 1997
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0018|   
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0019|   
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0020|                                               February 26, 1997
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0021|   
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0022|   Mr. President:
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0023|   
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0024|       Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
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0025|   whom has been referred
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0001|   
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0002|                          SENATE BILL 1030
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0003|   
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0004|   has had it under consideration and reports same with
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0005|   recommendation that it DO PASS, and thence referred to the
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0006|   WAYS & MEANS 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|                                Roman M. Maes, III, Chairman 
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0015|   
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0016|   
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0017|   
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0018|   Adopted_______________________   Not
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0019|   Adopted_______________________
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0020|             (Chief Clerk)                          (Chief Clerk)
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0021|   
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0022|   
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0023|                     Date ________________________
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0024|   
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0025|   
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0001|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
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0002|           Yes:    8
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0003|           No:     0
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0004|                Excused:     Fidel, Robinson
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0005|           Absent: None
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0006|   
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0007|   
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0008|   S1030CT1
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0009|   
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0010|     
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0011|   
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0012|                      FORTY-THIRD LEGISLATURE
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0013|                        FIRST SESSION, 1997
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0014|   
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0015|   
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0016|                                                   March 3, 1997
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0017|   
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0018|   Mr. President:
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0019|   
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0020|       Your WAYS AND MEANS COMMITTEE, to whom has been
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0021|   referred
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0022|   
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0023|                          SENATE BILL 1030
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0024|   
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0025|   has had it under consideration and reports same with
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0001|   recommendation that it DO PASS, and thence referred to the
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0002|   FINANCE COMMITTEE.
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0003|   
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0004|                                Respectfully submitted,
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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|                                Carlos R. Cisneros, Chairman 
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0011|   
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0012|   
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0013|   
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0014|   Adopted_______________________   Not
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0015|   Adopted_______________________
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0016|             (Chief Clerk)                          (Chief Clerk)
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0017|   
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0018|   
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0019|                     Date ________________________
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0020|   
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0021|   
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0022|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0023|           Yes:    6
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0024|           No:     0
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0025|                Excused:     Duran, Jennings, Wilson
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0001|           Absent: None
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0002|   
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0003|   
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0004|   S1030WM1
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0005|   
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0006|     
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0007|   
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0008|                      FORTY-THIRD LEGISLATURE
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0009|                        FIRST SESSION, 1997
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0010|   
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0011|   
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0012|                                                   March 6, 1997
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0013|   
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0014|   Mr. President:
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0015|   
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0016|       Your FINANCE COMMITTEE, to whom has been referred
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0017|   
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0018|                          SENATE BILL 1030
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0019|   
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0020|   has had it under consideration and reports same with
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0021|   recommendation that it DO PASS, amended as follows:
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0022|   
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0023|       1.  On page 2, line 16, strike "seven million dollars
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0024|   ($7,000,000)" and insert "fourteen million dollars ($14,000,000)
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0025|   issued and outstanding at any time".
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0001|   
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0002|   
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0003|                                Respectfully submitted,
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0004|   
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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|                                Ben D. Altamirano, Chairman 
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0010|   
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0011|   
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0012|   
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0013|   Adopted_______________________   Not
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0014|   Adopted_______________________
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0015|             (Chief Clerk)                          (Chief Clerk)
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0016|   
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0017|   
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0018|                     Date ________________________
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0019|   
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0020|   
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0021|   The roll call vote was <u> 5 </u> For <u> 1 </u> Against
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0022|           Yes:    5
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0023|           No:     Lyons
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0024|                Excused:     Aragon, Carraro, Eisenstadt, McKibben, Fidel
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0025|           Absent: None
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0001|   
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0002|   
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0003|   S1030FC1
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0004|   
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