March 15, 1999

SENATE FLOOR AMENDMENT number _______ to SENATE BILL 623, as amended

Amendment sponsored by Senator Sue F. Wilson

1. On page 1, line 11, strike "A SECTION" and insert in lieu thereof "SECTIONS".

2. On page 1, line 12, strike "PROVIDING" and insert in lieu thereof "TO PROVIDE" and before the period insert "AND GOVERNMENTAL GROSS RECEIPTS TAXES".

3. On page 2, between lines 19 and 20, insert the following new section:

"Section 2. Section 7-1-6.38 NMSA 1978 (being Laws 1994, Chapter 145, Section 1, as amended) is amended to read:

"7-1-6.38. DISTRIBUTION--GOVERNMENTAL GROSS RECEIPTS TAX.--

A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 [shall be made to the public project revolving fund administered by the New Mexico finance authority] in an amount equal to seventy-five percent of the net receipts attributable to the governmental gross receipts tax shall be made as follows:

(1) prior to July 1, 2000, to the public project revolving fund administered by the New Mexico finance authority; and

(2) after July 1, 2000, to the public projects revolving fund administered by the New Mexico finance authority, with ninety-five percent of the amount to be retained in the fund and with five percent to be distributed at the end of each fiscal year to the authority for administrative costs after any necessary payments have been made for obligations payable in that fiscal year from those receipts.

B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the energy, minerals and natural resources department in an amount equal to twenty-five percent of the net receipts attributable to the governmental gross receipts tax. Forty percent of the distribution is appropriated to the energy, minerals and natural resources department to implement the provisions of the New Mexico Youth Conservation Corps Act, and sixty percent of the distribution is appropriated to the energy, minerals and natural resources department for state park and recreation area capital improvements, including the costs of planning, engineering, design, construction, renovation, repair, equipment and furnishings.

C. The state pledges to and agrees with the holders of any bonds or notes issued by the New Mexico finance authority or by the energy, minerals and natural resources department and payable from the net receipts attributable to the governmental gross receipts tax distributed to the New Mexico finance authority or the energy, minerals and natural resources department pursuant to this section that the state will not limit, reduce or alter the distribution of the net receipts attributable to the governmental gross receipts tax to the New Mexico finance authority or the energy, minerals and natural resources department or limit, reduce or alter the rate of imposition of the governmental gross receipts tax until the bonds or notes together with the interest thereon are fully met and discharged. The New Mexico finance authority and the energy, minerals and natural resources department are authorized to include this pledge and agreement of the state in any agreement with the holders of the bonds or notes."".

_______________________________

Sue F. Wilson

Adopted ___________________ Not Adopted ________________________

 (Chief Clerk) (Chief Clerk)

Date _________________