February 15, 2000

Mr. President:

Your FINANCE COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 2, between lines 21 and 22, insert the following subsection:

"C. If state office building tax revenue bonds, issued pursuant to Section 2 of this act, are outstanding, then, as amounts become available in the property control reserve fund, as much of the property control reserve fund as is necessary to pay the debt service and other payments on the bonds plus any amount needed for any required reserves shall be transferred from the property control fund to the state office building bonding fund.".

2. On page 2, line 22, strike "C. As" and insert in lieu thereof "D. If state office building tax revenue bonds have not been issued pursuant to Section 2 of this act or if the bonds have been issued but are no longer outstanding, then, as".

3. On page 3, lines 8 and 9, strike "seventy-five million dollars ($75,000,000)" and insert in lieu thereof "thirty million dollars ($30,000,000)".

4. On page 3, line 13, after "act" insert "and that there are sufficient amounts in the property control reserve fund to pay all of the debt service and other payments on the proposed bonds for the first twenty-four months after the bonds are issued".

5. On page 3, line 20, strike "reserve fund" and insert in lieu thereof "division of the general services department for expenditure in fiscal year 2000 and subsequent fiscal years for the purpose of making the acquisitions pursuant to Section 1 of this act".

Respectfully submitted,

__________________________________

Ben D. Altamirano, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 8 For 0 Against

Yes: 8

No: 0

Excused: Carraro, Eisenstadt, McKibben, Rodriguez, Tsosie

Absent: None

S0134FC1 .132491.2