February 14, 2003

Mr. Speaker:

Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 419

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

1. On page 1, line 12, after the semicolon strike the remainder of the line, strike lines 13 through 15 and insert in lieu thereof "AMENDING SECTIONS OF THE NMSA 1978.".

2. On page 2, line 4, remove the brackets and line through "thirty" and strike "sixty".

3. On page 2, line 17, strike the closing quotation mark.

4. On page 2, between lines 17 and 18, insert the following new subsection:

"D. The municipality shall notify the board of county commissioners and the county assessor when an industrial revenue bond has matured, expired or been replaced by a refunding bond."".

5. On pages 2 through 4, strike Section 2 in its entirety.

6. Renumber the succeeding section accordingly.

7. On page 4, line 10, strike "CLASS A COUNTY--".

8. On page 4, line 18, remove the brackets and line through "thirty" and strike "sixty".

9. On page 5, line 6, strike the closing quotation mark.

10. On page 5, between lines 6 and 7, insert the following new subsection:

"D. The county shall notify the board of county

commissioners and the county assessor when an industrial revenue bond has matured, expired or been replaced by a refunding bond."".

11. On pages 5 through 8, strike Sections 4 and 5 in their entirety.

Respectfully submitted,

______________________________

Donald L. Whitaker, Chairman

Adopted Not Adopted (Chief Clerk) (Chief Clerk)

The roll call vote was 12 For 0 Against

Yes: 12

Excused: Boykin, Hanosh, White

Absent: Crook

.145302.1

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