FORTY-SIXTH LEGISLATURE

FIRST SESSION, 2003





March 4, 2003





Mr. Speaker:



Your GOVERNMENT AND URBAN AFFAIRS COMMITTEE, to whom has been referred



HOUSE BILL 918



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



1. On page 2, strike lines 4 through 7.



2. On page 2, line 15, strike "and" and insert in lieu thereof a comma.



3. On page 2, line 16, before the period insert "and within guidelines and policies established by the council".



4. On page 3, line 8, after the semicolon insert "and".



5. On page 3, lines 9 through 11, strike Paragraph (2) in its entirety.



6. Renumber the succeeding paragraph accordingly.



7. On page 5, line 7, strike "forty-nine" and insert in lieu thereof "fifty-one".



8. On page 5, line 8, strike the period and insert in lieu thereof the following:



"; provided, however, that nothing in this subsection prohibits the ownership of more than fifty-one percent of the total investment capital in a New Mexico business if the additional ownership interest:

(1) is due to foreclosure or other action by the state investment officer pursuant to agreements with the business or other investors in that business;



(2) is necessary to protect the investment; and

(3) does not require an additional investment of the severance tax permanent fund.",



and thence referred to the APPROPRIATIONS AND FINANCE COMMITTEE.



Respectfully submitted,







Mimi Stewart, Chairman





Adopted Not Adopted

(Chief Clerk) (Chief Clerk)



Date



The roll call vote was 7 For 0 Against

Yes: 7

Excused: Wallace

Absent: None





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