FORTY-EIGHTH LEGISLATURE

FIRST SESSION, 2007

March 12, 2007

Mr. Speaker:

    Your JUDICIARY COMMITTEE, to whom has been referred

SENATE BILL 634, as amended

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

     1. On page 6, between lines 7 and 8, insert the following new section:

     "Section 4. DELAYED REPEAL--REVERSION OF FUND BALANCES.--

          A. On July 1, 2012, Section 22-24-6.2 NMSA 1978, as enacted by Section 2 of this act, and Section 3 of this act are repealed.

          B. Upon the repeal of Section 3 of this act, the proportion of the unencumbered balance of the charter school capital outlay fund that is attributable to proceeds of severance tax bonds shall revert to the severance tax bonding fund and the remaining unencumbered balance shall revert to the general fund.".