FORTY-THIRD LEGISLATURE
                          FIRST SESSION, 1997               SB 103/a
  
  
                                                    February 5, 1997
  
  Mr. President:
  
      Your PUBLIC AFFAIRS COMMITTEE, to whom has been referred
  
                            SENATE BILL 103
  
  has had it under consideration and reports same WITHOUT
  RECOMMENDATION, amended as follows:
  
      1.  On page 1, strike lines 11 and 12 and insert in lieu thereof:
  "RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
  SEVERANCE TAX BONDS FOR EQUIPMENT PURCHASE FOR ECONOMIC DEVELOPMENT IN
  THE VILLAGE OF HATCH IN DONA ANA COUNTY; MAKING AN APPROPRIATION;
  DECLARING AN EMERGENCY.".
      
  2.  On page 1, strike lines 15 through 21 and insert in lieu thereof:
  
      "Section 1.  SEVERANCE TAX BONDS--DEPARTMENT OF FINANCE AND
  ADMINISTRATION--PURPOSE.--The state board of finance may issue and
  sell severance tax bonds in compliance with the Severance Tax Bonding
  Act in an amount not exceeding fifty thousand dollars ($50,000) when
  the local government division of the department of finance and
  administration certifies the need for the issuance of the bonds.  The
  state board of finance shall schedule the issuance and sale of the
  bonds in the most expeditious and economical manner possible upon a
  finding by the board that the project has been developed sufficiently
  to justify the issuance and that the project can proceed to contract
  within a reasonable time.  The state board of finance shall further
  take the appropriate steps necessary to comply with the Internal
  Revenue Code of 1986, as amended.  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  The proceeds from the sale of the bonds are appropriated to the local
  government division of the department of finance and administration
  for the purpose of purchasing equipment to establish a recycling plant
  in the village of Hatch in Dona Ana county.  Any unexpended or
  unencumbered balance remaining at the end of fiscal year 2000 shall
  revert to the severance tax bonding fund.  If the local government
  division of the department of finance and administration has not
  certified the need for the issuance of the bonds by the end of fiscal
  year 1999, the authorization provided in this section shall be
  void.".,
  
  and thence referred to the FINANCE COMMITTEE.
  
                                   Respectfully submitted,
  
  
  
                                   _________________________________
                                   Shannon Robinson, Chairman 
  
  
  Adopted_______________________        Not Adopted______________________
            (Chief Clerk)                            (Chief Clerk)
  
  
                    Date ________________________
  
  
  The roll call vote was  6  For  0  Against
          Yes:    6
          No:     0
               Excused:     Boitano, Rodarte, Smith
          Absent: None
  
  
  
S0103PA1                                                 .115918.1