0001|                           SENATE BILL 618
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                               DON KIDD
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0005|     
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0006|                                   
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0007|     
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0008|      FOR THE COURTS, CORRECTIONS AND CRIMINAL JUSTICE COMMITTEE
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO INSTITUTIONAL FUNDS; ENACTING THE UNIFORM
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0012|     MANAGEMENT OF INSTITUTIONAL FUNDS ACT; REGARDING AUTHORITY TO
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0013|     INVEST FUNDS; PROVIDING FOR DELEGATION OF AUTHORITY TO MANAGE
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0014|     FUNDS; PROVIDING A STANDARD OF CONDUCT AND PORTFOLIO STRATEGY
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0015|     FOR MANAGEMENT OF FUNDS; AMENDING AND ENACTING SECTIONS OF THE
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0016|     NMSA 1978.
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0017|     
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0018|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0019|          Section 1.  [<u>NEW MATERIAL</u>]  DEFINITIONS.--As used in the
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0020|     Uniform Management of Institutional Funds Act:
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0021|               A.  "institution" means:
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0022|                    (1)  an incorporated or unincorporated
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0023|     organization organized and operated exclusively for
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0024|     educational, religious, charitable or other eleemosynary
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0025|     purposes; 
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0001|                    (2)  a government, a governmental subdivision
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0002|     or agency or other governmental organization to the extent that
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0003|     it holds funds exclusively for educational, religious,
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0004|     charitable or other eleemosynary purposes; or
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0005|                    (3)  an organization described in Section
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0006|     501(c)(3) of the Internal Revenue Code organized and operated
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0007|     exclusively to support one or more organizations described in
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0008|     Paragraphs (1) and (2) of Subsection A of this section;
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0009|               B.  "institutional fund" means a fund held by an
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0010|     institution for its exclusive use, benefit or purposes, or for
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0011|     the exclusive use, benefit or purposes of one or more other
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0012|     institutions, but does not include:
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0013|                    (1)  a fund held for an institution by a
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0014|     trustee that is not an institution;
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0015|                    (2)  a fund in which a beneficiary that is not
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0016|     an institution has an interest, other than possible rights that
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0017|     could arise upon violation or failure of the purposes of the
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0018|     fund;
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0019|                    (3)  a fund established pursuant to the
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0020|     provisions of Article 8, Section 10 of the constitution of New
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0021|     Mexico; or
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0022|                    (4)  a fund established pursuant to the
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0023|     provisions of Article 12, Section 2 of the constitution of New

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0024|     Mexico;
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0025|               C.  "endowment fund" means an institutional fund, or
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0001|     any part thereof, not wholly expendable by the institution on a
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0002|     current basis under the terms of the applicable gift
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0003|     instrument;
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0004|               D.  "governing board" means the body responsible for
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0005|     the management of an institution or of an institutional fund;
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0006|               E.  "historic dollar value" means the aggregate fair
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0007|     value in dollars of: 
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0008|                    (1)  an endowment fund at the time it became an
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0009|     endowment fund; 
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0010|                    (2)  each subsequent donation to the fund at
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0011|     the time it is made; and 
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0012|                    (3)  each accumulation made pursuant to a
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0013|     direction in the applicable gift instrument at the time the
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0014|     accumulation is added to the fund.  The determination of
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0015|     historic dollar value made in good faith by the institution is
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0016|     conclusive; and
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0017|               F.  "gift instrument" means a will, deed, grant,
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0018|     conveyance, agreement, memorandum, writing, articles, bylaws,
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0019|     charter, declaration, agreement, constitutional provision, law,
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0020|     rule, regulation or other governing document under which
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0021|     property is transferred to or held by an institution as an
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0022|     institutional fund.
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0023|          Section 2.  [<u>NEW MATERIAL</u>]  ACCUMULATION OF ANNUAL NET
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0024|     INCOME--RESERVE--APPROPRIATION OF APPRECIATION.--
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0025|               A.  The governing board may accumulate so much of
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0001|     the annual net income of an institutional fund as is prudent
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0002|     under the standard established by Section 6 of the Uniform
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0003|     Management of Institutional Funds Act.  The governing board may
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0004|     hold any or all of the accumulated annual net income in an
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0005|     income reserve for subsequent expenditure for the uses and
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0006|     purposes for which the institutional fund is established or may
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0007|     add any or all of the accumulated annual net income to the
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0008|     principal of the institutional fund as is prudent under the
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0009|     standard established by Section 6 of the Uniform Management of
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0010|     Institutional Funds Act.
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0011|               B.  Subject to the limitation set forth in
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0012|     Subsection C of this section, the governing board may
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0013|     appropriate for expenditure for the uses and purposes for which
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0014|     an endowment fund is established so much of the net
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0015|     appreciation, realized and unrealized, in the fair value of the
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0016|     assets of an endowment fund over the historic dollar value of
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0017|     the fund as is prudent under the standard established by
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0018|     Section 6 of the Uniform Management of Institutional Funds Act.
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0019|               C.  The appropriation for expenditure by the
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0020|     governing board of the net appreciation of an endowment fund in
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0021|     any one year in an amount greater than seven percent of the
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0022|     fair market value of the endowment fund, calculated on the
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0023|     basis of market values determined at least quarterly and
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0024|     averaged over a period of three or more years, shall create a
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0025|     rebuttable presumption of imprudence on the part of the
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0001|     governing board.
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0002|               D.  This section does not limit the authority of the
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0003|     governing board to expend funds as permitted under other law,
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0004|     the terms of the applicable gift instrument or charter, or the 
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0005|     articles of incorporation or other governing instrument of the
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0006|     institution.
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0007|          Section 3.  [<u>NEW MATERIAL</u>]  RULES OF CONSTRUCTION.--
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0008|               A.  Section 2 of the Uniform Management of
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0009|     Institutional Funds Act does not apply if, and to the extent
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0010|     that, the applicable gift instrument indicates the donor's
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0011|     intention that annual net income shall not be accumulated or
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0012|     added to the principal or that net appreciation shall not be
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0013|     expended.  A restriction upon accumulation of annual net income
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0014|     or addition of such income to the principal or the expenditure
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0015|     of net appreciation may not be implied from a designation of a
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0016|     gift as an endowment or from a direction or authorization in
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0017|     the applicable gift instrument to use only "income",
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0018|     "interest", "dividends" or "rents, issues or profits", or "to
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0019|     preserve the principal intact", or a direction that contains
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0020|     other words of similar import.
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0021|               B.  Except as otherwise provided in Subsection A of
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0022|     this section, the following terms or comparable language in the
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0023|     provisions of a gift instrument, unless otherwise limited or
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0024|     modified, authorizes any investment strategy permitted under
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0025|     the Uniform Management of Institutional Funds Act: 
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0001|     "investments permitted by law for investment of trust funds",
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0002|     "legal investments", "authorized investments", "using the
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0003|     judgment and care under the circumstances then prevailing that
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0004|     persons of prudence, discretion and intelligence exercise in
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0005|     the management of their own affairs, not in regard to
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0006|     speculation, but in regard to the permanent disposition of
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0007|     their funds, considering the probable income as well as the
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0008|     probable safety of their capital", "prudent man rule", "prudent
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0009|     trustee rule", "prudent person rule" and "prudent investor
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0010|     rule".
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0011|          Section 4.  [<u>NEW MATERIAL</u>]  INVESTMENT AUTHORITY.--In
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0012|     addition to an investment otherwise authorized by law or by the
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0013|     applicable gift instrument, and without restriction to
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0014|     investments a fiduciary may make, but subject to any specific
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0015|     limitations set forth in the applicable gift instrument or in
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0016|     the applicable law other than law relating to investments by a
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0017|     fiduciary, the governing board may:
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0018|               A.  invest and reinvest an institutional fund in
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0019|     kind of property or type of investment consistent with the
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0020|     standards of the Uniform Management of Institutional Funds Act,
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0021|     including any real or personal property deemed advisable by the
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0022|     governing board, whether or not it produces a current return,
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0023|     including mortgages, stocks, bonds, debentures and other
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0024|     securities of profit or nonprofit corporations, shares in or
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0025|     obligations of associations, limited liability companies,
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0001|     partnerships or individuals and obligations of any government
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0002|     or subdivision or instrumentality thereof;
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0003|               B.  retain property contributed by a donor to an
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0004|     institutional fund for as long as the governing board deems
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0005|     advisable;
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0006|               C.  include all or any part of an institutional fund
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0007|     in any pooled or common fund maintained by the institution; or
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0008|               D.  invest all or any part of an institutional fund
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0009|     in any other pooled or common fund available for investment,
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0010|     including shares or interests in regulated investment
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0011|     companies, mutual funds, common trust funds, investment
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0012|     partnerships, real estate investment trusts or similar
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0013|     organizations in which funds are commingled and investment
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0014|     determinations are made by persons other than the governing
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0015|     board.
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0016|          Section 5.  [<u>NEW MATERIAL</u>]  DELEGATION OF INVESTMENT AND
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0017|     MANAGEMENT FUNCTIONS.--
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0018|               A.  Except as otherwise provided by applicable law
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0019|     relating to governmental institutions or funds, a governing
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0020|     board may delegate investment and management functions that a
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0021|     prudent governing body could delegate under the circumstances. 
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0022|     A governing board shall exercise reasonable care, skill and
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0023|     caution in:
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0024|                    (1)  selecting an agent;
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0025|                    (2)  establishing the scope and terms of the
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0001|     delegation, consistent with the purposes of the institutional
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0002|     fund; and
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0003|                    (3)  periodically reviewing the agent's actions
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0004|     in order to monitor the agent's performance and the agent's
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0005|     compliance with the terms of the delegation.
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0006|               B.  In performing a delegated function, an agent
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0007|     owes a duty to the governing board to exercise reasonable care
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0008|     to comply with the terms of the delegation.
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0009|               C.  The members of a governing board who comply with
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0010|     the requirements of Subsection B of this section are not liable
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0011|     for the decisions or actions of the agent to whom the function
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0012|     was delegated.
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0013|               D.  By accepting the delegation of an investment or
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0014|     management function from a governing board of an institution
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0015|     that is subject to the laws of New Mexico, an agent submits to
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0016|     the jurisdiction of the courts of New Mexico in all actions
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0017|     arising from the delegation.
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0018|               E.  The governing board may authorize the payment of
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0019|     compensation for investment advisory or management services.
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0020|          Section 6.  [<u>NEW MATERIAL</u>]  STANDARD OF CONDUCT--
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0021|     PORTFOLIO STRATEGY.--
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0022|               A.  Members of a governing board shall invest and
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0023|     manage an institutional fund as a prudent investor would, by
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0024|     considering the purposes, distribution requirements and other
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0025|     circumstances of the fund.  In satisfying this standard, the
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0001|     governing board shall exercise reasonable care, skill and
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0002|     caution.
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0003|               B.  Among the circumstances that a governing board
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0004|     shall consider are:
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0005|                    (1)  long- and short-term needs of the
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0006|     institution in carrying out its educational, religious,
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0007|     charitable or other eleemosynary purposes;
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0008|                    (2)  its present and anticipated financial
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0009|     requirements;
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0010|                    (3)  the expected total return from income and
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0011|     the appreciation of its investments;
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0012|                    (4)  general economic conditions;
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0013|                    (5)  the possible effect of inflation or
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0014|     deflation;
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0015|                    (6)  the expected tax consequence, if any, of
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0016|     investment decisions or strategies;
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0017|                    (7)  the role that each investment or course of
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0018|     action plays within the overall investment portfolio of the
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0019|     institutional fund;
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0020|                    (8)  other resources of the institution;
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0021|                    (9)  the needs of the institution and the
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0022|     institutional fund for liquidity, regularity of income and
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0023|     preservation or appreciation of capital; and
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0024|                    (10)  an asset's special relationship or
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0025|     special value, if any, to the purposes of the applicable gift
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0001|     instrument or to the institution.
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0002|               C.  A governing board's investment and management
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0003|     decisions about individual assets shall be made not in
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0004|     isolation but in the context of the institutional fund's
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0005|     portfolio of investments as a whole and as a part of an overall
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0006|     investment strategy having risk and return objectives
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0007|     reasonably suited to the institution.
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0008|               D.  A governing board shall make a reasonable effort
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0009|     to verify the facts relevant to the investment and management
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0010|     of institutional fund assets.
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0011|               E.  A governing board shall diversify the
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0012|     investments of an institutional fund unless the board
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0013|     reasonably determines that, because of special circumstances,
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0014|     the purposes of the fund are better served without
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0015|     diversifying.
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0016|               F.  Subject to the provisions of Subsection B of
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0017|     Section 4 of the Uniform Management of Institutional Funds Act,
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0018|     within a reasonable time after receiving donated assets, a
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0019|     governing board shall review the donated assets and make and
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0020|     implement decisions concerning the retention and disposition of
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0021|     assets in order to bring the portfolio of the institutional
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0022|     fund into compliance with the purposes, terms, distribution
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0023|     requirements and other circumstances of the institutional fund
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0024|     and with the requirements of the Uniform Management of
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0025|     Institutional Funds Act.
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0001|               G.  A governing board shall invest and manage the
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0002|     assets of an institutional fund solely in the interest of the
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0003|     institution.
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0004|               H.  In investing and managing assets of an
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0005|     institutional fund, a governing board may incur only costs that
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0006|     are appropriate and reasonable in relation to the assets, the
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0007|     purposes of the fund and the terms of the gift instrument.
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0008|          Section 7.  [<u>NEW MATERIAL</u>]  RELEASE OF RESTRICTIONS ON
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0009|     USE OR INVESTMENT.--
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0010|               A.  With the written consent of the donor, the
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0011|     governing board may release, in whole or in part, a restriction
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0012|     imposed by the applicable gift instrument on the use or
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0013|     investment of an institutional fund.
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0014|               B.  If written consent of the donor cannot be
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0015|     obtained by reason of his death, disability, unavailability or
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0016|     impossibility of identification, the governing board may apply
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0017|     in the name of the institution to the district court for
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0018|     release of a restriction imposed by the applicable gift
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0019|     instrument on the use or investment of an institutional fund. 
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0020|     The attorney general shall be notified of the application and
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0021|     shall be given an opportunity to be heard.  If the district
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0022|     court finds that the restriction is obsolete, inappropriate or
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0023|     impracticable, it may by order release the restriction in whole
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0024|     or in part.  A release under this subsection may not change an
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0025|     endowment fund to a fund that is not an endowment fund.
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0001|               C.  A release under this section may not allow a
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0002|     fund to be used for purposes other than the educational,
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0003|     religious, charitable or other eleemosynary purposes of the
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0004|     institution affected.
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0005|               D.  This section does not limit the application of
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0006|     the doctrine of cy-pres.
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0007|          Section 8.  [<u>NEW MATERIAL</u>]  REVIEWING COMPLIANCE.--
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0008|     Compliance with the Uniform Management of Institutional Funds
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0009|     Act is determined in light of the facts and circumstances
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0010|     existing at the time of a governing board's decision and not by
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0011|     hindsight.
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0012|          Section 9.  [<u>NEW MATERIAL</u>]  SEVERABILITY.--If any
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0013|     provision of the Uniform Management of Institutional Funds Act
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0014|     or the application thereof to any person or circumstances is
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0015|     held invalid, the invalidity shall not affect other provisions
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0016|     or applications of that act that can be given effect without
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0017|     the invalid provision or application, and to this end the
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0018|     provisions of the Uniform Management of Institutional Funds Act
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0019|     are declared severable.
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0020|          Section 10.  [<u>NEW MATERIAL</u>]  APPLICATION.--The Uniform
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0021|     Management of Institutional Funds Act applies to gift
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0022|     instruments executed or in effect on or after its effective
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0023|     date and to institutional funds existing on and created after
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0024|     its effective date.  The Uniform Management of Institutional
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0025|     Funds Act governs any decisions and actions taken after its
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0001|     effective date.
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0002|          Section 11.  [<u>NEW MATERIAL</u>]  UNIFORMITY OF APPLICATION
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0003|     AND CONSTRUCTION.--The Uniform Management of Institutional
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0004|     Funds Act shall be so applied and construed as to effectuate
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0005|     its general purpose to make uniform the law with respect to the
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0006|     subject of that act among those states that enact it.
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0007|          Section 12.  [<u>NEW MATERIAL</u>]  SHORT TITLE.--Sections 1
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0008|     through 12 of this act may be cited as the "Uniform Management
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0009|     of Institutional Funds Act".
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0010|          Section 13.  Section 21-1-38 NMSA 1978 (being Laws 1991,
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0011|     Chapter 69, Section 1) is amended to read:
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0012|          "21-1-38.  DEFINITION--REQUIREMENTS FOR ADOPTION OF
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0013|     INVESTMENT POLICY FOR INVESTING ENDOWMENT FUNDS.--
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0014|               A.  As used in this section:
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0015|                    (1)  "endowment funds" means funds:
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0016|                         (a)  acquired by gift by an educational
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0017|     institution with respect to which the donors or other outside
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0018|     agencies have stipulated as a condition of the gift, and the
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0019|     stipulation is expressed specifically in the gift instrument,
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0020|     that the principal is to be maintained and invested for the
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0021|     purpose of producing <s>[present]</s> <u>current</u> and future income
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0022|     that may either be added to the principal or expended, and the
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0023|     maintenance of the principal may be either:  1) held inviolate
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0024|     and in perpetuity; or 2) expended after the passage of a stated
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0025|     period of time or upon the happening of a specified event; and
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0001|                         (b)  notwithstanding the source of
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0002|     acquisition, that the governing board of the educational
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0003|     institution <s>[have]</s> <u>has</u> determined and <s>[have]</s> <u>has</u>
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0004|     designated by a written instrument, either revocable or
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0005|     irrevocable, to be retained for long-term investment; and
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0006|                    (2)  "educational institution" means an
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0007|     educational institution designated in Article 12, Section 11 of
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0008|     the constitution of New Mexico and any post-secondary
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0009|     educational institution, which term includes, but is not
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0010|     limited to, an academic, vocational, technical, business,
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0011|     professional or other school, college or university or other
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0012|     organization or person offering or purporting to offer courses,
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0013|     instruction, training or education through correspondence or in
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0014|     person, to any individual within this state over the compulsory
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0015|     school attendance age, if that post-secondary educational
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0016|     institution is directly supported in whole or in part by state
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0017|     or local taxation.
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0018|               B.  The board of finance, as that term is defined in
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0019|     Section 6-10-9 NMSA 1978, for each of the educational
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0020|     institutions:
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0021|                    (1)  shall adopt regulations governing the
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0022|     investment of endowment funds by the institution's board of
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0023|     finance, which regulations shall provide at least for:
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0024|                         (a)  the application of the investment
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0025|     standard <u>of conduct</u> described in Section 6-8-10 NMSA 1978
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0001|     <u>and the Uniform Management of Institutional Funds Act</u> as the
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0002|     standard for evaluating an investment;
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0003|                         (b)  the appointment of an investment
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0004|     advisory committee made up of individuals having demonstrated
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0005|     experience and skill in the field of the investment of
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0006|     endowment funds; and
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0007|                         (c)  the development of a comprehensive
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0008|     investment policy for the investment of endowment funds by the
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0009|     institution, with the advice and upon the recommendation of the
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0010|     investment committee; and
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0011|                    (2)  may employ an institutional endowment
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0012|     funds investment manager and delegate to him the power to make
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0013|     purchases, sales exchanges, investments and reinvestments of
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0014|     endowment funds."
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0015|          Section 14.  EFFECTIVE DATE.--The effective date of the
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0016|     provisions of this act is July 1, 1997.
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0017|                                 -  -  
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0018|   
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0019|                      FORTY-THIRD LEGISLATURE
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0020|                        FIRST SESSION, 1997
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0021|   
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0022|   
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0023|                                               February 13, 1997
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0024|   
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0025|   Mr. President:
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0001|   
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0002|       Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
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0003|   whom has been referred
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0004|   
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0005|                          SENATE BILL 618
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0006|   
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0007|   has had it under consideration and reports same with
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0008|   recommendation that it DO PASS, and thence referred to the
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0009|   FINANCE COMMITTEE.
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0010|   
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0011|                                Respectfully submitted,
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0012|   
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0013|   
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0014|   
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0015|                                
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0016|   __________________________________
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0017|                                Roman M. Maes, III, Chairman 
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0018|   
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0019|   
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0020|   
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0021|   Adopted_______________________   Not
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0022|   Adopted_______________________
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0023|             (Chief Clerk)                          (Chief Clerk)
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0024|   
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0025|   
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0001|                     Date ________________________
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0002|   
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0003|   
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0004|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0005|           Yes:    6
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0006|           No:     None
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0007|                Excused:     Fidel, Kidd, McKibben, Robinson
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0008|           Absent: None
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0009|   
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0010|   
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0011|   S0618CT1
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0012|   
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0013|     
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0014|   
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0015|                      FORTY-THIRD LEGISLATURE
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0016|                        FIRST SESSION, 1997
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0017|   
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0018|   
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0019|                                               February 26, 1997
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0020|   
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0021|   Mr. President:
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0022|   
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0023|       Your FINANCE COMMITTEE, to whom has been referred
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0024|   
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0025|                          SENATE BILL 618
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0001|   
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0002|   has had it under consideration and reports same with
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0003|   recommendation that it DO PASS.
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0004|   
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0005|                                Respectfully submitted,
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0006|   
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0007|   
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0008|   
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0009|                                
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0010|   __________________________________
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0011|                                Ben D. Altamirano, Chairman 
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0012|   
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0013|   
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0014|   
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0015|   Adopted_______________________   Not
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0016|   Adopted_______________________
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0017|             (Chief Clerk)                          (Chief Clerk)
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0018|   
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0019|   
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0020|   
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0021|                     Date ________________________
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0022|   
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0023|   
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0024|   The roll call vote was <u> 6 </u> For <u> 0 </u> Against
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0025|           Yes:    6
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0001|           No:     None
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0002|                Excused:     Aragon, Eisenstadt, Ingle, Lyons, McKibben
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0003|           Absent: None
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0004|   
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0005|   
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0006|   S0618FC1
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0007|                        FORTY-THIRD LEGISLATURE
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0008|                           FIRST SESSION
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0009|   
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0010|   
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0011|                                               February 28, 1997
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0012|   
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0013|   
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0014|   SENATE FLOOR AMENDMENT number _______ to SENATE BILL 618
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0015|   
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0016|   Amendment sponsored by Senator Don Kidd 
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0017|   
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0018|   
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0019|       1.  On page 2, line 6, strike the semicolon and insert in
    |
0020|   lieu thereof a period.
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0021|   
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0022|       2.  On page 2, between lines 6 and 7, insert:
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0023|   
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0024|       ""Institution" does not include an institution with assets
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0025|   of more than ten million dollars ($10,000,000) and that is
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0001|   organized and operated for private educational purposes;".
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0002|   
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0003|   
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0004|   
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0005|   
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0006|   
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0007|   
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0008|                                       __________________________
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0009|                                       Don Kidd
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0010|   
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0011|   
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0012|   
    |
0013|   Adopted ___________________   Not Adopted _______________________
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0014|            (Chief Clerk)                    (Chief Clerk)
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0015|   
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0016|   
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0017|                    Date _________________
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0018|                          State of New Mexico
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0019|                      House of Representatives
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0020|   
    |
0021|                      FORTY-THIRD LEGISLATURE
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0022|                        FIRST SESSION, 1997
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0023|   
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0024|   
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0025|                                                  March 14, 1997
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0001|   
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0002|   
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0003|   Mr. Speaker:
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0004|   
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0005|       Your TAXATION AND REVENUE COMMITTEE, to whom has
    |
0006|   been referred
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0007|   
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0008|                 SENATE BILL 618, as amended
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0009|                               
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0010|   has had it under consideration and reports same with
    |
0011|   recommendation that it DO PASS, and thence referred to the
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0012|   APPROPRIATIONS AND FINANCE COMMITTEE.
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0013|   
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0014|                            Respectfully submitted,
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0015|   
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0016|   
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0017|   
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0018|                            <u>                                 
</u>    |
<u></u>0019| <u>                           </u>                        Jerry W. Sandel, Chairman
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0020|   
    |
0021|   
    |
0022|   Adopted <u>                    </u>   Not Adopted <u>                     
</u>    |
<u></u>0023| <u>  </u>
    |
0024|           (Chief Clerk)               
    |
0025|        (Chief Clerk)
    |
0001|   
    |
0002|                        Date <u>            </u>
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0003|   
    |
0004|   The roll call vote was<u> 11 </u> For<u> 0 </u> Against
    |
0005|   Yes:         11
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0006|                Excused:     Sandoval, Stell
    |
0007|           Absent: None
    |
0008|   
    |
0009|   
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0010|   G:\BILLTEXT\BILLW_97\S0618                       State of New Mexico
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0011|                      House of Representatives
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0012|   
    |
0013|                      FORTY-THIRD LEGISLATURE
    |
0014|                        FIRST SESSION, 1997
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0015|   
    |
0016|   
    |
0017|                                                  March 20, 1997
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0018|   
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0019|   
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0020|   Mr. Speaker:
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0021|   
    |
0022|       Your APPROPRIATIONS AND FINANCE COMMITTEE, to
    |
0023|   whom has been referred
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0024|   
    |
0025|                 SENATE BILL 618, as amended
    |
0001|                               
    |
0002|   has had it under consideration and reports same with
    |
0003|   recommendation that it DO PASS.
    |
0004|   
    |
0005|                            Respectfully submitted,
    |
0006|   
    |
0007|   
    |
0008|   
    |
0009|                            <u>                                 
</u>    |
<u></u>0010| <u>                           </u>                        Max Coll, Chairman
    |
0011|   
    |
0012|   
    |
0013|   Adopted <u>                    </u>   Not Adopted <u>                     
</u>    |
<u></u>0014| <u>  </u>
    |
0015|           (Chief Clerk)               
    |
0016|        (Chief Clerk)
    |
0017|   
    |
0018|                        Date <u>            </u>
    |
0019|   
    |
0020|   The roll call vote was <u> 14 </u> For <u> 0 </u> Against
    |
0021|   Yes:         14
    |
0022|                Excused:     Knowles, Marquardt, Wallace
    |
0023|           Absent: None
    |
0024|   
    |
0025|   
    |
0001|   G:\BILLTEXT\BILLW_97\S0618
    |