FORTY-THIRD LEGISLATURE SB 38/a
SECOND SESSION, 1998
February 17, 1998
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
SENATE BILL 38
has had it under consideration and reports same with
recommendation that it DO PASS, amended as follows:
1. On page 2, line 11, strike the colon and insert in lieu
thereof a comma and on line 12, strike the paragraph designation
"(1)".
2. On page 2, line 20, remove the brackets and line-through
and strike the subparagraph designation "(a)".
3. On page 2, line 23, remove the brackets and line-through
and strike the subparagraph designation "(b)".
4. On page 3, line 1, strike the underscored language, and on
line 2, strike the underscored language and "of".
5. On page 3, line 6, strike the colon and the item
designation "1)".
6. On page 3, line 7, strike "the".
7. On page 3, lines 10 through 15, strike the underscored
language in its entirety.
8. On page 3, line 18, after the semicolon strike the
remainder of the line and insert in lieu thereof:
"provided that a school district generating impact aid may elect
in any given fiscal year to retain that amount of impact aid in
excess of the amount of impact aid considered to be federal
revenue for purposes of the state equalization guarantee
distribution for that school district for the period beginning
June 1, 1997 and ending May 31, 1998 for expenditure by that
school district for capital improvements. Any impact aid in
excess of the amount of aid considered to be federal revenue for
purposes of the state equalization guarantee distribution for that
school district for the period beginning June 1, 1997 and ending
May 31, 1998 not elected to be retained by a school district shall
be transferred to the public school capital outlay fund. If
retention of the impact aid in excess of that amount considered to
be federal revenue would result in the state being unable to take
credit for impact aid to New Mexico's school districts pursuant to
Title 20 of the United States Code, as that code applies to impact
aid, no school shall be permitted to elect to retain impact aid
funds.".
9. On page 3, strike lines 19 through 25 in their entirety
and on page 4, strike lines 1 through 14 in their entirety.
Respectfully submitted,
__________________________________
Ben D. Altamirano, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 6 For 0 Against
Yes: 6
No: None
Excused: Carraro, Ingle, Lyons, McKibben, Romero
Absent: None
S0038FC1 .123526.1