March 15, 1999

The Honorable Manny M. Aragon and

Members of the Senate

Executive-Legislative Building

Santa Fe, New Mexico 87503

Honorable President and Members of the Senate:

I have this day VETOED and am returning SENATE BILL 60 enacted by the Forty-Fourth Legislature, First Session, 1999.

This legislation is virtually identical to Senate Bill 111 of last year and is intended to provide for central reporting of industrial revenue bonds issued by local governments. The bill has been vetoed because the reporting requirements imposed on firms for which bonds are issued are excessive. Furthermore, the entity which should be most interested in the items reported would be the issuing entity. Presumably, counties and municipalities are in the best position to determine the economic development value of their respective Industrial Revenue Bonds. Therefore, these reporting requirements to the state are not necessary.

Sincerely,

Gary E. Johnson

Governor