April 8, 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 530, as amended, enacted by the Forty-Fourth Legislature, First Session, 1999.

This legislation creates the Student Tuition Recovery Fund that would reimburse tuition costs to students enrolled in institutions that precipitously close without making appropriate refunds. The fund would derive income from a tax levied on private post-secondary institutions on the basis of enrollment and would undoubtedly substantially increase the tuition costs to enrolled students to fund a dubious benefit. Unfortunately, government cannot redress, in advance, every conceivable misfortune to which its citizens are subject.

Sincerely,

Gary E. Johnson

Governor