FORTY-NINTH LEGISLATURESB 420/a

FIRST SESSION, 2009

March 6, 2009

Madam President:

    Your FINANCE COMMITTEE, to whom has been referred

SENATE CONSERVATION COMMITTEE SUBSTITUTE FOR

SENATE BILL 420

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

    1. On page 2, line 15, after "officer", strike the remainder of the line and strike line 16 through the second occurrence of "of" and insert in lieu thereof "may invest".

    2. On page 2, line 21, strike "and" and between lines 21 and 22, insert the following paragraphs:

             "(2) the total investment pursuant to this section plus the total investments made in New Mexico private equity funds and New Mexico businesses pursuant to Section 7-27-5.15 NMSA 1978 shall not exceed nine percent of the market value of the severance tax permanent fund;

             (3) the state investment council may, by rule, set a minimum amount for each investment made pursuant to this section; and".

    3. Renumber the succeeding paragraph accordingly.

                               Respectfully submitted,

                               __________________________________

                               John Arthur Smith, Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 6 For 0 Against

Yes:     6

No:      0

Excused: Adair, Beffort, Campos, Neville, Rodriguez

Absent:  None

SB0420FC1                                                  .178327.1