February 6, 2002

Mr. President:

Your FINANCE COMMITTEE, to whom has been referred

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

1. On page 4, between lines 22 and 23, insert the following new subsections to read:

"H. Disbursements of the faculty endowment fund by the commission on higher education shall be allocated as follows:

(1) fifty percent of the disbursements shall be for endowed chairs;

(2) thirty-five percent of the disbursements shall be for endowed professorships; and

(3) fifteen percent of the disbursements shall be for endowed faculty development programs.

I. If the disbursements allocated for endowed chairs are not sufficient to fund the number of positions specified in Paragraphs (1) through (4) of Subsection E of this section, the number of endowed chairs for each of those four institutions shall be proportioned by the commission on higher education in the same manner as endowed professorships and endowed faculty development programs are proportioned in Paragraph (5) of Subsection E of this section, except that each of the four institutions shall be allocated at least one endowed chair.".

2. On pages 4 and 5, strike Section 2 in its entirety.

3. Renumber the succeeding section accordingly.

Respectfully submitted,

__________________________________

Ben D. Altamirano, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 8 For 0 Against

Yes: 8

No: 0

Excused: Smith, Tsosie

Absent: None

S0014FC1 .141353.1