FORTY-NINTH LEGISLATURESJM 30/a

FIRST SESSION, 2009

February 27, 2009

Madam President:

    Your RULES COMMITTEE, to whom has been referred

SENATE JOINT MEMORIAL 30

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

    1. On page 1, strike lines 17 through 24 and insert in lieu thereof the following language: 

    "WHEREAS, New Mexico's current film investment program is part of the state permanent funds portfolio invested on behalf of taxpayers by the state investment officer; and

     WHEREAS, investment criteria of this portfolio are set in statute and in the constitution of New Mexico, and the investment office is held to strict fiduciary standards in the application of these and other investment criteria; and

    WHEREAS, because of these strict investment criteria, the film investment fund program has provided a safe haven in the permanent fund, maintaining its value despite recent economic downturns; and

    WHEREAS, because the film investment fund requires that films that receive money from this fund must employ mostly New Mexico residents, thousands of local employees, businesses and related industries are able to derive benefit from its investments; and

    WHEREAS, it is in the state's interest, where economically feasible and while demonstrating fiscal responsibility, that the state provide access to this or other sources of financing to the broadest array of qualified film productions; and

    WHEREAS, the strict qualifying criteria for access to the state's film investment fund can pose significant obstacles for certain small- and micro-budget independent film producers in obtaining access to this fund as a source of production financing; and".

    2. On page 2, strike line 25, and on page 3, strike lines 1 through 4.,

and thence referred to the CORPORATIONS AND TRANSPORTATION COMMITTEE.

                               Respectfully submitted,

                               __________________________________

                               Linda M. Lopez, Chairman

Adopted_______________________ Not Adopted_______________________

          (Chief Clerk) (Chief Clerk)

                  Date ________________________

The roll call vote was 6 For 0 Against

Yes:      6

No:       0

Excused: Duran, Ingle

Absent:   None

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