March 11, 1998

The Honorable Raymond G. Sanchez and

Members of the House of Representatives

Executive-Legislative Building

Santa Fe, New Mexico 87503

Honorable Speaker and Members of the House:

I have this day VETOED and am returning HOUSE BILL 163, as amended, with emergency clause passed by the Forty-Third Legislature, Second Session, 1998.

This legislation appropriates $500,000 to fund the transition costs of combining the Public Utility Commission and the State Corporation Commission into the newly created Public Regulatory Commission. This legislation is vetoed because the amount is excessive. I would consider a more reasonable appropriation level.

Sincerely,

Gary E. Johnson

Governor