March 9, 1998

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 SIGNED SENATE FINANCE COMMITTEE SUBSTITUTE FOR

SENATE BILL 292, as amended, passed by the Forty-Third Legislature, Second Session, 1998, but have VETOED the following item or items, part or parts:

On page 1, line 25 after "time.", I have vetoed the remainder of the line. On page 2, I have vetoed all of line 1 and I have vetoed line 2 through "issuance.". On page 2, line 21, after "time.", I have vetoed the remainder of the line, all of line 22 and I have vetoed line 23 through "issuance.". On page 3 line 18 after "time.", I have vetoed the remainder of the line, all of line 19 and I have vetoed line 20 through "issuance.". On page 4, line 14 after "time." I have vetoed the remainder of the line, all of line 15 and I have vetoed line 16 through "issuance.". On page 5, line 9, after "time.", I have vetoed the remainder of the line, all of line 10 and I have vetoed line 11 through "issuance.". On page 6, line 5 after "time.", I have vetoed the remainder of the line, all of line 6 and I have vetoed line 7 through "issuance.". On page 7, line 1 after "time.", I have vetoed the remainder of the line, all of line 2 and I have vetoed line 3 through "issuance.". On page 7 line 22 after "time.", I have vetoed the remainder of the line, all of line 23 and I have vetoed line 24 through "issuance.".

The effect of these vetoes is to remove the requirement that the authorized bonds mature within 10 years of issuance. I eliminated these maturity requirements in the event that a longer term becomes necessary and is consistent with existing statutes. I am confident that the bonds will be issued in a prudent and fiscally conservative manner, however additional flexibility may be desirable at some point in the future.

Sincerely,

Gary E. Johnson

Governor

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