FORTY-THIRD LEGISLATURE             SB 38/a
                        SECOND SESSION, 1998
  
  
                                                February 17, 1998
  
  Mr. President:
  
      Your FINANCE COMMITTEE, to whom has been referred
  
                           SENATE BILL 38
  
  has had it under consideration and reports same with
  recommendation that it DO PASS, amended as follows:
  
      1.  On page 2, line 11, strike the colon and insert in lieu
  thereof a comma and on line 12, strike the paragraph designation
  "(1)".
  
      2.  On page 2, line 20, remove the brackets and line-through
  and strike the subparagraph designation "(a)".
  
      3.  On page 2, line 23, remove the brackets and line-through
  and strike the subparagraph designation "(b)".
  
      4.  On page 3, line 1, strike the underscored language, and on
  line 2, strike the underscored language and "of".
  
      5.  On page 3, line 6, strike the colon and the item
  designation "1)".
  
      6.  On page 3, line 7, strike "the".
  
      7.  On page 3, lines 10 through 15, strike the underscored
  language in its entirety.
  
      8.  On page 3, line 18, after the semicolon strike the
  remainder of the line and insert in lieu thereof: 
      
  "provided that a school district generating impact aid may elect
  in any given fiscal year to retain that amount of impact aid in
  excess of the amount of impact aid considered to be federal
  revenue for purposes of the state equalization guarantee
  distribution for that school district for the period beginning
  June 1, 1997 and ending May 31, 1998 for expenditure by that
  school district for capital improvements.  Any impact aid in
  excess of the amount of aid considered to be federal revenue for
  purposes of the state equalization guarantee distribution for that
  school district for the period beginning June 1, 1997 and ending
  May 31, 1998 not elected to be retained by a school district shall
  be transferred to the public school capital outlay fund.  If
  retention of the impact aid in excess of that amount considered to
  be federal revenue would result in the state being unable to take
  credit for impact aid to New Mexico's school districts pursuant to
  Title 20 of the United States Code, as that code applies to impact
  aid, no school shall be permitted to elect to retain impact aid
  funds.".
  
      9.  On page 3, strike lines 19 through 25 in their entirety
  and on page 4, strike lines 1 through 14 in their entirety.
  
  
  
                               Respectfully submitted,
  
  
  
                               __________________________________
                               Ben D. Altamirano, Chairman 
  
  
  
  Adopted_______________________   Not Adopted_______________________
            (Chief Clerk)                          (Chief Clerk)
  
  
                    Date ________________________
  
  
  
  
  
  
  
  
  The roll call vote was<u> 6 </u> For<u> 0 </u> Against
          Yes:    6
          No:     None
  Excused: Carraro, Ingle, Lyons, McKibben, Romero
          Absent: None
  
  
S0038FC1                                              .123526.1