State of New Mexico
                    House of Representatives
  
                    FORTY-SECOND LEGISLATURE
                      SECOND SESSION, 1996
  
  
                                               February 9, 1996
  
  
  Mr. Speaker:
  
     Your TAXATION AND REVENUE COMMITTEE, to whom has
  been referred
  
                         HOUSE BILL 785
                                 
  has had it under consideration and reports same WITHOUT
  RECOMMENDATION, amended as follows:
  
     1.  On page 37, strike lines 8 through 15 and insert in lieu
  thereof:
  
          "A.  Five million dollars ($5,000,000) from the public
  school insurance fund and one million two hundred thousand dollars
  ($1,200,000) from the long-term lease guarantee fund is transferred
  to the general fund operating reserve.
  
          B.  Upon certification by the secretary of finance and
  administration that the projected balance in the general fund
  operating reserve at the end of fiscal year 1996 is less than one
  hundred million dollars ($100,000,000), an amount not to exceed
  thirty-two million dollars ($32,000,000) from the public liability
  fund and thirty-two million dollars ($32,000,000) from the workers'
  compensation retention fund shall be transferred to the general fund
  operating reserve.  The amount of the transfer shall be the amount
  necessary to establish a balance of one hundred million dollars
  ($100,000,000) in the general fund operating reserve, with equal
  amounts being transferred from each fund.
  
          C.  It is the intent of the legislature that amounts
  transferred, if any, from the public liability fund and the workers'
  compensation retention fund shall be restored in full.".,
  
  and thence referred to the APPROPRIATIONS AND FINANCE 
  COMMITTEE.
                              Respectfully submitted,
  
  
  
                                                               
                              Jerry W. Sandel, Chairman
  
  
  Adopted                          Not Adopted                       
          (Chief Clerk)                       (Chief Clerk)
  
                       Date             
  
  The roll call vote was 11  For 0  Against
  Yes:         11
  Excused:     Gallegos, Lovejoy
  Absent: None
  
  
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