FORTY-THIRD LEGISLATURE SECOND SESSION February 17, 1998 SENATE FLOOR AMENDMENT number _______ to SENATE BILL 38, as amended Amendment sponsored by Senator Leonard Tsosie 1. Strike Senate Finance Committee Amendment 8. 2. 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 except that five percent of the impact aid received by a school district that is used in the calculation to determine the amount of federal revenue credited to the state equalization guarantee formula may be used by the school district for any purpose. 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.". __________________________ Leonard Tsosie Adopted ___________________ Not Adopted _______________________ (Chief Clerk) (Chief Clerk) Date _________________