March 12, 1999

Mr. President:

Your WAYS & MEANS COMMITTEE, to whom has been referred

has had it under consideration and reports same WITHOUT RECOMMENDATION, amended as follows:

1. On page 2, line 15, after "4" insert:

"and all obligations for which these revenues have been pledged by the board of directors of the New Mexico finance authority prior to January 1, 1999 pursuant to Laws 1998 (1st S.S.), Chapter 17 and the New Mexico Finance Authority Act".

2. On page 2, line 19, before the closing quotation marks insert:

"Further, beginning in July 2001 the amount, if any, of the revenues distributed pursuant to this subsection in excess of the amounts necessary to satisfy the foregoing obligations shall be distributed to that trust fund.".,

and further recommends that it now be referred to the FINANCE COMMITTEE.

Respectfully submitted,

_________________________________

Carlos R. Cisneros, Chairman

Adopted_______________________ Not Adopted______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 5 For 0 Against

Yes: 5

No: 0

Excused: Carraro, Duran, Jennings, Kidd

Absent: None

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