Assembly Bill No. 128–Committee on Government Affairs
(On Behalf of State Treasurer)
February 4, 1999
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Referred to Committee on Government Affairs
SUMMARY—Makes various changes to provisions governing authorization, sale and issuance of state obligations. (BDR 30-994)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: No.
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EXPLANATION – Matter in
bolded italics is new; matter between brackets
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
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Section 1. NRS 349.303 is hereby amended to read as follows: 349.303 1. The commission may, before any sale of bonds, delegate1-3
to the treasurer or his designee the authority to sign a contract for the1-4
purchase of the bonds or to accept a binding bid for the bonds subject to1-5
the requirements specified by the commission concerning:1-6
(a) The rate of interest on the bonds;1-7
(b) The dates on which and the prices at which the bonds may be called1-8
for redemption before maturity;1-9
(c) The price at which the bonds will be sold; and1-10
(d) The principal amount of the bonds and the amount of principal1-11
maturing in any particular year.1-12
2. All terms of the bonds other than:1-13
(a) The rate of interest;2-1
(b) The dates and prices for the redemption of the bonds;2-2
(c) The price for the sale of the bonds;2-3
(d) The principal amount of the bonds; and2-4
(e) The requirements for the principal maturing in particular years,2-5
must be approved by the commission before the bonds are delivered.2-6
3. The final rate of interest, dates and prices of redemption, price for2-7
the sale of the bonds, principal amount and the requirements for the2-8
principal amount maturing in particular years are not required to be2-9
approved by the commission if each of those terms complies with the2-10
requirements specified by the commission before the contract for the2-11
purchase of the bonds is signed or the bid for the bonds is accepted.2-12
Sec. 2. NRS 226.100 is hereby amended to read as follows: 226.100 1. The state treasurer may appoint and employ a chief2-14
deputy, a deputy of2-15
investments, a deputy of cash management and an assistant to the state2-16
treasurer in the unclassified service of the state.2-17
2. Except as otherwise provided in NRS 284.143, the chief deputy2-18
state treasurer shall devote his entire time and attention to the business of2-19
his office and shall not pursue any other business or occupation or hold2-20
any other office of profit.2-21
Sec. 3. NRS 226.110 is hereby amended to read as follows: 226.110 The state treasurer:2-23
1. Shall receive and keep all money of the state which is not expressly2-24
required by law to be received and kept by some other person.2-25
2. Shall receipt to the state controller for all money received, from2-26
whatever source, at the time of receiving it.2-27
3. Shall establish the policies to be followed in the investment of2-28
money of the state, subject to the periodic review and approval or2-29
disapproval of those policies by the state board of finance.2-30
4. Shall disburse the public money upon warrants drawn upon the2-31
treasury by the state controller, and not otherwise. The warrants must be2-32
registered, and paid in the order of their registry. The state treasurer may2-33
use any sampling or post-audit technique, or both, which he considers2-34
reasonable to verify the proper distribution of warrants.2-35
5. Shall keep a just, true and comprehensive account of all money2-36
received and disbursed.2-37
6. Shall deliver in good order to his successor in office all money,2-38
records, books, papers and other things belonging to his office.2-39
7. Shall fix, charge and collect reasonable fees for:2-40
(a) Investing the money in any fund or account which is credited for2-41
interest earned on money deposited in it; and2-42
(b) Special services rendered to other state agencies or to members of2-43
the public which increase the cost of operating his office.3-1
8. Serves as the primary representative of the state in matters3-2
concerning any nationally recognized bond credit rating agency for the3-3
purposes of the issuance of any obligation authorized on the behalf and in3-4
the name of the state, except as otherwise provided in NRS 538.206 and3-5
except for those obligations issued pursuant to chapter 319 of NRS and3-6
NRS 349.400 to 349.987, inclusive.3-7
9. Is directly responsible for the issuance of any obligation authorized3-8
on the behalf and in the name of the state, except as otherwise provided in3-9
NRS 538.206 and except for those obligations issued pursuant to chapter3-10
319 of NRS and NRS 349.400 to 349.987, inclusive. The state treasurer3-11
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(a) Shall issue such an obligation as soon as practicable after receiving3-13
a request from a state agency for the issuance of the obligation.3-14
(b) May, except as otherwise provided in NRS 538.206, employ3-15
necessary legal, financial or other professional services in connection3-16
with the authorization, sale or issuance of such an obligation.3-17
10. May organize and facilitate statewide pooled financing programs,3-18
including lease purchases, for the benefit of the state and any political3-19
subdivision, including districts organized pursuant to NRS 450.550 to3-20
450.750, inclusive, and chapters 244A, 309, 318, 379, 474, 541, 543 and3-21
555 of NRS.3-22
Sec. 4. NRS 408.273 is hereby amended to read as follows: 408.273 1. The state board of finance shall, when so requested by3-24
the board ,3-25
obligation bonds of the State of Nevada to provide money to enable the3-26
department3-27
highway construction projects, in an amount specified in the request. The3-28
bonds may be issued at one time or from time to time, and must be issued3-29
in accordance with the State Securities Law. These bonds must be secured3-30
by3-31
(a) A pledge of the appropriate federal highway grants payable to the3-32
state3-33
(b) The appropriate federal highway grants payable to the state and3-34
taxes which are credited to the state highway fund,3-35
and must mature within not more than3-36
2. The department shall cooperate with the state treasurer in the3-37
issuance of the bonds.3-38
3. The state treasurer may employ any necessary legal, financial or3-39
other professional services in connection with the issuance of the bonds.3-40
Sec. 5. NRS 538.206 is hereby amended to read as follows: 538.206 Before issuing any general obligation which the commission3-42
is authorized by law to issue on behalf and in the name of the State of4-1
Nevada, the commission shall consult the state treasurer. The chairman of4-2
the commission and the state treasurer4-3
1. Shall represent the State of Nevada in matters concerning any4-4
nationally recognized bond credit rating agency for the purposes of the4-5
issuance of any such obligation.4-6
2. May employ any necessary legal, financial or other professional4-7
services in connection with the authorization, sale or issuance of any4-8
such obligation.4-9
Sec. 6. This act becomes effective on July 1, 1999.~