Assembly Bill No. 234–Committee on Ways and Means

(On Behalf of Budget Division)

February 15, 1999

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Referred to Committee on Ways and Means

 

SUMMARY—Repeals permanent net proceeds fund. (BDR 32-1439)

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 [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

 

AN ACT relating to state financial administration; repealing the permanent net proceeds fund; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

1-1 Section 1. NRS 362.173 is hereby repealed.

1-2 Sec. 2. The state treasurer shall transfer any balance remaining

1-3 unexpended on the effective date of this act in the permanent net proceeds

1-4 fund to the state general fund.

1-5 Sec. 3. This act becomes effective upon passage and approval.

 

1-6 TEXT OF REPEALED SECTION

 

1-7 362.173 Permanent net proceeds fund: Creation; requirements for

1-8 use of principal; sources of revenue.

1-9 1. The permanent net proceeds fund is hereby created as a trust fund.

1-10 No portion of the principal of the fund may be removed except by direct

1-11 legislative appropriation. Any such appropriation must receive the votes of

1-12 a two-thirds majority of each house of the legislature.

2-1 2. On or before June 1 of each year, the state controller shall deposit in

2-2 the fund 5 percent of the portion of the revenue from the tax on the net

2-3 proceeds of minerals that is remaining after all of the distributions of the

2-4 proceeds of the taxes paid for the previous calendar year have been made

2-5 pursuant to NRS 362.170.

2-6 3. On or before June 15 of each odd-numbered year, the state

2-7 controller shall transfer to the fund any revenue from the tax on the net

2-8 proceeds of minerals that was received in payment for taxes due for the 2

2-9 previous fiscal years which, after subtracting the amount deposited

2-10 pursuant to subsection 2 and the amount appropriated pursuant to NRS

2-11 362.170 for both fiscal years, exceeds $55,000,000.

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