Assembly Bill No. 374–Committee on Government Affairs

March 3, 1999

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Referred to Committee on Government Affairs

 

SUMMARY—Authorizes commission for cultural affairs to grant certain money as financial assistance. (BDR 18-787)

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 the commission for cultural affairs; authorizing the commission to grant as financial assistance for certain projects a certain amount of the interest earned on the fund for the preservation and promotion of cultural resources; 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 233C.225 is hereby amended to read as follows:

1-2 233C.225 1. The commission for cultural affairs shall determine

1-3 annually the total amount of financial assistance it will grant from the

1-4 proceeds of bonds issued pursuant to this section in that calendar year

1-5 pursuant to NRS 233C.200 to 233C.230, inclusive. The commission shall

1-6 notify the state board of examiners and the state board of finance of [the

1-7 total amount to be granted.] that amount. In no case may the amount to be

1-8 granted from the proceeds of such bonds exceed $2,000,000 per year.

1-9 2. After receiving the notice given pursuant to subsection 1, the state

1-10 board of finance shall issue general obligation bonds of the State of

1-11 Nevada in the amount necessary to generate the amount to be granted by

1-12 the commission from the proceeds of bonds issued pursuant to this

1-13 section and to pay the expenses related to the issuance of the bonds. The

1-14 expenses related to the issuance of bonds pursuant to this section must be

1-15 paid from the proceeds of the bonds, and must not exceed 2 percent of the

1-16 face amount of the bonds sold. No public debt is created, within the

1-17 meaning of section 3 of article 9 of the constitution of the State of Nevada,

1-18 until the issuance of the bonds.

2-1 3. The proceeds from the sale of the bonds authorized by this section,

2-2 after deducting the expenses relating to the issuance of the bonds, must be

2-3 deposited with the state treasurer and credited to the fund for the

2-4 preservation and promotion of cultural resources.

2-5 4. The provisions of the State Securities Law, contained in chapter 349

2-6 of NRS, apply to the issuance of bonds pursuant to this section.

2-7 5. The amount of financial assistance granted from the proceeds of

2-8 bonds issued pursuant to this section must not exceed $20,000,000 in any

2-9 10-year period. The total face amount of the bonds issued pursuant to this

2-10 section must not exceed the sum of:

2-11 (a) The amount of financial assistance granted pursuant to this section;

2-12 and

2-13 (b) The amount necessary to pay the expenses related to the issuance of

2-14 the bonds, which must not exceed 2 percent of the face amount of the

2-15 bonds sold.

2-16 Sec. 2. NRS 233C.230 is hereby amended to read as follows:

2-17 233C.230 1. There is hereby created in the state treasury the fund for

2-18 the preservation and promotion of cultural resources. The commission for

2-19 cultural affairs is responsible for the administration of the fund. All money

2-20 received and held by the state treasurer for that purpose must be deposited

2-21 in the fund. The commission shall account separately for money received

2-22 from the proceeds of bonds issued pursuant to NRS 233C.225.

2-23 2. Except as otherwise provided in subsection 5 of NRS 233C.200, the

2-24 commission may expend money in the fund only for projects identified in

2-25 the commission’s plan to promote and preserve the state’s cultural

2-26 resources pursuant to NRS 233C.200 to 233C.230, inclusive. In addition

2-27 to the amount of financial assistance granted from the proceeds of bonds

2-28 issued pursuant to NRS 233C.225, the commission may grant as

2-29 financial assistance not more than $750,000 each calendar year of the

2-30 interest earned on the deposit or investment of the money in the fund.

2-31 3. The money in the fund must be invested as the money in other state

2-32 funds is invested. All interest on the deposit or investment of the money in

2-33 the fund must be credited to the fund.

2-34 4. Claims against the fund must be paid as other claims against the

2-35 state are paid.

2-36 Sec. 3. This act becomes effective upon passage and approval.

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