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).

1-1 Section 1. Chapter 353 of NRS is hereby amended by adding thereto

1-2 a new section to read as follows:

1-3 1. If the three commissioners from the State of Nevada on the

1-4 Western Interstate Commission for Higher Education, acting jointly,

1-5 determine that current claims against the Western Interstate Commission

1-6 for Higher Education’s fund for student loans created pursuant to NRS

1-7 397.063 exceed the amount of money available in the fund to pay the

1-8 claims because of a delay in the receipt of revenue due the fund, the

1-9 commissioners may request from the director of the department of

1-10 administration a temporary advance from the state general fund to the

1-11 Western Interstate Commission for Higher Education’s fund for student

1-12 loans for the payment of authorized expenses.

1-13 2. If the director of the department of administration approves a

1-14 request made pursuant to subsection 1, he shall notify the state controller

1-15 and the fiscal analysis division of the legislative counsel bureau of that

2-1 approval. The state controller shall draw his warrant upon receipt of the

2-2 approval by the director of the department of administration.

2-3 3. An advance from the state general fund is limited to 25 percent of

2-4 the revenue expected to be received by the Western Interstate

2-5 Commission for Higher Education’s fund for student loans in the

2-6 current fiscal year from any source other than legislative appropriation.

2-7 4. Any money that is temporarily advanced from the state general

2-8 fund pursuant to subsection 2 must be repaid by August 31 following the

2-9 end of the fiscal year in which the temporary advance is made.