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. NRS 463.385 is hereby amended to read as follows:

1-2 463.385 1. In addition to any other license fees and taxes imposed by

1-14 monthly after July 31.

2-1 (c) Include the proceeds of the tax in its reports of state gaming taxes

2-2 collected.

2-3 3. The commission shall pay over the tax as collected to the state

2-4 treasurer to be deposited to the credit of the state distributive school

2-5 account in the state general fund, and the capital construction fund for

2-6 higher education and the special capital construction fund for higher

2-7 education, which are hereby created in the state treasury as special revenue

2-8 funds, in the amounts and to be expended only for the purposes specified

2-9 in this section.

2-10 4. During each fiscal year , the state treasurer shall deposit the tax paid

2-11 over to him by the commission as follows:

2-12 (a) The first $5,000,000 of the tax in the capital construction fund for

2-13 higher education;

2-14 (b) Twenty percent of the tax in the special capital construction fund for

2-15 higher education; and

2-16 (c) The remainder of the tax in the state distributive school account in

2-17 the state general fund.

2-18 5. There is hereby appropriated from the balance in the special capital

2-19 construction fund for higher education on July 31 of each year the amount

2-20 necessary to pay the principal and interest due in that fiscal year on the

2-21 bonds issued pursuant to section 5 of chapter 679, Statutes of Nevada

2-22 1979, as amended by chapter 585, Statutes of Nevada 1981, at page 1251,

2-23 the bonds authorized to be issued by section 2 of chapter 643, Statutes of

2-24 Nevada 1987, the bonds authorized to be issued by section 2 of chapter

2-25 614, Statutes of Nevada 1989, the bonds authorized to be issued by section

2-26 2 of chapter 718, Statutes of Nevada 1991 , and the bonds authorized to be

2-27 issued by section 2 of chapter 629, Statutes of Nevada 1997. If in any year

2-28 the balance in that fund is not sufficient for this purpose, the remainder

2-29 necessary is hereby appropriated on July 31 from the capital construction

2-30 fund for higher education. The balance remaining unappropriated in the

2-31 capital construction fund for higher education on August 1 of each year

2-32 and all amounts received thereafter during the fiscal year must be

2-33 transferred to the state general fund for the support of higher education. If

2-34 bonds described in this subsection are refunded and if the amount required

2-35 to pay the principal of and interest on the refunding bonds in any fiscal

2-36 year during the term of the bonds is less than the amount that would have

2-37 been required in the same fiscal year to pay the principal of and the interest

2-38 on the original bonds if they had not been refunded, there is appropriated

2-39 to the University and Community College System of Nevada an amount

2-40 sufficient to pay the principal of and interest on the original bonds, as if

2-41 they had not been refunded. The amount required to pay the principal of

3-1 and interest on the refunding bonds must be used for that purpose from the

3-2 amount appropriated. The amount equal to the saving realized in that fiscal

3-3 year from the refunding must be used by the University and Community

3-4 College System of Nevada to defray, in whole or in part, the expenses of

3-5 operation and maintenance of the facilities acquired in part with the

3-6 proceeds of the original bonds.

3-7 6. After the requirements of subsection 5 have been met for each fiscal

3-8 year, when specific projects are authorized by the legislature, money in the

3-9 capital construction fund for higher education and the special capital

3-10 construction fund for higher education must be transferred by the state

3-11 controller and the state treasurer to the state public works board for the

3-12 construction of capital improvement projects for the University and

3-13 Community College System of Nevada, including, but not limited to,

3-14 capital improvement projects for the community colleges of the University

3-15 and Community College System of Nevada. As used in this subsection,

3-16 "construction" includes, but is not limited to, planning, designing,

3-17 acquiring and developing a site, construction, reconstruction, furnishing,

3-18 equipping, replacing, repairing, rehabilitating, expanding and remodeling.

3-19 Any money remaining in either fund at the end of a fiscal year does not

3-20 revert to the state general fund but remains in those funds for authorized

3-21 expenditure.

3-22 7. The money deposited in the state distributive school account in the

3-23 state general fund under this section must be apportioned as provided in

3-24 NRS 387.030 among the several school districts of the state at the times

3-25 and in the manner provided by law.

3-26 8. The board of regents of the University of Nevada may use any

3-27 money in the capital construction fund for higher education and the special

3-28 capital construction fund for higher education for the payment of interest

3-29 and amortization of principal on bonds and other securities, whether issued

3-30 before, on or after July 1, 1979, to defray in whole or in part the costs of

3-31 any capital project authorized by the legislature.

3-32 Sec. 2. NRS 463.660 is hereby amended to read as follows:

3-33 463.660 1. The commission shall charge and collect from each

3-43 be charged and collected under this section is the full annual fee.

4-1 3. All license fees collected pursuant to this section must be paid over

4-2 immediately to the state treasurer to be deposited to the credit of the state

4-3 general fund.

4-4 Sec. 3. This act becomes effective upon passage and approval.