Assembly Bill No. 646–Committee on Judiciary

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Section 1. NRS 463.385 is hereby amended to read as follows:

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

1. over to him by the commission as follows:

1. (a) The first $5,000,000 of the tax in the capital construction fund for

1. higher education;

1. (b) Twenty percent of the tax in the special capital construction fund for

1. higher education; and

1. (c) The remainder of the tax in the state distributive school account in

1. the state general fund.

1. 6. There is hereby appropriated from the balance in the special capital

1. construction fund for higher education on July 31 of each year the amount

1. necessary to pay the principal and interest due in that fiscal year on the

1. bonds issued pursuant to section 5 of chapter 679, Statutes of Nevada 1979,

1. as amended by chapter 585, Statutes of Nevada 1981, at page 1251, the

1. bonds authorized to be issued by section 2 of chapter 643, Statutes of

1. authorized to be issued by section 2 of chapter 718, Statutes of Nevada

1. 1991, at page 2382, and the bonds authorized to be issued by section 2 of

1. balance in that fund is not sufficient for this purpose, the remainder

1. necessary is hereby appropriated on July 31 from the capital construction

1. fund for higher education. The balance remaining unappropriated in the

1. capital construction fund for higher education on August 1 of each year and

1. all amounts received thereafter during the fiscal year must be transferred to

1. the state general fund for the support of higher education. If bonds

1. described in this subsection are refunded and if the amount required to pay

1. the principal of and interest on the refunding bonds in any fiscal year

1. during the term of the bonds is less than the amount that would have been

1. required in the same fiscal year to pay the principal of and the interest on

1. the original bonds if they had not been refunded, there is appropriated to

1. the University and Community College System of Nevada an amount

1. sufficient to pay the principal of and interest on the original bonds, as if

1. they had not been refunded. The amount required to pay the principal of

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

1. amount appropriated. The amount equal to the saving realized in that fiscal

1. year from the refunding must be used by the University and Community

1. College System of Nevada to defray, in whole or in part, the expenses of

1. operation and maintenance of the facilities acquired in part with the

1. proceeds of the original bonds.

1. 7. After the requirements of subsection 6 have been met for each fiscal

1. year, when specific projects are authorized by the legislature, money in the

1. capital construction fund for higher education and the special capital

1. construction fund for higher education must be transferred by the state

1. controller and the state treasurer to the state public works board for the

1. construction of capital improvement projects for the University and

1. Community College System of Nevada, including, but not limited to,
2. capital improvement projects for the community colleges of the University

1. and Community College System of Nevada. As used in this subsection,

1. "construction" includes, but is not limited to, planning, designing, acquiring

1. and developing a site, construction, reconstruction, furnishing, equipping,

1. replacing, repairing, rehabilitating, expanding and remodeling. Any money

1. remaining in either fund at the end of a fiscal year does not revert to the

1. state general fund but remains in those funds for authorized expenditure.

1. 8. The money deposited in the state distributive school account in the

1. state general fund under this section must be apportioned as provided in

1. NRS 387.030 among the several school districts of the state at the times

1. and in the manner provided by law.

1. 9. The board of regents of the University of Nevada may use any

1. money in the capital construction fund for higher education and the special

1. capital construction fund for higher education for the payment of interest

1. and amortization of principal on bonds and other securities, whether issued

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

1. any capital project authorized by the legislature.

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

1. 463.660 1. The commission shall charge and collect from each

1. general fund.

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

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