Senate Bill No. 344–Committee on Natural Resources

(On Behalf of Division of State Lands)

March 10, 1999

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Referred to Committee on Natural Resources

 

SUMMARY—Revises provisions governing options of certain persons to purchase mineral interests owned by state in certain trust lands. (BDR 26-429)

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 lands; revising the provisions governing the option of certain persons to purchase the mineral interests owned by the State of Nevada in certain trust lands; 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 321.333 is hereby amended to read as follows:

1-2 321.333 1. If in [any such] an action authorized by NRS 321.332 [,]

1-3 it is determined that the State of Nevada has any interest in any minerals in

1-4 [any such lands,] the lands which are the subject of the action, except the

1-5 royalty provided for in NRS 321.300, any [such] person or his heirs,

1-6 assigns or lawful successors [, bringing any such] bringing the action as

1-7 plaintiff has the option for 1 year after the entry of final judgment in that

1-8 action to purchase from the State of Nevada all of the interest of the State

1-9 of Nevada in the minerals in those lands, except the royalty authorized by

1-10 NRS 321.300, at the fair market value of the [royalty] mineral interest as

1-11 determined by the division.

1-12 2. If the option is exercised, payment for that mineral interest must be

1-13 made to the state land registrar in cash within the period of the option and

1-14 deposited in the fund which was the original beneficiary of those lands, and

1-15 the state land registrar shall, upon the payment of the option price, deliver

2-1 to the purchaser a deed from the State of Nevada conveying all of the

2-2 state’s interest in the minerals in the lands involved in that action, except

2-3 the royalty provided for in NRS 321.300.

2-4 Sec. 2. This act becomes effective upon passage and approval.

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