Assembly Bill No. 601–Committee on Ways and Means

 

March 26, 2001

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Referred to Committee on Ways and Means

 

SUMMARY—Restricts ability of state agencies to enter into certain agreements to purchase real property. (BDR 31‑1106)

 

FISCAL NOTE:    Effect on Local Government: No.

                                 Effect on the State: No.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to state financial administration; restricting the ability of a state agency to enter into certain agreements to purchase real property; 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. Chapter 353 of NRS is hereby amended by adding thereto a

1-2  new section to read as follows:

1-3    1.  Before a state agency or person acting on the behalf of a state

1-4  agency may enter into a long-term agreement to purchase unimproved

1-5  real property, improved real property or improvements to real property,

1-6  the legislature must approve the long-term agreement.

1-7    2.  This section does not affect any agreement, including, without

1-8  limitation, a long-term agreement, to purchase personal property.

1-9    3.  As used in this section:

1-10    (a) “Long-term agreement” means an agreement to purchase

1-11  property, in the form of a lease or an agreement to pay in installments,

1-12  pursuant to which the State of Nevada or a state agency may pay the

1-13  purchase price of the property over a period that extends beyond the

1-14  biennium in which the agreement is executed, including, without

1-15  limitation:

1-16      (1) An agreement pursuant to which the State of Nevada or a state

1-17  agency may acquire the property that is the subject of the agreement at

1-18  the end of the term of the agreement or the end of the term of a renewal

1-19  of the agreement upon payment of no additional consideration or

1-20  nominal additional consideration; and

1-21      (2) An agreement that, for the purposes of federal income tax, is

1-22  treated as an agreement for conditional sale.

2-1    (b) “State agency” means an agency, bureau, board, commission,

2-2  department, division or any other unit of the government of this state that

2-3  is required to submit information to the chief pursuant to subsection 1 or

2-4  6 of NRS 353.210.

2-5    Sec. 2.  This act becomes effective upon passage and approval.

 

2-6  H