Assembly Bill No. 601–Committee on Ways and Means

 

CHAPTER..........

 

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:

 

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

new section to read as follows:

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

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

real property, improved real property or improvements to real property,

the purchase must be approved by the legislature by concurrent

resolution or statute or as part of the budget of the state agency, or by the

interim finance committee when the legislature is not in regular session.

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

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

   3.  As used in this section:

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

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

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

purchase price of the property over a period that extends beyond the

biennium in which the agreement is executed, including, without

limitation:

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

agency may acquire the property that is the subject of the agreement at

the end of the term of the agreement or the end of the term of a renewal

of the agreement upon payment of no additional consideration or

nominal additional consideration; and

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

treated as an agreement for conditional sale.

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

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

is required to submit information to the chief pursuant to subsection 1 or

6 of NRS 353.210.

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

 

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