Assembly Bill No. 662–Committee on Natural Resources, Agriculture, and Mining

 

(On Behalf of Department of Administration—Budget Division)

 

April 3, 2001

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Referred to Committee on Natural Resources, Agriculture, and Mining

 

SUMMARY—Revises provisions relating to authorization for expenditure of money in Heil trust fund for wild horses. (BDR 45‑1516)

 

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 wild horses; revising the provisions relating to the authorization for the expenditure of money in the Heil trust fund for wild horses; 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 504.450 is hereby amended to read as follows:

1-2    504.450  1.  There is hereby created as a trust fund, the Heil trust fund

1-3  for wild horses. The fund is a continuing fund without reversion. All

1-4  money received from the Heil trust, and all money from any other source

1-5  designated for deposit in the fund, must be deposited in that fund. The

1-6  director shall administer the fund.

1-7    2.  The money in the fund must be invested as other money of the state

1-8  is invested. All interest earned on the deposit or investment of the money in

1-9  the fund must be credited to that fund.

1-10    3.  The director shall authorize the expenditure of the interest and

1-11  principal of the fund but the principal of the fund must not be reduced to

1-12  less than $900,000, unless the [money is needed for an emergency and the]

1-13  expenditure is approved by the legislature, if it is in session, or the interim

1-14  finance committee. Claims against the fund must be paid as other claims

1-15  against the state are paid.

1-16    4.  The expenses of the commission must be paid from the interest

1-17  earned on the deposit or investment of the money in the fund.

1-18    Sec. 2.  This act becomes effective upon passage and approval.

 

1-19  H