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

 

CHAPTER..........

 

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:

 

   Section 1. NRS 504.450 is hereby amended to read as follows:

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

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

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

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

 director shall administer the fund.

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

 is invested. All interest earned on the deposit or investment of the money

 in the fund must be credited to that fund.

   3.  The director shall authorize the expenditure of the interest and

 principal of the fund but the principal of the fund must not be reduced to

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

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

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

 against the state are paid.

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

 earned on the deposit or investment of the money in the fund.

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

 

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