Senate Bill No. 416–Committee on Finance

 

CHAPTER..........

 

AN ACT relating to projects of capital improvement; authorizing the issuance of general obligation bonds and other securities to finance the completion of the Fish Hatchery Refurbishment Project; 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. 1.  Except as otherwise provided in subsection 2,

 the State Board of Finance shall, upon the request of the Division of

 Wildlife of the State Department of Conservation and Natural

 Resources, issue general obligation bonds of the State of Nevada or

 a combination of general obligation bonds of the State of Nevada

 and other securities in the aggregate principal amount of not more

 than $14,000,000 for the project numbered and described in the

 executive budget for the Fiscal Years 2003-2004 and 2004-2005 or

 otherwise described as Project 03-C12, Fish Hatchery

 Refurbishment Project, Phase II, and for such additional phases of

 the Fish Hatchery Refurbishment Project as are necessary to

 complete the Project.

    2.  The State Board of Finance shall not issue the securities

 authorized pursuant to subsection 1 unless it determines that the

 money received pursuant to NRS 502.326 and other available

 revenues of the Division will be sufficient to pay the principal and

 interest due on the securities.

    3.  The amount of the securities and the timing of the issuance

 of the securities must be determined by the State Treasurer and

 representatives of the Division of Wildlife.

    4.  Following the issuance of the securities authorized by

 subsection 1, the Division of Wildlife shall pay or transfer from the

 Trout Management Account established by NRS 502.327 or from

 other available sources of revenue to the State Treasurer the

 amounts necessary to pay the principal and interest due on the

 securities as directed by the State Treasurer.

    5.  The provisions of the State Securities Law, set forth in NRS

 349.150 to 349.364, inclusive, apply to the issuance of securities

 pursuant to the provisions of this section.

    6.  The Legislature finds and declares that the issuance of

 securities and the incurrence of indebtedness pursuant to this

 section are necessary for the protection and preservation of the

 natural resources of this state and for the purpose of obtaining the

 benefits thereof, and constitute an exercise of the authority

 conferred by the

second paragraph of Section 3 of Article 9 of the Constitution of the

State of Nevada.

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

 

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