Amendment No. 986

 

 

 

 

     Amend the bill as a whole by renumbering section 1 as sec. 1.5 and adding a new section designated section 1, following the enacting clause, to read as follows:

     “Section 1. NRS 354.6115 is hereby amended to read as follows:

     354.6115  1.  The governing body of a local government may, by resolution, establish a fund to stabilize the operation of the local government and mitigate the effects of natural disasters.

     2.  [The] Except as otherwise provided in this subsection, the money in the fund must be used only:

     (a) If the total actual revenue of the local government falls short of the total anticipated revenue in the general fund for the fiscal year in which the local government uses that money; or

     (b) To pay expenses incurred by the local government to mitigate the effects of a natural disaster.

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In a county whose population is less than 3,000, the money in the fund may also be used to retire outstanding bonds or other forms of debt. The money in the fund at the end of the fiscal year may not revert to any other fund or be a surplus for any purpose other than a purpose specified in this subsection.

     3.  The money in the fund may not be used to pay expenses incurred to mitigate the effects of a natural disaster until the governing body of the local government issues a formal declaration that a natural disaster exists. The governing body shall not make such a declaration unless a natural disaster is occurring or has occurred. Upon the issuance of such a declaration, the money in the fund may be used for the payment of the following expenses incurred by the local government as a result of the natural disaster:

     (a) The repair or replacement of roads, streets, bridges, water control facilities, public buildings, public utilities, recreational facilities and parks owned by the local government and damaged by the natural disaster;

     (b) Any emergency measures undertaken to save lives, protect public health and safety or protect property within the jurisdiction of the local government;

     (c) The removal of debris from publicly or privately owned land and waterways within the jurisdiction of the local government that was undertaken because of the natural disaster;

     (d) Expenses incurred by the local government for any overtime worked by an employee of the local government because of the natural disaster or any other extraordinary expenses incurred by the local government because of the natural disaster; and

     (e) The payment of any grant match the local government must provide to obtain a grant from a federal disaster assistance agency for an eligible project to repair damage caused by the natural disaster within the jurisdiction of the local government.

     4.  The balance in the fund must not exceed 10 percent of the expenditures from the general fund for the previous fiscal year, excluding any federal funds expended by the local government.

     5.  The annual budget and audit report of the local government prepared pursuant to NRS 354.624 must specifically identify the fund.

     6.  The audit report prepared for the fund must include a statement by the auditor whether the local government has complied with the provisions of this section.

     7.  Any transfer of money from a fund established pursuant to this section must be completed within 90 days after the end of the fiscal year in which the natural disaster for which the fund was established occurs.

     8.  As used in this section:

     (a) “Grant match” has the meaning ascribed to it in NRS 353.2725.

     (b) “Natural disaster” means a fire, flood, earthquake, drought or any other occurrence that:

          (1) Results in widespread or severe damage to property or injury to or the death of persons within the jurisdiction of the local government; and

          (2) As determined by the governing body of the local government, requires immediate action to protect the health, safety and welfare of persons residing within the jurisdiction of the local government.”.

     Amend sec. 19, page 15, by deleting lines 8 and 9 and inserting:

“2003, other than an installment purchase agreement that:

     (a) Is entered into for the purpose of refunding outstanding obligations; and

     (b) Has been approved by the State Board of Finance and the Interim Finance Committee.”.

     Amend sec. 20, page 15, by deleting lines 34 and 35 and inserting:

“purchase agreement that:

     (a) Is entered into for the purpose of refunding outstanding obligations; and

     (b) Has been approved by the State Board of Finance and the Interim Finance Committee.”.

     Amend sec. 21, page 16, by deleting lines 14 and 15 and inserting:

“installment purchase agreement that:

     (a) Is entered into for the purpose of refunding outstanding obligations; and

     (b) Has been approved by the State Board of Finance and the Interim Finance Committee.”.

     Amend the bill as a whole by renumbering sec. 22 as sec. 23 and adding a new section designated sec. 22, following sec. 21, to read as follows:

     “Sec. 22. 1.  At the request of the University and Community College System of Nevada, the State Board of Finance shall review a proposal for the issuance of general obligation bonds of the State of Nevada or a combination of general obligation bonds and other state securities to acquire a portion of the facilities known as the Academic Medical Center located in downtown Las Vegas, or similar facilities within the City of Las Vegas, for the University of Nevada School of Medicine in Clark County and make a recommendation regarding the proposal to the Interim Finance Committee. If the Interim Finance Committee, after independent determination, finds that the issuance of such securities is appropriate, the committee shall by resolution direct the State Board of Finance to issue general obligation bonds of the State of Nevada or a combination of general obligation bonds of the State of Nevada and other state securities in the face amount of not more than $10,000,000 for the purpose of acquiring a portion of the facilities known as the Academic Medical Center located in downtown Las Vegas, or similar facilities within the City of Las Vegas, for the University of Nevada School of Medicine in Clark County.

     2.  The amount of the bonds and the timing of the issuance of the bonds must be determined by the State Treasurer and representatives of the University and Community College System of Nevada and must reflect the expenses associated with the issuance of the bonds and the expenses and timing associated with the acquisition of a portion of the facilities known as the Academic Medical Center located in downtown Las Vegas, or similar facilities within the City of Las Vegas, for the University of Nevada School of Medicine in Clark County.

     3.  Following the acquisition of the portion of the Academic Medical Center located in downtown Las Vegas, or similar facilities within the City of Las Vegas, for the University of Nevada School of Medicine in Clark County with the proceeds of the bonds authorized by this section, the University and Community College System of Nevada shall pay or transfer to the State Treasurer on the date on which the rent payments for the portion of the Academic Medical Center located in downtown Las Vegas that is rented by the University and Community College System of Nevada on October 1, 2003, would have been due, for deposit into the Consolidated Bond Interest and Redemption Fund, from amounts appropriated by the Legislature to the University and Community College System of Nevada for rent payments on a portion of the Academic Medical Center located in downtown Las Vegas and from other money of the University and Community College System of Nevada, an amount equal to the amount of principal and interest which accrues on the bonds in each month following the acquisition of the portion of the Academic Medical Center located in downtown Las Vegas, or similar facilities within the City of Las Vegas, for the University of Nevada School of Medicine in Clark County.

     4.  For the purposes of this section, the principal amount and interest on the bonds shall be deemed to accrue in equal monthly amounts from the date of the issuance of the bonds until the date of the first interest payment on the bonds and thereafter each semiannual interest payment shall be deemed to accrue in six equal monthly installments ending on the semiannual interest payment date. Principal on the bonds shall be deemed to accrue in equal monthly installments from the date of the issuance of the bonds until the first principal payment date on the bonds and thereafter each annual principal payment shall be deemed to accrue in 12 equal monthly installments ending on each annual bond principal payment date. The annual principal payment must occur on the date of the first semiannual interest payment.

     5.  Except with respect to the first interest and principal payments, the interest payments on the bonds must be made semiannually and the principal payments must be made annually.

     6.  The provisions of the State Securities Law, set forth in NRS 349.150 to 349.364, inclusive, apply to the issuance of bonds pursuant to the provisions of this section.”.

     Amend sec. 22, page 16, by deleting line 39 and inserting:

     “Sec. 23. 1.  This section and sections 1 to 21, inclusive, of this act become effective on July 1, 2003.

     2.  Section 22 of this act becomes effective on October 1, 2003.”.

     Amend the title of the bill to read as follows:

“AN ACT relating to governmental financial administration; expanding the purposes for which, in certain smaller counties, money may be expended from a fund established to stabilize the operation of local government and mitigate the effects of natural disasters; revising provisions relating to the securities in which local governments may invest; providing for expanded oversight by the State Treasurer concerning the collateral that must be maintained by financial institutions to secure certain deposits of public money made by state and local governmental entities; making various other changes concerning the duties of the State Treasurer; revising the limitation on the total amount of revenue that may be paid to a redevelopment agency in certain smaller municipalities; authorizing under certain circumstances the issuance of certain bonds and securities to acquire certain facilities for the University of Nevada School of Medicine in Clark County; providing civil penalties; and providing other matters properly relating thereto.”.