Senate Bill No. 362–Senators Titus and Care

 

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AN ACT relating to transportation; requiring the Las Vegas Monorail Company to provide certain financial reports to the Legislative Commission; authorizing the Legislative Commission to direct the Legislative Auditor to conduct an audit of the Las Vegas Monorail Company under certain circumstances; 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. The Las Vegas Monorail Company shall provide a

copy of its annual audited financial statement to the Legislative

Commission. The financial statement must be prepared in

accordance with generally accepted accounting principles, and the

audit must be conducted in accordance with generally accepted

auditing standards applicable to entities such as the Las Vegas

Monorail Company.

    2.  In the event that the Las Vegas Monorail Company does not

provide a copy of its annual audited financial statement to the

Legislative Commission within 6 months after the end of the fiscal

year of the Company, the Legislative Commission may direct the

Legislative Auditor to conduct an audit of the Company. The

Legislative Auditor shall provide written notice to the Company at

least 30 days before beginning any such audit.

    3.  To the extent that the provisions of NRS 218.737 to

218.890, inclusive, are consistent with the requirements of this

section, those provisions apply to any audit conducted pursuant to

this section.

    4.  The Las Vegas Monorail Company shall provide an annual

performance report to the Legislative Commission. The

performance report must accompany the annual audited financial

statement submitted to the Legislative Commission pursuant to

subsection 1. The performance report must include the following

information that is provided to the public bondholders:

    (a) The monorail budget as approved by the Governor;

    (b) Construction progress and change order status, including

expansion plans;

    (c) Systems operations and security;

    (d) Intergovernmental coordination;

    (e) The minutes of the annual public hearing;

    (f) Pending litigation updates;

    (g) An administrative update; and

    (h) The oversight consultant’s report on construction progress.

    Sec. 2. 1.  Upon the request of the Legislative Auditor, the

Las Vegas Monorail Company shall transfer to the Audit Division

of the Legislative Counsel Bureau the sum of $50,000 to carry out

the provisions of section 1 of this act if the Legislative Commission

directs the Legislative Auditor to conduct an audit pursuant to

section 1 of this act.

    2.  If such a transfer occurs, any remaining balance of the sum

transferred pursuant to subsection 1 must not be committed for

expenditure after 1 year following the date of the transfer and must

be transferred to the Las Vegas Monorail Company as soon as all

payments of money committed have been made.

    Sec. 3. This act becomes effective on July 1, 2003, and expires

by limitation on July 1, 2008.

 

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