exempt

                                                 (Reprinted with amendments adopted on April 21, 2003)

 

Senate Bill No. 362–Senators Titus and Care

 

March 17, 2003

____________

 

Referred to Committee on Legislative Affairs and Operations

 

SUMMARY—Requires Las Vegas Monorail Company to provide certain documents to Legislative Commission and authorizes Legislative Auditor to conduct audit under certain circumstances. (BDR S‑573)

 

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 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:

 

1-1  Section 1. The Las Vegas Monorail Company shall provide a

1-2  copy of its annual audited financial statement to the Legislative

1-3  Commission. The financial statement must be prepared in

1-4  accordance with generally accepted accounting principles, and the

1-5  audit must be conducted in accordance with generally accepted

1-6  auditing standards applicable to entities such as the Las Vegas

1-7  Monorail Company.

1-8  2.  In the event that the Las Vegas Monorail Company does not

1-9  provide a copy of its annual audited financial statement to the

1-10  Legislative Commission within 6 months after the end of the fiscal

1-11  year of the Company, the Legislative Commission may direct the

1-12  Legislative Auditor to conduct an audit of the Company. The

2-1  Legislative Auditor shall provide written notice to the Company at

2-2  least 30 days before beginning any such audit.

2-3  3.  To the extent that the provisions of NRS 218.737 to

2-4  218.890, inclusive, are consistent with the requirements of this

2-5  section, those provisions apply to any audit conducted pursuant to

2-6  this section.

2-7  4.  The Las Vegas Monorail Company shall provide an annual

2-8  performance report to the Legislative Commission. The

2-9  performance report must accompany the annual audited financial

2-10  statement submitted to the Legislative Commission pursuant to

2-11  subsection 1. The performance report must include the following

2-12  information that is provided to the public bondholders:

2-13      (a) The monorail budget as approved by the Governor;

2-14      (b) Construction progress and change order status, including

2-15  expansion plans;

2-16      (c) Systems operations and security;

2-17      (d) Intergovernmental coordination;

2-18      (e) The minutes of the annual public hearing;

2-19      (f) Pending litigation updates;

2-20      (g) An administrative update; and

2-21      (h) The oversight consultant’s report on construction progress.

2-22      Sec. 2. 1.  Upon the request of the Legislative Auditor, the

2-23  Las Vegas Monorail Company shall transfer to the Audit Division

2-24  of the Legislative Counsel Bureau the sum of $50,000 to carry out

2-25  the provisions of section 1 of this act if the Legislative Commission

2-26  directs the Legislative Auditor to conduct an audit pursuant to

2-27  section 1 of this act.

2-28      2.  If such a transfer occurs, any remaining balance of the sum

2-29  transferred pursuant to subsection 1 must not be committed for

2-30  expenditure after 1 year following the date of the transfer and must

2-31  be transferred to the Las Vegas Monorail Company as soon as all

2-32  payments of money committed have been made.

2-33      Sec. 3. This act becomes effective on July 1, 2003, and expires

2-34  by limitation on July 1, 2008.

 

2-35  H