Senate Bill No. 416–Committee on Finance

 

(On Behalf of the Department of Administration)

 

March 24, 2003

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Referred to Committee on Finance

 

SUMMARY—Authorizes issuance of bonds and other securities for completion of Fish Hatchery Refurbishment Project. (BDR S‑1212)

 

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 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:

 

1-1  Section 1. 1.  Except as otherwise provided in subsection 2,

1-2  the State Board of Finance shall, upon the request of the Division of

1-3  Wildlife of the State Department of Conservation and Natural

1-4  Resources, issue general obligation bonds of the State of Nevada or

1-5  a combination of general obligation bonds of the State of Nevada

1-6  and other securities in the aggregate principal amount of not more

1-7  than $14,000,000 for the project numbered and described in the

1-8  executive budget for the Fiscal Years 2003-2004 and 2004-2005 or

1-9  otherwise described as Project 03-C12, Fish Hatchery

1-10  Refurbishment Project, Phase II, and for such additional phases of

1-11  the Fish Hatchery Refurbishment Project as are necessary to

1-12  complete the Project.

1-13      2.  The State Board of Finance shall not issue the securities

1-14  authorized pursuant to subsection 1 unless it determines that the

2-1  money received pursuant to NRS 502.326 and other available

2-2  revenues of the Division will be sufficient to pay the principal and

2-3  interest due on the securities.

2-4  3.  The amount of the securities and the timing of the issuance

2-5  of the securities must be determined by the State Treasurer and

2-6  representatives of the Division of Wildlife.

2-7  4.  Following the issuance of the securities authorized by

2-8  subsection 1, the Division of Wildlife shall pay or transfer from the

2-9  Trout Management Account established by NRS 502.327 or from

2-10  other available sources of revenue to the State Treasurer the

2-11  amounts necessary to pay the principal and interest due on the

2-12  securities as directed by the State Treasurer.

2-13      5.  The provisions of the State Securities Law, set forth in NRS

2-14  349.150 to 349.364, inclusive, apply to the issuance of securities

2-15  pursuant to the provisions of this section.

2-16      6.  The Legislature finds and declares that the issuance of

2-17  securities and the incurrence of indebtedness pursuant to this section

2-18  are necessary for the protection and preservation of the natural

2-19  resources of this state and for the purpose of obtaining the benefits

2-20  thereof, and constitute an exercise of the authority conferred by the

2-21  second paragraph of Section 3 of Article 9 of the Constitution of the

2-22  State of Nevada.

2-23      Sec. 2.  This act becomes effective upon passage and approval.

 

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