Senate
Bill No. 495–Senators Townsend,
Washington and Mathews
May 1, 2003
____________
Referred to Committee on Taxation
SUMMARY—Makes various changes to Consolidated Local Improvements Law. (BDR 21‑1339)
FISCAL NOTE: Effect on Local Government: Yes.
Effect on the State: Yes.
~
EXPLANATION
– Matter in bolded italics is new; matter
between brackets [omitted material] is material to be omitted.
Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).
AN ACT relating to local improvements; authorizing under certain circumstances the acquisition of art and tourism and entertainment projects pursuant to the Consolidated Local Improvements Law; authorizing under certain circumstances the pledge of certain sales and use tax proceeds and state funding for the acquisition of projects pursuant to the Consolidated Local Improvements Law; 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. Chapter 271 of NRS is hereby amended by adding
1-2 thereto the provisions set forth as sections 2 to 7, inclusive, of this
1-3 act.
1-4 Sec. 2. “Art project” means any works of art which are:
1-5 1. Selected through a public process; and
1-6 2. Displayed within the boundaries of an improvement district
1-7 at a location which is:
1-8 (a) Accessible to the public; and
1-9 (b) On property:
1-10 (1) Owned by a governmental entity; or
1-11 (2) Over which a governmental entity has a permanent
1-12 easement for public access.
2-1 Sec. 3. “Tourism and entertainment project” means any
2-2 publicly owned building or complex of buildings to accommodate
2-3 or house public and private activities as a part of a multi-faceted
2-4 center for tourism, including, without limitation, library facilities,
2-5 museum facilities, theater facilities, aquarium facilities, art
2-6 galleries, picture galleries, auditorium facilities, exposition
2-7 facilities, athletic facilities, racing facilities and any other
2-8 structures, fixtures, appurtenances and property and other
2-9 incidentals which are necessary, useful or desirable for such a
2-10 project, or any combination thereof.
2-11 Sec. 4. 1. Except as otherwise provided in subsection 2, the
2-12 governing body of a municipality may include in an assessment
2-13 ordinance for a project the pledge of a single percentage specified
2-14 in the ordinance, which must not exceed 75 percent, of:
2-15 (a) An amount equal to the proceeds of the taxes imposed
2-16 pursuant to NRS 372.105 and 372.185 with regard to tangible
2-17 personal property sold at retail, or stored, used or otherwise
2-18 consumed, in the improvement district during a fiscal year, after
2-19 the deduction of a sum equal to the amount of those proceeds for
2-20 the fiscal year in which the assessment ordinance is adopted; and
2-21 (b) The amount of the proceeds of the taxes imposed pursuant
2-22 to NRS 374.110, 374.190 and 377.030 with regard to tangible
2-23 personal property sold at retail, or stored, used or otherwise
2-24 consumed, in the improvement district during a fiscal year, after
2-25 the deduction of the amount of those proceeds for the fiscal year
2-26 in which the assessment ordinance is adopted.
2-27 2. The governing body of a municipality shall not include a
2-28 pledge authorized by subsection 1 in an assessment ordinance for
2-29 a project unless:
2-30 (a) The board of county commissioners of each county in
2-31 which the improvement district is located determines, at a public
2-32 hearing conducted at least 15 days after providing notice of the
2-33 hearing by publication, that:
2-34 (1) As a result of the project:
2-35 (I) Retailers will locate their businesses as such in the
2-36 improvement district; and
2-37 (II) There will be a substantial increase in the proceeds
2-38 from sales and use taxes remitted by retailers with regard to
2-39 tangible personal property sold at retail, or stored, used or
2-40 otherwise consumed, in the improvement district; and
2-41 (2) A preponderance of that increase in the proceeds from
2-42 sales and use taxes will be attributable to transactions with tourists
2-43 who are not residents of this state;
3-1 (b) The Commission on Tourism approves the determination
3-2 made by the board of county commissioners pursuant to
3-3 subparagraph (2) of paragraph (a); and
3-4 (c) The Governor determines that the project and the pledge of
3-5 money authorized by subsection 1 will contribute significantly to
3-6 economic development and tourism in this state.
3-7 3. Any determination or approval made pursuant to
3-8 subsection 2 is conclusive in the absence of fraud or gross abuse
3-9 of discretion.
3-10 4. As used in this section, “retailer” has the meaning ascribed
3-11 to it in NRS 374.060.
3-12 Sec. 5. After the adoption of an assessment ordinance in
3-13 accordance with section 4 of this act, the governing body of the
3-14 municipality and the Department of Taxation shall enter into an
3-15 agreement specifying:
3-16 1. The amount of the proceeds of the taxes imposed pursuant
3-17 to NRS 372.105, 372.185, 374.110, 374.190 and 377.030, which
3-18 were remitted by retailers with regard to tangible personal
3-19 property sold at retail, or stored, used or otherwise consumed, in
3-20 the improvement district during the fiscal year in which the
3-21 assessment ordinance was adopted. If no retailers maintained a
3-22 fixed place of business within the improvement district during that
3-23 fiscal year, the amount of those proceeds shall be deemed to be
3-24 zero.
3-25 2. The dates and procedure for distribution to the
3-26 municipality of the amounts pledged pursuant to subsection 1 of
3-27 section 4 of this act. The distributions must:
3-28 (a) Be made not less frequently than once each calendar
3-29 quarter; and
3-30 (b) Cease on the date that all assessments imposed pursuant to
3-31 the assessment ordinance have been paid in full, including any
3-32 applicable payments of principal, interest and penalties.
3-33 Sec. 6. 1. After the adoption of an assessment ordinance in
3-34 accordance with section 4 of this act, the governing body of a
3-35 municipality may, except as otherwise provided in subsection 2,
3-36 enter into an agreement with one or more of the owners of any
3-37 interest in property within the improvement district, pursuant to
3-38 which that owner would agree to make payments to the
3-39 municipality or to another local government that provides services
3-40 in the improvement district, or to both, to defray, in whole or in
3-41 part, the cost of local governmental services during the term of the
3-42 pledge authorized pursuant to subsection 1 of section 4 of this act.
3-43 Such an agreement must specify the amount to be paid by the
3-44 owner of the property interest, which may be stated as a particular
4-1 amount per year or as an amount based upon any formula upon
4-2 which the municipality and owner agree.
4-3 2. The governing body of a municipality shall not enter into
4-4 an agreement pursuant to subsection 1 unless the governing body
4-5 determines that the project and the assessment of property within
4-6 the improvement district will not have a positive fiscal effect on the
4-7 provision of local governmental services, after considering:
4-8 (a) The amount of the proceeds of all taxes and other
4-9 governmental revenue projected to be received as a result of the
4-10 properties and businesses expected to be located in the
4-11 improvement district;
4-12 (b) The use of the amounts pledged pursuant to subsection 1 of
4-13 section 4 of this act; and
4-14 (c) Any increase in costs for the provision of local
4-15 governmental services, including, without limitation, services for
4-16 police protection and fire protection, as a result of the project and
4-17 the development of land within the improvement district.
4-18 3. Any determination made pursuant to subsection 2 is
4-19 conclusive in the absence of fraud or gross abuse of discretion.
4-20 Sec. 7. If the governing body of a municipality adopts an
4-21 assessment ordinance in accordance with section 4 of this act:
4-22 1. None of the bonds, if any, issued for the improvement
4-23 district may be secured by a pledge of the taxing power or general
4-24 fund of the municipality; and
4-25 2. NRS 271.495 and 271.500 do not apply to any bonds issued
4-26 for the improvement district.
4-27 Sec. 8. NRS 271.030 is hereby amended to read as follows:
4-28 271.030 As used in this chapter, unless the context otherwise
4-29 requires, the words and terms defined in NRS 271.035 to 271.250,
4-30 inclusive, and sections 2 and 3 of this act have the meanings
4-31 ascribed to them in those sections.
4-32 Sec. 9. NRS 271.265 is hereby amended to read as follows:
4-33 271.265 1. The governing body of a county, city or town,
4-34 upon behalf of the municipality and in its name, without any
4-35 election, may from time to time acquire, improve, equip, operate
4-36 and maintain, within or without the municipality, or both within and
4-37 without the municipality:
4-38 (a) A commercial area vitalization project;
4-39 (b) A curb and gutter project;
4-40 (c) A drainage project;
4-41 (d) An off-street parking project;
4-42 (e) An overpass project;
4-43 (f) A park project;
4-44 (g) A sanitary sewer project;
4-45 (h) A security wall;
5-1 (i) A sidewalk project;
5-2 (j) A storm sewer project;
5-3 (k) A street project;
5-4 (l) A street beautification project;
5-5 (m) A transportation project;
5-6 (n) An underpass project;
5-7 (o) A water project; and
5-8 (p) Any combination of such projects.
5-9 2. In addition to the power specified in subsection 1, the
5-10 governing body of a city having a commission form of government
5-11 as defined in NRS 267.010, upon behalf of the municipality and in
5-12 its name, without any election, may from time to time acquire,
5-13 improve, equip, operate and maintain, within or without the
5-14 municipality, or both within and without the municipality:
5-15 (a) An electrical project;
5-16 (b) A telephone project;
5-17 (c) A combination of an electrical project and a telephone
5-18 project;
5-19 (d) A combination of an electrical project or a telephone project
5-20 with any of the projects, or any combination thereof, specified in
5-21 subsection 1; and
5-22 (e) A combination of an electrical project and a telephone
5-23 project with any of the projects, or any combination thereof,
5-24 specified in subsection 1.
5-25 3. In addition to the power specified in subsections 1 and 2, the
5-26 governing body of a municipality, on behalf of the municipality and
5-27 in its name, without an election, may finance an underground
5-28 conversion project with the approval of each service provider that
5-29 owns the overhead service facilities to be converted.
5-30 4. In addition to the power specified in subsections 1, 2 and 3,
5-31 if the governing body of a municipality complies with the
5-32 provisions of section 4 of this act, the governing body of the
5-33 municipality, on behalf of the municipality and in its name,
5-34 without any election, may from time to time acquire, improve,
5-35 equip, operate and maintain, within or without the municipality,
5-36 or both within and without the municipality:
5-37 (a) An art project; and
5-38 (b) A tourism and entertainment project.
5-39 Sec. 10. NRS 271.431 is hereby amended to read as follows:
5-40 271.431 As used in NRS 271.431 to 271.434, inclusive,
5-41 “revenue” means any money pledged wholly or in part for crediting
5-42 to or payment of assessments, subject to any existing pledges or
5-43 other contractual limitations and may include:
5-44 1. Moneys derived from one, all or any combination of revenue
5-45 resources appertaining to any facilities of the municipality, financed
6-1 in whole or in part with the proceeds of assessments levied pursuant
6-2 to the assessment ordinance, including , but not limited to , use and
6-3 service charges, rents, fees and any other income derived from the
6-4 operation or ownership of, from the use or services of, or from the
6-5 availability of or services appertaining to, the lease of, any sale or
6-6 other disposal of, any contract or other arrangement, or otherwise
6-7 derived in connection with such facilities or all or any part of any
6-8 property appertaining to the facilities.
6-9 2. Any loans, grants or contributions to the municipality from
6-10 the Federal Government, the State or any public body for the
6-11 payment of all or any portion of the cost of the project for which the
6-12 assessments were levied.
6-13 3. The proceeds of any excise taxes levied and collected by the
6-14 municipality or otherwise received by it and authorized by law to be
6-15 pledged for the payment of the project for which the assessments
6-16 were levied or for the payment of the assessments levied to finance
6-17 the cost of the project but excluding the proceeds of any general (ad
6-18 valorem) taxes.
6-19 4. Any money pledged pursuant to an assessment ordinance
6-20 adopted in accordance with section 4 of this act.
6-21 Sec. 11. NRS 271.4315 is hereby amended to read as follows:
6-22 271.4315 1. The governing body may apply any revenues to
6-23 the payment of assessments and in so doing may pledge the revenue
6-24 to such payment. The revenues [shall] must be credited in the
6-25 proportion which each individual assessment or installment of
6-26 principal bears to the total of all individual assessments in the
6-27 assessment to which the revenues are to be credited. The application
6-28 of revenues [shall] must be made pursuant to the provisions set forth
6-29 in the assessment ordinance.
6-30 2. If an individual assessment, or any installment of principal
6-31 and interest has been paid in cash, the credit [shall] must be returned
6-32 in cash to the person or persons paying the same upon their
6-33 furnishing satisfactory evidence of payment. Where all or any part
6-34 of an individual assessment remains unpaid and is payable in
6-35 installments of principal, the credit [shall] must be applied to the
6-36 installment, and if after the payment of the installment there remains
6-37 an unused portion of the credit, the unused portion [shall] must be
6-38 applied to the payment of interests, and if after the payment of such
6-39 principal and interest there remains an unused portion of the credit,
6-40 the unused portion [shall] must, as determined by the governing
6-41 body, be applied [to] :
6-42 (a) To the next ensuing installment or installments of principal
6-43 and interest ; or
7-1 (b) As a prepayment of the assessment, including any
7-2 applicable penalty for that prepayment,
7-3 until the credit is applied in its entirety.
7-4 Sec. 12. Chapter 360 of NRS is hereby amended by adding
7-5 thereto a new section to read as follows:
7-6 1. The State Controller, acting upon the collection data
7-7 furnished by the Department, shall remit to the governing body of
7-8 a municipality that adopts an assessment ordinance in accordance
7-9 with section 4 of this act, in the manner provided pursuant to an
7-10 agreement made pursuant to section 5 of this act:
7-11 (a) From the State General Fund the amount of money
7-12 pledged pursuant to the ordinance in accordance with paragraph
7-13 (a) of subsection 1 of section 4 of this act, which amount is hereby
7-14 appropriated for that purpose; and
7-15 (b) From the Sales and Use Tax Account in the State General
7-16 Fund the amount of the proceeds pledged pursuant to the
7-17 ordinance in accordance with paragraph (b) of subsection 1 of
7-18 section 4 of this act.
7-19 2. The governing body of a municipality that adopts an
7-20 assessment ordinance in accordance with section 4 of this act shall
7-21 promptly remit to the State Controller any amount received
7-22 pursuant to this section in excess of the amount required to carry
7-23 out the provisions of NRS 271.4315 with regard to the project for
7-24 which the assessment ordinance was adopted. The State Controller
7-25 shall deposit any money received from a governing body of a
7-26 municipality pursuant to this subsection in the appropriate
7-27 account in the State General Fund for distribution and use as if
7-28 the money had not been pledged pursuant to an assessment
7-29 ordinance adopted in accordance with section 4 of this act.
7-30 Sec. 13. NRS 374.785 is hereby amended to read as follows:
7-31 374.785 1. All fees, taxes, interest and penalties imposed and
7-32 all amounts of tax required to be paid to counties under this chapter
7-33 must be paid to the Department in the form of remittances payable
7-34 to the Department.
7-35 2. The Department shall deposit the payments in the State
7-36 Treasury to the credit of the Sales and Use Tax Account in the State
7-37 General Fund.
7-38 3. The State Controller, acting upon the collection data
7-39 furnished by the Department, shall, each month, from the Sales and
7-40 Use Tax Account in the State General Fund:
7-41 (a) Transfer .75 percent of all fees, taxes, interest and penalties
7-42 collected in each county during the preceding month , excluding
7-43 any amounts required to be remitted pursuant to section 12 of this
7-44 act, to the appropriate account in the State General Fund as
7-45 compensation to the State for the costs of collecting the tax.
8-1 (b) Transfer .75 percent of all fees, taxes, interest and penalties
8-2 collected during the preceding month from out-of-state businesses
8-3 not maintaining a fixed place of business within this state ,
8-4 excluding any amounts required to be remitted pursuant to section
8-5 12 of this act, to the appropriate account in the State General Fund
8-6 as compensation to the State for the costs of collecting the tax.
8-7 (c) Determine for each county the amount of money equal to the
8-8 fees, taxes, interest and penalties collected in the county pursuant to
8-9 this chapter during the preceding month , less the amount transferred
8-10 pursuant to paragraph (a).
8-11 (d) Transfer the total amount of taxes collected pursuant to this
8-12 chapter during the preceding month from out-of-state businesses not
8-13 maintaining a fixed place of business within this state, less the
8-14 amount transferred pursuant to paragraph (b)[,] and excluding any
8-15 amounts required to be remitted pursuant to section 12 of this act,
8-16 to the State Distributive School Account in the State General Fund.
8-17 (e) Except as otherwise provided in NRS 387.528[,] or as
8-18 required to carry out section 12 of this act, transfer the amount
8-19 owed to each county to the Intergovernmental Fund and remit the
8-20 money to the credit of the county school district fund.
8-21 4. For the purpose of the distribution required by this section,
8-22 the occasional sale of a vehicle shall be deemed to take place in the
8-23 county to which the governmental services tax payable by the buyer
8-24 upon that vehicle is distributed.
8-25 Sec. 14. NRS 377.050 is hereby amended to read as follows:
8-26 377.050 1. All fees, taxes, interest and penalties imposed and
8-27 all amounts of tax required to be paid to counties under this chapter
8-28 must be paid to the Department in the form of remittances made
8-29 payable to the Department.
8-30 2. The Department shall deposit the payments with the State
8-31 Treasurer for credit to the Sales and Use Tax Account in the State
8-32 General Fund.
8-33 3. The State Controller, acting upon the collection data
8-34 furnished by the Department, shall , before making the
8-35 distributions required by NRS 377.055 and 377.057, monthly
8-36 transfer from the Sales and Use Tax Account .75 percent of all fees,
8-37 taxes, interests and penalties collected pursuant to this chapter
8-38 during the preceding month , excluding any amounts required to be
8-39 remitted pursuant to section 12 of this act, to the appropriate
8-40 account in the State General Fund[, before making the distributions
8-41 required by NRS 377.055 and 377.057,] as compensation to the
8-42 State for the cost of collecting the tax.
8-43 Sec. 15. NRS 377.055 is hereby amended to read as follows:
8-44 377.055 1. The Department shall monthly determine for each
8-45 county an amount of money equal to the sum of:
9-1 (a) Any fees and any taxes, interest and penalties which derive
9-2 from the basic city-county relief tax collected in that county
9-3 pursuant to this chapter during the preceding month, less the
9-4 corresponding amount transferred to the State General Fund
9-5 pursuant to subsection 3 of NRS 377.050; and
9-6 (b) That proportion of the total amount of taxes which derive
9-7 from that portion of the tax levied at the rate of one-half of 1 percent
9-8 collected pursuant to this chapter during the preceding month from
9-9 out-of-state businesses not maintaining a fixed place of business
9-10 within this state, less the corresponding amount transferred to the
9-11 State General Fund pursuant to subsection 3 of NRS 377.050, which
9-12 the population of that county bears to the total population of all
9-13 counties which have in effect a city-county relief tax
9-14 ordinance,
9-15 and , except as otherwise required to carry out section 12 of this
9-16 act, deposit the money in the Local Government Tax Distribution
9-17 Account created by NRS 360.660 for credit to the respective
9-18 subaccounts of each county.
9-19 2. For the purpose of the distribution required by this section,
9-20 the occasional sale of a vehicle shall be deemed to take place in the
9-21 county to which the governmental services tax payable by the buyer
9-22 upon that vehicle is distributed.
9-23 Sec. 16. NRS 377.057 is hereby amended to read as follows:
9-24 377.057 1. The State Controller, acting upon the relevant
9-25 information furnished by the Department, shall distribute monthly
9-26 from the fees, taxes, interest and penalties which derive from the
9-27 supplemental city-county relief tax collected in all counties and
9-28 from out-of-state businesses during the preceding month, excluding
9-29 any amounts required to be remitted pursuant to section 12 of this
9-30 act and except as otherwise provided in subsection 2, to:
9-31 (a) Douglas, Esmeralda, Eureka, Lander, Lincoln, Lyon,
9-32 Mineral, Nye, Pershing, Storey and White Pine counties, an amount
9-33 equal to one-twelfth of the amount distributed in the immediately
9-34 preceding fiscal year multiplied by one plus:
9-35 (1) The percentage change in the total receipts from the
9-36 supplemental city-county relief tax for all counties and from out-of-
9-37 state businesses, from the fiscal year 2 years preceding the
9-38 immediately preceding fiscal year to the fiscal year preceding the
9-39 immediately preceding fiscal year; or
9-40 (2) Except as otherwise provided in this paragraph, the
9-41 percentage change in the population of the county, as certified by
9-42 the Governor pursuant to NRS 360.285, added to the percentage
9-43 change in the Consumer Price Index for the year ending on
9-44 December 31 next preceding the year of distribution,
10-1 whichever is less, except that the amount distributed to the county
10-2 must not be less than the amount specified in subsection 5. If the
10-3 Bureau of the Census of the United States Department of Commerce
10-4 issues population totals that conflict with the totals certified by the
10-5 Governor pursuant to NRS 360.285, the percentage change
10-6 calculated pursuant to subparagraph (2) for the ensuing fiscal year
10-7 must be an estimate of the change in population for the calendar
10-8 year, based upon the population totals issued by the Bureau of the
10-9 Census.
10-10 (b) All other counties, the amount remaining after making the
10-11 distributions required by paragraph (a) to each of these counties in
10-12 the proportion that the amount of supplemental city-county relief tax
10-13 collected in the county for the month bears to the total amount of
10-14 supplemental city-county relief tax collected for that month in the
10-15 counties whose distribution will be determined pursuant to this
10-16 paragraph.
10-17 2. If the amount of supplemental city-county relief tax
10-18 collected in a county listed in paragraph (a) of subsection 1 for the
10-19 12 most recent months for which information concerning the actual
10-20 amount collected is available on February 15 of any year exceeds by
10-21 more than 10 percent the amount distributed pursuant to paragraph
10-22 (a) to that county for the same period, the State Controller shall
10-23 distribute that county’s portion of the proceeds from the
10-24 supplemental city-county relief tax pursuant to paragraph (b) of
10-25 subsection 1 in all subsequent fiscal years, unless a waiver is
10-26 granted pursuant to subsection 3.
10-27 3. A county which, pursuant to subsection 2, is required to
10-28 have its portion of the proceeds from the supplemental city-county
10-29 relief tax distributed pursuant to paragraph (b) of subsection 1 may
10-30 file a request with the Nevada Tax Commission for a waiver of the
10-31 requirements of subsection 2. The request must be filed on or before
10-32 February 20 next preceding the fiscal year for which the county will
10-33 first receive its portion of the proceeds from the supplemental city-
10-34 county relief tax pursuant to paragraph (b) of subsection 1 and must
10-35 be accompanied by evidence which supports the granting of the
10-36 waiver. The Commission shall grant or deny a request for a waiver
10-37 on or before March 10 next following the timely filing of the
10-38 request. If the Commission determines that the increase in
10-39 the amount of supplemental city-county relief tax collected in the
10-40 county was primarily caused by:
10-41 (a) Nonrecurring taxable sales, it shall grant the request.
10-42 (b) Normal or sustainable growth in taxable sales, it shall deny
10-43 the request.
10-44 A county which is granted a waiver pursuant to this subsection is
10-45 not required to obtain a waiver in any subsequent fiscal year to
11-1 continue to receive its portion of the proceeds from the
11-2 supplemental city-county relief tax pursuant to paragraph (a) of
11-3 subsection 1 unless the amount of supplemental city-county relief
11-4 tax collected in the county in a fiscal year again exceeds the
11-5 threshold established in subsection 2.
11-6 4. The amount apportioned to each county must be deposited in
11-7 the Local Government Tax Distribution Account created by NRS
11-8 360.660 for credit to the respective accounts of each county.
11-9 5. The minimum amount which may be distributed to the
11-10 following counties in a month pursuant to paragraph (a) of
11-11 subsection 1 is as follows:
11-12 Douglas..................................... $580,993
11-13 Esmeralda...................................... 53,093
11-14 Lander.......................................... 155,106
11-15 Lincoln.......................................... 72,973
11-16 Lyon............................................. 356,858
11-17 Mineral........................................ 118,299
11-18 Nye.............................................. 296,609
11-19 Pershing......................................... 96,731
11-20 Storey............................................. 69,914
11-21 White Pine................................... 158,863
11-22 6. As used in this section, unless the context otherwise
11-23 requires:
11-24 (a) “Enterprise district” has the meaning ascribed to it in
11-25 NRS 360.620.
11-26 (b) “Local government” has the meaning ascribed to it in
11-27 NRS 360.640.
11-28 (c) “Special district” has the meaning ascribed to it
11-29 in NRS 360.650.
11-30 Sec. 17. NRS 387.1235 is hereby amended to read as follows:
11-31 387.1235 1. Except as otherwise provided in subsection 2,
11-32 local funds available are the sum of:
11-33 (a) The amount computed by multiplying .0025 times the
11-34 assessed valuation of the school district as certified by the
11-35 Department of Taxation for the concurrent school year; and
11-36 (b) The proceeds of the local school support tax imposed by
11-37 chapter 374 of NRS[.] , excluding any amounts required to be
11-38 remitted pursuant to section 12 of this act. The Department of
11-39 Taxation shall furnish an estimate of these proceeds to the
11-40 Superintendent of Public Instruction on or before July 15 for the
11-41 fiscal year then begun, and the Superintendent shall adjust the final
11-42 apportionment of the current school year to reflect any difference
11-43 between the estimate and actual receipts.
12-1 2. The amount computed under subsection 1 that is attributable
12-2 to any assessed valuation attributable to the net proceeds of minerals
12-3 must be held in reserve and may not be considered as local funds
12-4 available until the succeeding fiscal year.
12-5 Sec. 18. This act becomes effective on July 1, 2003.
12-6 H