(Reprinted with amendments adopted on May 31, 2003)

 

Senate Bill No. 498–Committee on Finance

 

May 23, 2003

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Referred to Committee on Finance

 

SUMMARY—Provides for transfer and use of certain money received from leading investment firms pursuant to certain settlement agreements. (BDR 7‑1358)

 

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 state financial administration; providing for the transfer and use of certain money received from leading investment firms pursuant to certain settlement agreements; 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. Notwithstanding the provisions of NRS 90.851:

1-2  1.  Except as otherwise provided in subsection 2, the State

1-3  Controller shall transfer from the Revolving Account for

1-4  Investigation, Enforcement and Education created by NRS 90.851 to

1-5  the Contingency Fund created by NRS 353.266 any money received

1-6  during the 2003-2005 biennium as a result of the settlement

1-7  agreement finalized on April 28, 2003, or any other settlement

1-8  agreement finalized after that date, between leading investment

1-9  firms and the Securities and Exchange Commission, or any resulting

1-10  settlement agreements between such leading investment firms and

1-11  this state entered into on or after April 28, 2003.

1-12      2.  The provisions of subsection 1 do not apply to any money

1-13  received pursuant to an agreement that expressly designates that

1-14  money as money for the education of investors.

1-15      3.  Upon the request of the State Public Works Board, the

1-16  Interim Finance Committee may transfer to the appropriate account

2-1  for the use of the State Public Works Board any money transferred

2-2  to the Contingency Fund pursuant to subsection 1. Money

2-3  transferred pursuant to this subsection must be used for costs of

2-4  construction and other costs associated with the project numbered

2-5  and described in the executive budget for the Fiscal Years

2-6  2003-2004 and 2004-2005 or otherwise described as project 03-C6,

2-7  State Emergency Operations Center.

2-8  Sec. 2.  This act becomes effective upon passage and approval.

 

2-9  H