Assembly Bill No. 448-Assemblymen Evans, Dini, Marvel, Arberry, Hettrick, Koivisto, Perkins, Carpenter, Lambert, Amodei, Hickey, Cegavske, Collins and Manendo
May 1, 1997
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Referred to Committee on Ways and Means
SUMMARY--Extends prospective date for reversion of appropriation made during previous session and makes appropriation to Department of Business and Industry for operating expenses of program to provide small businesses with access to financing not otherwise available. (BDR S-1302)
FISCAL NOTE: Effect on Local Government: No.
Effect on the State or on Industrial Insurance: Contains Appropriation not included in Executive Budget.
EXPLANATION - Matter in italics is new; matter in brackets [ ] is material to be omitted.
AN ACT relating to state financial administration; extending the prospective date for the reversion of certain previously appropriated money; making an appropriation to the Department of Business and Industry for the operating expenses of a program to provide small businesses with access to financing not otherwise available; 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 Section 2 of chapter 276 of Statutes of Nevada 1995, at page 458, is hereby amended to read as follows:
Sec. 2. Any remaining balance of the appropriation made by section 1 of this act must not be committed for expenditure after June 30, [1997,] 1999, and reverts to the state general fund as soon as all payments of money committed have been made.
Sec. 2 1. There is hereby appropriated from the state general fund to the Department of Business and Industry the sum of $100,000 to carry out the provisions of subsection 2.
2. The Department of Business and Industry may use the money appropriated by subsection 1 to contract with a private corporation to manage a privately capitalized fund, or pool of funds, used to provide small businesses in this state with access to financing not otherwise available to those businesses if:
(a) Legally binding commitments of at least $5,000,000, or such greater amount as the Director of the Department of Business and Industry determines appropriate, have been made by private sources of funding to capitalize the fund or pool of funds.
(b) The contract:
(1) Restricts the use of any money paid to the corporation pursuant to this subsection to payment of a portion of the direct operating expenses of the corporation incurred during the initial 2 years of its management of the fund or pool of funds.
(2) Prohibits the corporation from using any money paid to the corporation pursuant to this subsection to pay any of the expenses of organizing or capitalizing the fund or pool of funds.
(c) The corporation has an adequate managerial structure in place to carry out the provisions of the contract.
3. A corporation that receives any money pursuant to subsection 2 shall submit to the 70th session of the Nevada Legislature a written report of its expenditure of that money and its success in providing small businesses in this state with access to financing not otherwise available to those businesses.
Sec. 3 Any remaining balance of the appropriation made by section 2 of this act must not be committed for expenditure after June 30, 1999, and reverts to the state general fund as soon as all payments of money committed have been made.
Sec. 4 This act becomes effective upon passage and approval or on June 30, 1997, whichever occurs earlier.