SUMMARY--Makes appropriation to pay certain obligations of White Pine County School District. (BDR S-1199)
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 making an appropriation for the relief of White Pine County School District; 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. 1. The sum of $328,761 is hereby appropriated from the state general fund to the state distributive school account in that fund.
2. Notwithstanding the provisions of chapter 387 of NRS, section 3 of chapter 36, Statutes of Nevada 1995, and any other legislative measure which provides for the distribution of money in the state distributive school account:
(a) The money appropriated by subsection 1 must be used by the state treasurer to make any payment of principal and interest that becomes due during the 1997-1998 fiscal year on any obligation incurred by the White Pine County School District pursuant to section 2 of chapter 36, Statutes of Nevada 1995.
(b) The portion of the money appropriated by subsection 1 that is paid out by the state treasurer pursuant to paragraph (a) must be repaid by White Pine County School District from money in the state distributive school account in the state general fund that is subject to distribution to the White Pine County School District pursuant to chapter 387 of NRS in the first fiscal year following the last fiscal year in which payments are made pursuant to paragraph (a) of subsection 3 of section 3 of chapter 36, Statutes of Nevada 1995. To facilitate the repayment, the state treasurer shall withhold from the school money otherwise due to White Pine County School District in that fiscal year pursuant to NRS 387.185, the amount that was required for repayment pursuant to this paragraph.
3. Any balance of this appropriation remaining after the payments required by paragraph (a) of subsection 2 reverts to the state general fund when the last payment for the 1997-1998 fiscal year has been made.
Sec. 2. This act becomes effective upon passage and approval or on June 30, 1997, whichever occurs earlier.