SUMMARY--Makes appropriation to Enterprise Community Federal Credit Union for economic development of Enterprise. (BDR S-1741)
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 to the Enterprise Community Federal Credit Union for the economic development of Enterprise; 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 There is hereby appropriated from the state general fund to the Enterprise Community Federal Credit Union the sum of $1,500,000 for the economic development of the Southern Nevada community of Enterprise, heretofore designated as economically disadvantaged. The money from this appropriation must be used as follows:
1. To establish and maintain a Small Business Administration Guarantee Loan Program to promote business and economic development in Enterprise, the sum of $1,200,000.
2. To assist the Enterprise Community Federal Credit Union in the establishment of branches at three locations that will be readily accessible to members of the community who are in need of financial services, the sum of $300,000.
Sec. 2 Any remaining balance of the appropriation made by section 1 of this act must not be committed for expenditure after the project is completed and reverts to the state general fund as soon as all payments of money committed have been made.
Sec. 3 This act becomes effective upon passage and approval or on June 30, 1997, whichever occurs earlier.