THE NINETY-NINTH DAY
Carson City (Monday), May 10, 1999
Assembly called to order at 11:17 a.m.
Mr. Speaker presiding.
Roll called.
All present.
Prayer by the Chaplain, Reverend Bruce Henderson.
Heavenly Father, Spring has come, but with it have come wars, tragedies, and catastrophes. It sometimes seems like things are falling apart. Here in our private world behind these walls, things continue to be so hectic. We take a moment this morning to listen to and obey Your work when You said, “Be still and know that I am God.” Please hear us in our stillness and help us to know.Amen.
Pledge of allegiance to the Flag.
Assemblyman Perkins moved that further reading of the Journal be dispensed with, and the Speaker and Chief Clerk be authorized to make the necessary corrections and additions.
Motion carried.
REPORTS OF COMMITTEES
Mr. Speaker:
Your Committee on Constitutional Amendments, to which was referred Assembly Joint Resolution No. 18, has had the same under consideration, and begs leave to report the same back with the recommendation: Amend, and do pass as amended.
Also, your Committee on Constitutional Amendments, to which was referred Senate Joint Resolution No. 7, has had the same under consideration, and begs leave to report the same back with the recommendation: Do pass.
Bob Price, Chairman
Mr. Speaker:
Your Committee on Government Affairs, to which were referred Senate Bills Nos. 216, 341, 377, 389, 501, 528, has had the same under consideration, and begs leave to report the same back with the recommendation: Do pass.
Douglas A. Bache, Chairman
Mr. Speaker:
Your Committee on Health and Human Services, to which was referred Senate Bill No. 197, has had the same under consideration, and begs leave to report the same back with the recommendation: Amend, and do pass as amended.
Vivian L. Freeman, Chairman
Mr. Speaker:
Your Committee on Judiciary, to which was referred Senate Concurrent Resolution No. 14, has had the same under consideration, and begs leave to report the same back with the recommendation: Be adopted.
Bernard Anderson, Chairman
MESSAGES FROM THE Senate
Senate Chamber, Carson City, May 7, 1999
To the Honorable the Assembly:
I have the honor to inform your honorable body that the Senate on this day passed Assembly Bills Nos. 175, 322, 441, 552, 587, 630.
Also, I have the honor to inform your honorable body that the Senate on this day adopted Assembly Concurrent Resolution No. 63.
Also, I have the honor to inform your honorable body that the Senate on this day concurred in the Assembly Amendment No. 756 to Senate Bill No. 54; Assembly Amendment No. 755 to Senate Bill No. 64.
Mary Jo Mongelli
MOTIONS, RESOLUTIONS AND NOTICES
By Assemblymen Ohrenschall, Anderson, Angle, Arberry, Bache, Beers, Berman, Brower, Buckley, Carpenter, Cegavske, Chowning, Claborn, Collins, de Braga, Dini, Evans, Freeman, Gibbons, Giunchigliani, Goldwater, Gustavson, Hettrick, Humke, Koivisto, Lee, Leslie, Manendo, Marvel, McClain, Mortenson, Neighbors, Nolan, Parks, Parnell, Perkins, Price, Segerblom, Thomas, Tiffany, Von Tobel and Williams; Senators Titus, Amodei, Care, Carlton, Coffin, Jacobsen, James, Mathews, McGinness, Neal, O'Connell, O'Donnell, Porter, Raggio, Rawson, Rhoads, Schneider, Shaffer, Townsend, Washington and Wiener:
Assembly Concurrent Resolution No. 64—Memorializing Fred A. Olson.
Whereas, The members of the Nevada Legislature were deeply saddened to learn of the passing of Fred A. Olson on April 3, 1999; and
Whereas, Fred Olson was born in Spokane, Washington, on April 4, 1921; and
Whereas, Fred Olson was a lifelong sailor, serving his country in the Merchant Marine from 1944 until his retirement in 1986, who began his seafaring career with the Sailors’ Union of the Pacific to see the world and to be involved in the World War II effort; and
Whereas, Following the war, Fred Olson joined the Seafarers International Union where his union membership spurred his interest in politics and the power of communication, believing that any individual could go directly to a governor, representative or city commissioner to resolve a problem; and
Whereas, The union also played an integral part in Fred Olson’s marriage to his wife, Lois, having met her aboard the Santa Mercedes when she was the steward delegate for the Marine Cooks and Stewards Union and he was the ship’s chairman for the Seafarers International Union; and
Whereas, Their marriage has been called “the most successful merger” between the Seafarers International Union and the Marine Cooks and Stewards Union because of their teamwork in all areas of their lives; and
Whereas, After ending their sailing careers aboard the S.S. Constitution upon retirement in 1986, the couple dived into politics and community affairs, bringing national attention to issues involving maritime interests, seniors, health care and manufactured housing reform; and
Whereas, As a resident of Nevada for 19 years, Fred Olson made many contributions to this state as a member of the Paradise Democratic Club, Citizens Water Board, Nevada Association of Manufactured Homeowners and Seniors United; and
Whereas, Fred Olson is survived by his wife, Lois, son Jaime Bonita of Shelton, Washington, and five grandchildren; now, therefore, be it
Resolved by the assembly of the State of Nevada, the Senate Concurring, That the members of the 70th session of the Nevada Legislature offer their sincere condolences and heartfelt sympathy to the family and friends of Fred A. Olson, a man who contributed so much to his country and the State of Nevada; and be it further
Resolved, That the Chief Clerk of the Assembly prepare and transmit a copy of this resolution to Fred Olson’s beloved wife and partner, Lois.
Assemblywoman Ohrenschall moved the adoption of the resolution.
Remarks by Assemblymen Ohrenschall, Manendo, Buckley, Price, Chowning, Bache and Segerblom.
Assemblyman Price requested that the following remarks be entered in the Journal.
Assemblywoman Ohrenschall:
Thank you, Mr. Speaker. Fred Olson was a 19-year resident of Las Vegas. He, together with his wife Lois, was the example of what you would call an informed, concerned citizen. He understood that all people were his brothers and sisters and that he was responsible in some way for their welfare and benefit. In the time that he lived in Las Vegas, he became—with his wife—a spokesman for mobile home problems for seniors. He was on the advisory committee of the Las Vegas Valley Water District and helped to bring about the legislation which allows mobile home parks to have individual water meters. This allowed for a more just way for people who live in mobile home parks to pay for their water.
He had been at the forefront of the fight against the discrimination seniors and people with limited income face frequently. It is the sort of discrimination you do not see on the surface because it doesn’t have a big banner headline. It simply amounts to, “Well, if you can’t afford this because you made a bad choice in life when you retired, tough.” He recognized that this was discrimination and that it should end for these people. He was out there battling this. He was inspired by his wife, Lois, who was his team captain. Together they were unconquerable. I know his wife will continue the great tradition that they had together. Nevada has lost a great man in losing Fred. Thank you.
Assemblyman Manendo:
Thank you, Mr. Speaker. I, too, rise in support of ACR 64. Fred Olson was a great man. He was a great leader within the community. He was a personal friend of mine. When I first decided to run for office, he said, “You know, we need more young people in there. If this is something you want to do and you want to serve the people, then you have to go for it. Don’t look back, and fight.” I think if we look back at all the things he did with the Paradise Democratic Club and the seniors and the people who lived in manufactured homes, his leadership will never be forgotten. I am proud to stand in honor of this resolution.
Assemblywoman Buckley:
Thank you, Mr. Speaker. I, too, rise in support of ACR 64. Fred Olson was a great man. It’s so difficult in this day and age to continue to be an activist year after year, fighting for something you believe in when sometimes it feels like you aren’t getting anywhere. Fred continued to do that until his dying day. There is something special about someone who begins activism at an early age and continues well into their 70s. Fred Olson was one of those activists. Nevada will be worse off by not having him around.
Assemblyman Price:
Thank you, Mr. Speaker. I am honored to rise to honor Fred Olson. I can’t even remember how many years I knew Fred. He was exactly as we’ve been saying here today: a person who was a real community activist who worked on problems regardless of how tough they looked. He would eventually gain in them. His interests were in the “little people,” so to speak. He was a wonderful person, he and his wife both. As I indicated, I am honored for us to be honoringFred, but I am certainly saddened at his passing. We in the Paradise Democratic Club and many of the other organizations he was a part of will sorely miss Fred.
Assemblyman Chowning:
Thank you, Mr. Speaker. I, too, rise in support of ACR 64. I was proud to have known Mr. Olson and his wonderful wife, Lois. They both served as role models and I am very honored to stand in support of him and all the activist work he did. I hope that when I am his age I will be remembered as a role model and continue to fight for the right things being done.
Assemblyman Bache:
Thank you, Mr. Speaker. I, too, rise in support of ACR 64. Fred Olson and his wife Lois were friends of mine. He will be sorely missed as far as the various Democratic clubs and various issues he was involved in. I always appreciated the input he gave me on mobile home, senior, and health insurance issues. He truly was concerned about everyone and will be sorely missed. Thank you.
Assemblywoman Segerblom:
Thank you, Mr. Speaker. I rise, too, in support of ACR 64. He was a real friend of senior citizens. We will miss him in Seniors United. He and Lois kept us going much of the time. We miss him dearly. Thank you.
Resolution adopted unanimously.
Assemblywoman Ohrenschall moved that all rules be suspended and that Assembly Concurrent Resolution No. 64 be immediately transmitted to the Senate.
Motion carried unanimously.
Assemblyman Goldwater moved that Senate Bill No. 424 be taken from the Consent Calendar and placed on the Chief Clerk’s desk.
Remarks by Assemblyman Goldwater.
Motion carried.
CONSENT CALENDAR
Assemblyman Goldwater stated objection to inclusion of Senate Bill No. 262 on Consent Calendar.
Senate Bill No. 262 placed on the Second Reading File.
Assemblyman Goldwater stated objection to inclusion of Senate Bill No. 536 on Consent Calendar.
Senate Bill No. 536 placed on the Second Reading File.
Assemblyman Gustavson stated objection to inclusion of Senate Bill No. 408 on Consent Calendar.
Senate Bill No. 408 placed on the Second Reading File.
Senate Bill No. 529.
Bill read by number.
Roll call on Senate Bill No. 529:
Yeas—42.
Nays—None.
Senate Bill No. 529 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
SECOND READING AND AMENDMENT
Senate Bill No. 512.
Bill read second time.
The following amendment was proposed by the Committee on Judiciary:
Amendment No. 790.
Amend sec. 3, page 2, line 2, after “clerk” by inserting:
“or the county recorder”.
Amend sec. 3, page 2, by deleting line 5 and inserting:
“2. Neither the county clerk nor the county recorder may charge and collect from a person any”.
Amend sec. 3, page 2, by deleting lines 10 through 15 and inserting:
“preparation of an affidavit of correction pursuant to subsection 1:
(a) The county clerk shall charge and collect from the person a fee in an amount equal to the amount that the county recorder is required to charge and collect pursuant to NRS 247.305 and shall pay the fee over to the county recorder as his fee for recording the corrected certificate of marriage; or
(b) The county recorder shall charge and collect from the person the fee set forth in NRS 247.305 for recording the corrected certificate of marriage.
4. All fees collected pursuant to this section must be”.
Amend the title of the bill, fifth line, after “destroyed;” by inserting:
“authorizing a county recorder to charge fees for correcting certain errors in certificates of marriage;”.
Assemblyman Anderson moved the adoption of the amendment.
Remarks by Assemblyman Anderson.
Amendment adopted.
Bill ordered reprinted, re-engrossed and to third reading.
Senate Bill No. 262.
Bill read second time and ordered to third reading.
Senate Bill No. 536.
Bill read second time and ordered to third reading.
Senate Bill No. 408.
Bill read second time and ordered to third reading.
MOTIONS, RESOLUTIONS AND NOTICES
Assemblywoman Giunchigliani moved that Senate Bill No. 53 be taken from the General File and placed on the Chief Clerk's desk.
Remarks by Assemblywoman Giunchigliani.
Motion carried.
general file and third reading
Assembly Bill No. 285.
Bill read third time.
Remarks by Assemblyman de Braga.
Roll call on Assembly Bill No. 285:
Yeas—42.
Nays—None.
Assembly Bill No. 285 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 8.
Bill read third time.
Remarks by Assemblymen Humke, Goldwater, Beers and Nolan.
Mr. Speaker requested the privilege of the Chair for the purpose of making remarks.
Roll call on Senate Bill No. 8:
Yeas—39.
Nays—Freeman, Gibbons, Gustavson—3.
Senate Bill No. 8 having received a two-thirds majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 14.
Bill read third time.
Remarks by Assemblymen Bache and Goldwater.
Conflict of interest declared by Assemblyman Goldwater.
Roll call on Senate Bill No. 14:
Yeas—41.
Nays—None.
Not Voting—Goldwater.
Senate Bill No. 14 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 44.
Bill read third time.
Remarks by Assemblymen Perkins and Collins.
Potential conflict of interest declared by Assemblymen Collins and Lee.
Roll call on Senate Bill No. 44:
Yeas—42.
Nays—None.
Senate Bill No. 44 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 140.
Bill read third time.
Remarks by Assemblymen Giunchigliani and Gustavson.
Roll call on Senate Bill No. 140:
Yeas—40.
Nays—Angle, Gustavson—2.
Senate Bill No. 140 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Mr. Speaker announced that if there were no objections, the Assembly would recess subject to the call of the Chair.
Assembly in recess at 11:57 a.m.
ASSEMBLY IN SESSION
At 11:58 a.m.
Madam Speaker pro Tempore presiding.
Quorum present.
MESSAGES FROM THE Senate
Senate Chamber, Carson City, May 10, 1999
To the Honorable the Assembly:
I have the honor to inform your honorable body that the Senate on this day adopted Senate Concurrent Resolution No. 43.
Mary Jo Mongelli
MOTIONS, RESOLUTIONS AND NOTICES
Senate Concurrent Resolution No. 43.
Assemblyman Dini moved the adoption of the resolution.
Remarks by Assemblymen Dini, Humke and Goldwater.
Resolution adopted unanimously.
Madam Speaker pro Tempore announced that if there were no objections, the Assembly would recess subject to the call of the Chair.
Assembly in recess at 12:10 p.m.
ASSEMBLY IN SESSION
At 12:11 p.m.
Mr. Speaker presiding.
Quorum present.
MESSAGES FROM THE Senate
Senate Chamber, Carson City, May 10, 1999
To the Honorable the Assembly:
I have the honor to inform your honorable body that the Senate on this day adopted Senate Concurrent Resolution No. 44.
Mary Jo Mongelli
MOTIONS, RESOLUTIONS AND NOTICES
Senate Concurrent Resolution No. 44.
Assemblyman Hettrick moved the adoption of the resolution.
Remarks by Assemblymen Hettrick, Chowning and Collins.
Resolution adopted unanimously.
general file and third reading
Senate Bill No. 242.
Bill read third time.
Remarks by Assemblywoman McClain.
Roll call on Senate Bill No. 242:
Yeas—40.
Nays—Gustavson, Tiffany—2.
Senate Bill No. 242 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 274.
Bill read third time.
Remarks by Assemblyman Bache.
Roll call on Senate Bill No. 274:
Yeas—42.
Nays—None.
Senate Bill No. 274 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 297.
Bill read third time.
Remarks by Assemblymen Anderson and Brower.
Roll call on Senate Bill No. 297:
Yeas—39.
Nays—Collins, Dini, Williams—3.
Senate Bill No. 297 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 332.
Bill read third time.
Remarks by Assemblywoman Evans.
Roll call on Senate Bill No. 332:
Yeas—42.
Nays—None.
Senate Bill No. 332 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 339.
Bill read third time.
Remarks by Assemblymen Carpenter and Perkins.
Roll call on Senate Bill No. 339:
Yeas—32.
Nays—Anderson, Bache, Evans, Freeman, Giunchigliani, Goldwater, Koivisto, Leslie, Neighbors, Perkins—10.
Senate Bill No. 339 having received a two-thirds majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 418.
Bill read third time.
Remarks by Assemblyman Bache.
Roll call on Senate Bill No. 418:
Yeas—42.
Nays—None.
Senate Bill No. 418 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 433.
Bill read third time.
Remarks by Assemblyman Lee.
Roll call on Senate Bill No. 433:
Yeas—41.
Nays—None.
Not Voting—Goldwater.
Senate Bill No. 433 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 465.
Bill read third time.
Remarks by Assemblyman Hettrick.
Roll call on Senate Bill No. 465:
Yeas—40.
Nays—Gibbons, Gustavson—2.
Senate Bill No. 465 having received a two-thirds majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 472.
Bill read third time.
Remarks by Assemblyman Nolan.
Roll call on Senate Bill No. 472:
Yeas—42.
Nays—None.
Senate Bill No. 472 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 515.
Bill read third time.
Remarks by Assemblywoman Angle.
Roll call on Senate Bill No. 515:
Yeas—42.
Nays—None.
Senate Bill No. 515 having received a constitutional majority, Mr. Speaker declared it passed, as amended.
Bill ordered transmitted to the Senate.
Senate Bill No. 517.
Bill read third time.
Remarks by Assemblymen Price, Freeman and Arberry.
Roll call on Senate Bill No. 517:
Yeas—40.
Nays—Angle, Gustavson—2.
Senate Bill No. 517 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Bill No. 542.
Bill read third time.
Remarks by Assemblyman Bache.
Roll call on Senate Bill No. 542:
Yeas—42.
Nays—None.
Senate Bill No. 542 having received a constitutional majority, Mr. Speaker declared it passed.
Bill ordered transmitted to the Senate.
Senate Joint Resolution No. 11.
Resolution read third time.
Remarks by Assemblyman Price.
Roll call on Senate Joint Resolution No. 11:
Yeas—42.
Nays—None.
Senate Joint Resolution No. 11 having received a constitutional majority, Mr. Speaker declared it passed.
Resolution ordered transmitted to the Senate.
Senate Joint Resolution No. 20.
Resolution read third time.
Remarks by Assemblyman Price.
Roll call on Senate Joint Resolution No. 20:
Yeas—42.
Nays—None.
Senate Joint Resolution No. 20 having received a constitutional majority, Mr. Speaker declared it passed.
Resolution ordered transmitted to the Senate.
UNFINISHED BUSINESS
Consideration of Senate Amendments
Assembly Bill No. 129.
The following Senate amendment was read:
Senate Amendment No. 715.
Amend the bill as a whole by renumbering sections 1 and 2 as sections 2 and 3 and adding a new section designated section 1, following the enacting clause, to read as follows:
“Section 1. NRS 353B.160 is hereby amended to read as follows:
353B.160 1. The board shall create a comprehensive plan that specifies the policies for investment which the state treasurer shall follow in his administration of the trust fund.
2. The board may authorize the state treasurer to invest the property of the trust fund in:
(a) A bond, note, certificate or other general obligation of the State of Nevada, or of a county, city, general improvement district or school district of the State of Nevada.
(b) A corporate bond of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States with a rating not lower than [“BAA/BBB”] “A” or its equivalent by a nationally recognized rating service. The total amount invested in such bonds must not exceed [5] 50 percent of the book value of the total fixed income investments of the trust fund.
(c) Commercial paper of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States or of a wholly owned subsidiary of such a corporation with a rating not lower than A-3 or P-3 by a nationally recognized rating service.
(d) A bond, note, debenture or other valid obligation that is issued by the Treasury of the United States.
(e) A bond, note, debenture or other security that is issued by an agency or instrumentality of the United States or that is fully guaranteed by the United States in:
(1) The Federal Farm Credit Bank;
(2) The Federal National Mortgage Association;
(3) The Federal Home Loan Bank; [or]
(4) The Federal Home Loan Mortgage Corporation[.] ; or
(5) The Government National Mortgage Association.
(f) A bond, note, debenture or other security in the Student Loan Marketing Association, regardless of whether it is guaranteed by the United States.
(g) Collateralized mortgage obligations that are rated “AAA” or its equivalent by a nationally recognized rating service.
(h) Asset-backed securities that are rated “AAA” or its equivalent by a nationally recognized rating service.
(i) Money market mutual funds that:
(1) Are registered with the Securities and Exchange Commission;
(2) Are rated by a nationally recognized rating service as “A” or its equivalent, or better; and
(3) Invest only in securities issued by the Federal Government or agencies of the Federal Government or in repurchase agreements fully collateralized by such securities.
The total dollar amount invested in such mutual funds must not exceed 20 percent of the total dollar amount of the trust fund that is invested.
[(h)] (j) Common or preferred stock of a corporation created by or existing under the laws of the United States or of a state, district or territory of the United States, if:
(1) The stock of the corporation is:
(I) Listed on a national stock exchange; or
(II) Traded in the over-the-counter market, if the price quotations for the over-the-counter stock are quoted by the National Association of Securities Dealers Automated Quotations System (NASDAQ);
(2) The outstanding shares of the corporation have a total market value of not less than $50,000,000;
(3) The maximum investment in stock is not greater than 60 percent of the book value of the total investments of the trust fund;
(4) [The]Except for investments made pursuant to paragraph (m), the amount of an investment in a single corporation is not greater than 3 percent of the book value of the assets of the trust fund; and
(5) [The]Except for investments made pursuant to paragraph (m), the total amount of shares owned by the trust fund is not greater than 5 percent of the outstanding stock of a single corporation.
[(i)] (k) A covered call or put option on securities that are traded on one or more of the regulated exchanges in the United States.
[(j)] (l) A pooled or commingled real estate fund or a real estate security that is managed by a corporate trustee or by an investment advisory firm that is registered with the Securities and Exchange Commission, either of which may be retained by the board as an investment manager. The shares and the pooled or commingled fund must be held in trust. The total book value of an investment made under this paragraph must not at any time be greater than 5 percent of the total book value of all investments of the trust fund.
(m) Mutual funds or common trust funds that consist of any combination of the investments listed in paragraphs (a) to (l), inclusive.
3. The state treasurer shall exercise the standard of care in investing the property of the fund that a person of prudence, discretion and intelligence would exercise in the management of his own affairs, given the prevailing circumstances, not in regard to speculation but rather to the permanent disposition of the property, considering the potential income from and the probable safety of his capital.
4. Subject to the terms, conditions, limitations and restrictions set forth in this section, the state treasurer may sell, assign, transfer or dispose of the property and investments of the trust fund upon the approval of a majority of the board.
5. The assets of the trust fund:
(a) Must be maintained, invested and expended solely for the purposes of this chapter; and
(b) Must not be loaned, transferred or otherwise used for a purpose other than the purposes of this chapter.
6. The state treasurer shall credit any income derived from an investment or a gain from a sale or exchange of an investment to the trust fund.
7. The state treasurer shall acquire each investment for the trust fund at a price not to exceed the prevailing market value for such an investment.
8. Each investment in the trust fund must be clearly marked to indicate ownership by the trust fund.
9. The state treasurer, an employee of the state treasurer, or a member or employee of the board shall not:
(a) Have a direct or indirect interest in the income, gain or profit of an investment that the state treasurer makes;
(b) Receive pay or emolument for his services in connection with an investment that the state treasurer makes; or
(c) Become an endorser, surety or obligor for money that is borrowed from the trust fund.
10. If the annual actuarial study performed pursuant to NRS 353B.190 reveals that there is insufficient money to ensure the actuarial soundness of the trust fund, the board shall modify the terms of subsequent prepaid tuition contracts.
11. The terms, conditions, limitations and restrictions regarding investments of the trust fund listed in this section apply only at the time an investment is originally acquired and must not be construed to require the liquidation of an investment at any time.”.
Amend the bill as a whole by renumbering sec. 3 as sec. 5 and adding a new section designated sec. 4, following sec. 2, to read as follows:
“Sec. 4. Section 3 of Assembly Bill No. 128 of this session is hereby amended to read as follows:
Sec. 3. NRS 226.110 is hereby amended to read as follows:
1. Shall receive and keep all money of the state which is not expressly required by law to be received and kept by some other person.
2. Shall receipt to the state controller for all money received, from whatever source, at the time of receiving it.
3. Shall establish the policies to be followed in the investment of money of the state, subject to the periodic review and approval or disapproval of those policies by the state board of finance.
4. May employ any necessary investment and financial advisers to render advice and other services in connection with the investment of money of the state.
5. Shall disburse the public money upon warrants drawn upon the treasury by the state controller, and not otherwise. The warrants must be registered and paid in the order of their registry. The state treasurer may use any sampling or post-audit technique, or both, which he considers reasonable to verify the proper distribution of warrants.
6. Shall keep a just, true and comprehensive account of all money received and disbursed.
7. Shall deliver in good order to his successor in office all money, records, books, papers and other things belonging to his office.
8. Shall fix, charge and collect reasonable fees for:
(a) Investing the money in any fund or account which is credited for interest earned on money deposited in it; and
(b) Special services rendered to other state agencies or to members of the public which increase the cost of operating his office.
9. Serves as the primary representative of the state in matters concerning any nationally recognized bond credit rating agency for the purposes of the issuance of any obligation authorized on the behalf and in the name of the state, except as otherwise provided in NRS 538.206 and except for those obligations issued pursuant to chapter 319 of NRS and NRS 349.400 to 349.987, inclusive.
10. Is directly responsible for the issuance of any obligation authorized on the behalf and in the name of the state, except as otherwise provided in NRS 538.206 and except for those obligations issued pursuant to chapter 319 of NRS and NRS 349.400 to 349.987, inclusive. The state treasurer [shall] :
(a) Shall issue such an obligation as soon as practicable after receiving a request from a state agency for the issuance of the obligation.
(b) May, except as otherwise provided in NRS 538.206, employ necessary legal, financial or other professional services in connection with the authorization, sale or issuance of such an obligation.
11. May organize and facilitate statewide pooled financing programs, including lease purchases, for the benefit of the state and any political subdivision, including districts organized pursuant to NRS 450.550 to 450.750, inclusive, and chapters 244A, 309, 318, 379, 474, 541, 543 and 555 of NRS.”.
Amend sec. 3, page 6, by deleting line 8 and inserting:
“Sec. 5. 1. This act becomes effective upon passage and approval.
2. The amendatory provisions of section 1 of this act expire by limitation when the board notifies the governor pursuant to subsection 1 of section 24 of chapter 687, Statutes of Nevada 1997, that it has performed all duties and obligations pursuant to any prepaid tuition contract entered into before July 1, 2001.”.
Amend the title of the bill, second line, after “money;” by inserting:
“revising certain limitations on the investment of money in the trust fund for prepaid tuition;”.
Amend the summary of the bill, first line, by deleting “money.” and inserting:
“money and money in trust fund for prepaid tuition.”.
Assemblyman Bache moved that the Assembly concur in the Senate amendment to Assembly Bill No. 129.
Remarks by Assemblyman Bache.
Motion carried.
Bill ordered enrolled.
Signing of Bills and Resolutions
There being no objections, the Speaker and Chief Clerk signed Assembly Bills Nos. 229, 336, 545, 647, 648; Senate Bills Nos. 54, 56, 64, 267, 462, 479, 484, 490; Senate Concurrent Resolutions Nos. 38, 39, 40.
MOTIONS, RESOLUTIONS AND NOTICES
Assemblywoman Freeman moved that Senate Bill No. 288 be taken from the Chief Clerk's desk and re-referred to the Committee on Ways and Means.
Motion carried.
GUESTS EXTENDED PRIVILEGE OF ASSEMBLY FLOOR
On request of Assemblywoman Angle, the privilege of the floor of the Assembly Chamber for this day was extended to John Arthur Reed.
On request of Assemblywoman Chowning, the privilege of the floor of the Assembly Chamber for this day was extended to Jim Sohns and Darlene Phipps.
On request of Assemblyman Dini, the privilege of the floor of the Assembly Chamber for this day was extended to Charlotte Smith, Barbara Smith Campbell, Matt Smith, Blake Smith, Ruthie Smith, Debie Smith Castello.
On request of Assemblywoman Freeman, the privilege of the floor of the Assembly Chamber for this day was extended to Esther Alonzo, Christopher Belmonte, Alyssa Brackett, Seana Corbett, Alexander Croarkin, Felicia Davis, Sarah Guill, Taylor Guzman, Donavin Harris-Gomez, Jessica Harvey, David Hogg, Diana Mancilla, Andrew Martinez, Aunna Mattice-Ebert, Joshua Oberdorf, Kali Rescigno, Brina Rounds, Allisa SanNicolas, Celeste Sanders and Mrs. Enos.
On request of Assemblywoman Ohrenschall, the privilege of the floor of the Assembly Chamber for this day was extended to Leslie Ortega.
Assemblyman Perkins moved that the Assembly adjourn until Wednesday, May 12, 1999, at 11:00 a.m.
Motion carried.
Assembly adjourned at 1:00 p.m.
Approved: Joseph E. Dini, Jr.
Attest: Jacqueline Sneddon