THE NINETY-SECOND DAY

                               

Carson City(Monday), May 3, 1999

    Senate called to order at 11:21 a.m.

    President pro Tempore Jacobsen presiding.

    Roll called.

    All present.

    Prayer by the Chaplain, the Reverend Elaine Ludlum Morgan.

    Heavenly Father: Help us in these days of deliberation to maintain a spirit of dignity, a sense of humor, and an attitude of trust. Help the members of the Senate to accomplish those things together that cannot be accomplished individually. Grant us Your support and holy blessing now and always.

Amen.

    Pledge of allegiance to the Flag.

    Senator Raggio moved that further reading of the Journal be dispensed with, and the President pro Tempore and Secretary be authorized to make the necessary corrections and additions.

    Motion carried.

REPORTS OF COMMITTEES

Mr. President pro Tempore:

    Your Committee on Finance, to which were referred Assembly Bills Nos. 175, 322, 587, has had the same under consideration, and begs leave to report the same back with the recommendation: Do pass.

Raymond D. Rawson, Vice Chairman

Mr. President pro Tempore:

    Your Committee on Transportation, to which was referred Assembly Bill No. 552, has had the same under consideration, and begs leave to report the same back with the recommendation: Do pass.

William R. O’Donnell, Chairman

MESSAGES FROM THE ASSEMBLY

Assembly Chamber, Carson City, April 30, 1999

To the Honorable the Senate:

    I have the honor to inform your honorable body that the Assembly on this day passed Senate Bills Nos. 65, 209, 277, 301.

    Also, I have the honor to inform your honorable body that the Assembly on this day adopted Senate Concurrent Resolution No. 36.

    Also, I have the honor to inform your honorable body that the Assembly on this day passed, as amended, Assembly Bills Nos. 64, 416, 660.

    Also, I have the honor to inform your honorable body that the Assembly amended, and on this day passed, as amended, Senate Bill No. 281, Amendment No. 723, and respectfully requests your honorable body to concur in said amendments.

                                                                                 Susan Furlong Reil

                                                                        Assistant Chief Clerk of the Assembly


MOTIONS, RESOLUTIONS AND NOTICES

    In compliance with a notice given on the previous day, Senator Rawson moved that the vote whereby Assembly Bill No. 51 was passed be reconsidered.

    Remarks by Senator Rawson.

    Motion carried.

    In compliance with a notice given on the previous day, Senator Amodei moved that the vote whereby Assembly Bill No. 50 was passed be reconsidered.

    Remarks by Senator Amodei.

    Motion carried.

    By Senators Porter, Amodei, Care, Carlton, Coffin, Jacobsen, James, Mathews, McGinness, Neal, O’Connell, O’Donnell, Raggio, Rawson, Rhoads, Schneider, Shaffer, Titus, Townsend, Washington, Wiener; Assemblymen Segerblom, 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, Ohrenschall, Parks, Parnell, Perkins, Price, Thomas, Tiffany, Von Tobel and Williams:

    Senate Concurrent Resolution No. 37—Commending Operation Godspeed.

    Whereas, Operation Godspeed was an idea conceived by Boulder City resident Christine Combs Milburn whose goal was to display the United States flag on every home and business in Boulder City in support of our troops during the Persian Gulf War; and

    Whereas, Operation Godspeed became a nonprofit organization that incorporated in March 1991 as an organization to support the veterans of all wars; and

    Whereas, The Executive Board Members of Operation Godspeed are volunteers from all walks of life who are united by their common philosophy of old-fashioned patriotism and a commitment to honor those who serve and have served in the Armed Services of the United States; and

    Whereas, The money raised from flag sales, fund-raisers and donations has brought their philosophy alive in many ways, including purchasing a riding lawnmower and acquiring a backhoe for the Southern Nevada Veterans Memorial Cemetery and funding the “God Bless All Veterans” monument located at that cemetery; and

    Whereas, Other patriotic activities of Operation Godspeed included sponsoring an “Up With People” concert and the first “God Bless All Veterans” Memorial Day parade in Boulder City, and arranging for the Moving Wall, a one-half scale replica of the Vietnam Veterans Memorial in Washington, D.C., to be brought to Boulder City; and

    Whereas, Operation Godspeed was nominated and recognized by former President George Bush as one of the nation’s “Thousand Points of Light”; and

    Whereas, Operation Godspeed recognized a need to build an interfaith chapel at the Southern Nevada Veterans Memorial Cemetery, which is the second most utilized state veterans’ cemetery in the nation but presently has no facility for the protection of family and visitors from the elements; and

    Whereas, Operation Godspeed engaged in fundraising for a $1.2 million interfaith chapel created and designed by Mr. Ken Horak, Architect and Executive Board Member of Operation Godspeed; and

    Whereas, Operation Godspeed hosted a kick-off campaign in February 1997 in conjunction with veterans’ organizations throughout the Southern Nevada area spotlighting the need for the chapel and introducing the “Walk of Life” and “Wall of Life” paver campaign; and

    Whereas, As of April 1999, Operation Godspeed has accomplished its goal in raising $600,000 in private donations and in cooperation with the State of Nevada and the Federal State Cemetery Grant Program has scheduled the opening of bids for the first week in May of 1999 with construction to start shortly thereafter; and

    Whereas, Over the course of the next 9 months, construction will be ongoing with completion slated for February 2000; and

    Whereas, Through the diligent efforts of the members of Operation Godspeed and the civic and business community of Southern Nevada, a nondenominational chapel will adorn the grounds of the Southern Nevada Veterans Memorial Cemetery; now, therefore, be it

    Resolved by the Senate of the State of Nevada, the Assembly Concurring, That the members of the 70th session of the Nevada Legislature do hereby commend Operation Godspeed for its commitment to patriotism and their support of the veterans of this nation; and be it further

    Resolved, That the volunteer Executive Board Members of Operation Godspeed, Christine Milburn, Elmer Marshall, Monika Czerwinski, John L. Krumm, Doug Bradford, Jack A. Porrino, Lauren Bradford, Jerry Czerwinski, Ken Horak, Wendy Krumm, Jim Knox, Barbara Knox, Jo Marshall, Judge Victor Miller, Reverend Joel Rivers, Anthony H. Wirtz, John Milburn, George Vavrek, be recognized as true “points of light” in the State of Nevada; and be it further

    Resolved, That the Secretary of the Senate prepare and transmit a copy of this resolution to the Executive Board of Directors of Operation Godspeed.

    Senator Porter moved the adoption of the resolution.

    Remarks by Senators Porter and Raggio.

    Senator Porter requested that the following remarks be entered in the Journal.

    Senator Porter:

    Thank you, Mr. President pro Tempore. The members of Operation Godspeed are from all walks of life. Many have never been involved in the armed service. They have been united by their common philosophy, old fashioned patriotism and commitment to honor those who have served in our country. What is Operation Godspeed all about? It was an idea conceived by a good friend of mine, Christine Milburn who is on my staff here at the Legislature, many, many years ago, and it was addressed in the resolution. In fact, it was an ability for our community with the leadership of Christine and many volunteers to put the emphasis back on patriotism that was missing especially in those days in our country. The Godspeed moved by putting 1,000 flags within our community in Boulder City. From that, when Christine first came to visit me as mayor of Boulder City, the city manager and I both felt that she was crazy. Christine said, “Jon, we want to put all these flags out,” and we said that anything that we can do to help you, let us know when it is over. I will tell you what happened. They did put out over 1,000 flags in the community of Boulder City, that really was just the beginning. Christine and her many members of her team discovered that we needed help at our Veterans’ Cemetery in Boulder City. You can attend a function at the Boulder City Veterans’ Cemetery on a day when it could be 120 degrees or it could be 30 degrees. There really was not a place for our veterans to be honored with an appropriate facility. With the help of Christine, Operation Godspeed volunteers got together and raised over $600,000 in many cases from very small individual donations at events all over southern Nevada. They then expanded out into the community and raised corporate sponsors such as Circus Circus who donated $150,000. We could go on and on and on. This group has raised, single-handedly, $600,000 to help our benefits here, not only in the State of Nevada, but nationwide at one of the busiest cemeteries in the country with over 1200 burials a year. I am honored today to present this resolution which is an example of a community partnership between public, private and individuals that truly care. The total facility will run about $1.2 million. The State in a previous legislative session appropriated $200,000. Approximately $400,000 is going to be grant money from the federal government. Because of Operation Godspeed, we will soon see a veterans’ interfaith chapel to honor our veterans of war. On May 4, 1999, we will be opening the bids so hopefully will have this under construction and completed by the year 2000.

    Senator Raggio:

    Thank you, Mr. President pro Tempore. I have been aware of the efforts of Operation Godspeed, and I would also like to rise in support of the resolution and to commend all those who have come together for these very worthwhile purposes. I notice in the resolution the common philosophy of patriotism and a commitment to honor those who serve and have served in the armed services of the United States. I think it is particularly significant that today we recognize this group on a day when three of our servicemen were released by the Yugoslavian government through the efforts of Reverend Jesse Jackson. I know that this nation is grateful for that. I think it most fitting that we recognize your efforts today because it fits so well with what has occurred so I want to join in recognizing your efforts.

    Resolution adopted.

INTRODUCTION, FIRST READING AND REFERENCE

    By the Committee on Finance:

    Senate Bill No. 545—AN ACT making a supplemental appropriation to the Department of Taxation for an estimated shortfall in the amount budgeted for payment of services provided by the Department of Information Technology; and providing other matters properly relating thereto.

    Senator Raggio moved that the bill be referred to the Committee on Finance.

    Motion carried.

    Assembly Bill No. 64.

    Senator Rawson moved that the bill be referred to the Committee on Commerce and Labor.

    Motion carried.

    Assembly Bill No. 416.

    Senator Rawson moved that the bill be referred to the Committee on Finance.

    Motion carried.

    Assembly Bill No. 660.

    Senator Rawson moved that the bill be referred to the Committee on Finance.

    Motion carried.

MESSAGES FROM THE ASSEMBLY

Assembly Chamber, Carson City, May 3, 1999

To the Honorable the Senate:

    I have the honor to inform your honorable body that the Assembly on this day adopted Assembly Concurrent Resolution No. 59.

                                                                                 Susan Furlong Reil

                                                                        Assistant Chief Clerk of the Assembly

MOTIONS, RESOLUTIONS AND NOTICES

    Assembly Concurrent Resolution No. 59—Memorializing former Assemblyman R. Guild Gray.

    Whereas, On March 23, 1998, the residents of the State of Nevada were saddened by the passing of poet, historian, educator and former Assemblyman R. Guild Gray; and

    Whereas, R. Guild Gray was born in Peoria, Illinois, on September 2, 1911, and grew up near Reno where his parents settled in 1913; and

    Whereas, The formal education of R. Guild Gray took place in the elementary and secondary schools in Reno, the University of Nevada, Stanford University, University of Southern California and the College of the Pacific, but his lifelong love of Nevada and understanding of life came from the education he received roaming the deserts and mountains of this state; and

    Whereas, R. Guild Gray was superintendent of the Las Vegas Union School District No. 2 from 1953 to 1956 before becoming superintendent of the newly consolidated Clark County School District, a position he held until 1961; and

    Whereas, R. Guild Gray was elected to the Nevada Assembly in 1963 and served until 1966, including the Special Sessions of 1964, 1965 and 1966, during which time he was a member of the committees on Building and Construction, Education, Elections, Public Health and Public Morals, and Taxation; and

    Whereas, The business world knew R. Guild Gray as a savings and loan executive but many people, especially the students at the Gray Elementary School in Las Vegas which was named in his honor, knew him as a reservoir of knowledge of Nevada history and lore; and

    Whereas, The deep passion R. Guild Gray had for Nevada became apparent to the world in the books he authored, including The Treble V, a story containing the history and legends of cattle ranchers in northeastern Nevada, and Nature Sings, a collection of Gray’s poetry and photographs of the Great Basin filled with his reflections on life and death; and

    Whereas, R. Guild Gray is survived by his daughter, Irmalee Ross, and his son, Gary Gray, both of Las Vegas and his sister, Juanita Jensen of Reno; 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 express their deepest sympathy to the family of R. Guild Gray including his children, Irmalee Ross and Gary Gray, his sister, Juanita Jensen, his grandchildren and his great-grandchild; and be it further

    Resolved, That the love of Nevada expressed in numerous ways by R. Guild Gray throughout his life may live on in the hearts of those who knew him and those who continue to be inspired and taught by his published works; and be it further

    Resolved, That the residents of Nevada hold the memory of R. Guild Gray as someone he described in a poem from Nature Sings:

Blessed

Are those who sing at daily toil,

Who find a joy in tasks begun,

Who know their sunlit paths will end

With pride in goodly works well done.

And be it further

    Resolved, That the Chief Clerk of the Assembly prepare and transmit a copy of this resolution to the children of R. Guild Gray, Irmalee Ross and Gary Gray, his sister, Juanita Jensen, and the R. Guild Gray Elementary School.

    Senator Porter moved the adoption of the resolution.

    Remarks by Senators Porter, Raggio, Coffin, James, O’Donnell, Rawson and Jacobsen.

    Senator Porter requested that the following remarks be entered in the Journal.

    Senator Porter:

    Thank you, Mr. President pro Tempore. Lucius Arreus said, “Each year new counsels are made, but not every year is a king or a poet made. In 1911, it was a good year for poets with the birth of R. Guild Gray. In addition to the awe-inspiring poetry and other writings which enhance Nevada’s cultural scene, Gray made numerous contributions to Nevada’s civic, political and business circles including that of our great quality of life in Nevada. Mr. Gray was one of the most multifaceted individuals Nevada has been fortunate to call one of her own. Although born in Illinois, his lifelong love for Nevada benefited this State immensely.


    Senator Raggio:

    Thank you, Mr. President pro Tempore. I am very pleased to be able to speak to this resolution. Guild Gray had roots in northern Nevada and Reno. Today we honor someone who knew this state and was recognized throughout the state for his contributions, not only in the field of education but also as a legislator and a community leader. He was a unique individual, and I believe, when he died, he was 86. Guild Gray was a person who looked forever young and still looked young when he was 86. He was a remarkable man. I knew him personally through all the phases of his life when he was at Reno High School as a teacher and principal. There were a number of individuals in the northern Nevada education circles who are still recognized as the most eminent contributors to the success of education, and he ranked along with E. Otis Vaughn, Earl Wooster, Roger Corbett and David Finch in that group. Guild Gray left a great imprint upon education in this State. I worked with him in the years when I was an embryonic attorney and district attorney representing the school district. He had a unique ability to work with other educators, with teachers, with students and was a person dedicated to new advancements in the field of education. As a legislator here during the ’60s, (although I did not serve with him in that capacity) he was a strong voice for education, and the experiences he gained here when he moved to southern Nevada certainly were beneficial to that part of the State. In the growing years of southern Nevada and particularly the Clark County school district, he lent his experience and capability to setting the pattern for growth there. Without R. Guild Gray, this State would certainly not have achieved the level that it has in education. I join with all my colleagues here in the Senate and Assembly in recognizing the significant achievements and purposes he furthered in this State. It is a great heritage and I know the family is rightfully proud of what R. Guild Gray achieved during his very distinguished career.

    Senator Coffin:

    Thank you, Mr. President pro Tempore. I knew Guild for many, many years. Of course as a young student in the district in Las Vegas when I was going to John S. Park Elementary School, we all looked up to him. There were very few schools in southern Nevada then. Senator Rawson will recall those days. Your superintendent was someone you really knew because the superintendent had a chance to visit all the schools each year, more than once. He was called to our school to help quell some disturbance no doubt caused by Senator Rawson and his classmates. The thing I remember most about Dr. Gray was his wonderful literature. The book, The Treble V, was set in Nevada, and one of our former Senators and his family is anonymously honored by a presence in that book. That book circulated all over the world. It went out of print, and it is a shame that it was never reprinted because there is a constant demand for it. Guild fell into that unfortunate trap, as authors sometimes do as our colleague Senator Titus might know, when a book becomes unavailable even to the author because they all sold. They have to go out and buy it on the open market. Guild knew I was in the used book business so for 10 years or so, I would go out and search the world for The Treble V. We would get them back one or two at a time every few months. We had a standing order from him that if we could get one for him, he wanted it and needed it because someone had requested it. Most of the time when they came back in, they came back with an inscription already in there from the very first time he had given that book away. He frequently gave them away. He reached into his pocket and bought these books sometimes. Each one had a different inscription, and frequently you might know the name. It might be an old Nevada name, north and south because there was an equal demand in the northern part of the State as there was in the south. Each person was individually recognized and truly with an affectionate inscription not just R. Guild Gray. In later years, we were chosen in our business to serve as a distributor for his last book of poetry of Nevada and his own photographs. I was floored when he asked me to do that because I had never undertaken it. He had a lot of confidence in me and said, “Bob, you can’t lose money. I will absorb all the risk,” and he did do that. Every time we sold one, we would send him the money as he had already paid for the publication of the books. He did it out of a love. He only printed 1,000, I think, and could have printed 5,000 for the demand that there was. People would continually come back for more. If you ever see one, don’t let it go. If you want one, I will try to find one for you. But it will be difficult because those who knew Guild are more likely not to ever let them go again now.

    Senator James:

    I rise in support of this resolution. I did not have the pleasure of knowing R. Guild Gray, but I would like to support this resolution honoring this great Nevadan. My connection to him is that my children go to R. Guild Gray Elementary School. They knew him because he came there and spoke to the kids and read to the kids and was a part of their lives. It was always a very positive experience. My nine-year-old son, Johnny, is out right now selling raffle tickets in the neighborhood with the proceeds from those tickets to go to buy a case to house the books and records and other things that were donated to the school of R. Guild Gray. He has a lasting legacy that touches people even if they did not have the pleasure of knowing him. I just wanted you to know that and do strongly support this resolution.

    Senator O’Donnell:

    Thank you, Mr. President pro Tempore. When you get elected, you have to walk your district to find out what the issues are and learn about what peoples’ needs and desires are. I was walking down one street in my district which is now Senators James and Schneider’s district. I saw this guy kneeling by the sidewalk with a spade on all fours working in the grass. I walked up to him and told him my name and introduced my wife to him. I figured that most people when you ask if you have any questions or comments just say, “no, thank you very much, but thanks for your material, and I will read it and get back to you,” not R. Guild Gray. He was on his knees and got up and lectured me for about five minutes on nuclear waste. I found him intriguing, delightful and very real. I am honored to have known him, and I wish the best for his family. With that, I will just say that we are grateful to have known him.

    Senator Rawson:

    Thank you, Mr. President pro Tempore. I do not want to prolong the session, but I would like to offer my appreciation for this good man, this great man. I was at Las Vegas High School when he was the administrator for the Clark County School District. He did come over to referee our debates. Our debate team did very well in California, Utah and Nevada. I think, in large part, because of the criticism and suggestions and offerings that he made to the teams. In the Committee on Human Resources and Facilities as we have dealt with the difficult issue of nuclear waste, he is one of those who has come in and given very studied, thoughtful and concerned opinions about the issue. There are as many opinions as there are people here, and I am sure that we did not always please him with our actions. People sat up and took notice during those hearings. I guess there is not enough that we can say about people that influence our lives like that and influence our State. It is just a pleasure to be in support of this measure.

    President pro Tempore Jacobsen:

    I was fortunate to start in the Assembly in 1963, the same year as R. Guild Gray. In my time, he was noted for his activity in education. Whenever he stood up and spoke, he was the gospel. Very seldom did anyone ever challenge him. He was a special person like others that we have honored this session. He was just a special person to me, and I think the fact that he was a republican made it a little special too. In those days, we were kind of in a minority. He certainly was very well versed in anything in Nevada. He could cover almost any subject in Nevada. As I indicated, I think education was number one with him.

    Resolution adopted.

    Senator Neal requested that Assembly Bills Nos. 135, 136, 138, 437 be taken from the Consent Calendar and placed on the Second Reading File.

CONSENT CALENDAR

    Assembly Bill No. 464.

    Bill read by number.

    Roll call on Assembly Bill No. 464:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 464 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

SECOND READING AND AMENDMENT

    Assembly Bill No. 129.

    Bill read second time.

    The following amendment was proposed by the Committee on Government Affairs:

    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:

    226.110  The state treasurer:

    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.”.

    Senator O’Connell moved the adoption of the amendment.

    Remarks by Senator O’Connell.

    Amendment adopted.

    Bill ordered reprinted, engrossed and to third reading.

    Senate Joint Resolution No. 15.

    Resolution read second time and ordered to third reading.

    Assembly Bill No. 135.

    Bill read second time and ordered to third reading.

    Assembly Bill No. 136.

    Bill read second time and ordered to third reading.

    Assembly Bill No. 138.

    Bill read second time and ordered to third reading.

    Assembly Bill No. 437.

    Bill read second time and ordered to third reading.

GENERAL FILE AND THIRD READING

    Assembly Bill No. 165.

    Bill read third time.

    Remarks by Senators Neal and McGinness.

    Roll call on Assembly Bill No. 165:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 165 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 221.

    Bill read third time.

    Roll call on Assembly Bill No. 221:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 221 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 229.

    Bill read third time.

    Remarks by Senators Neal and Wiener.

    Roll call on Assembly Bill No. 229:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 229 having received a constitutional majority, Mr. President pro Tempore declared it passed, as amended.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 262.

    Bill read third time.

    Roll call on Assembly Bill No. 262:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 262 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 336.

    Bill read third time.

    Roll call on Assembly Bill No. 336:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 336 having received a constitutional majority, Mr. President pro Tempore declared it passed, as amended.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 436.

    Bill read third time.

    Remarks by Senators Wiener, Neal and James.

    Roll call on Assembly Bill No. 436:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 436 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 438.

    Bill read third time.

    Roll call on Assembly Bill No. 438:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 438 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 456.

    Bill read third time.

    Remarks by Senators Neal and James.

    Roll call on Assembly Bill No. 456:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 456 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 506.

    Bill read third time.

    Roll call on Assembly Bill No. 506:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 506 having received a constitutional majority, Mr. President pro Tempore declared it passed, as amended.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 544.

    Bill read third time.

    Conflict of interest declared by Senator James.

    Remarks by Senator James.

    Senator James requested that his remarks be entered in the Journal.

    Thank you, Mr. President pro Tempore. My firm has a domestic relations practice with some partners practicing in that area. I have never done that myself. This change in the law could potentially benefit one or more of their cases, as I understand. I abstained from voting on this measure in the committee and will also abstain from voting on the floor. Like every other bill that I have ever abstained on, on this floor, I had nothing to do with the introduction of this bill which was introduced by Assemblywoman Buckley. I had nothing to do with the drafting of it and nothing to do with it whatsoever. I also abstained in committee, and I am abstaining now.

    Roll call on Assembly Bill No. 544:

    Yeas—20.

    Nays—None.

    Not    Voting—James.

    Assembly Bill No. 544 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 545.

    Bill read third time.

    Roll call on Assembly Bill No. 545:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 545 having received a constitutional majority, Mr. President pro Tempore declared it passed, as amended.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 647.

    Bill read third time.

    Remarks by Senator Care.

    Senator Care disclosed that his law firm represents a pawn shop chain who testified on the bill

    Roll call on Assembly Bill No. 647:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 647 having received a constitutional majority, Mr. President pro Tempore declared it passed, as amended.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 648.

    Bill read third time.

    Roll call on Assembly Bill No. 648:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 648 having received a constitutional majority, Mr. President pro Tempore declared it passed, as amended.

    Bill ordered transmitted to the Assembly.

    Assembly Joint Resolution No. 4.

    Resolution read third time.

    Remarks by Senator James.

    Roll call on Assembly Joint Resolution No. 4:

    Yeas—19.

    Nays—Carlton, Neal—2.

    Assembly Joint Resolution No. 4 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Resolution ordered transmitted to the Assembly.

    Assembly Joint Resolution No. 19.

    Resolution read third time.

    Remarks by Senator Rhoads.

    Roll call on Assembly Joint Resolution No. 19:

    Yeas—21.

    Nays—None.

    Assembly Joint Resolution No. 19 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Resolution ordered transmitted to the Assembly.

    Assembly Bill No. 50.

    Bill read third time.

    Roll call on Assembly Bill No. 50:

    Yeas—21.

    Nays—None.


    Assembly Bill No. 50 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

    Assembly Bill No. 51.

    Bill read third time.

    Roll call on Assembly Bill No. 51:

    Yeas—21.

    Nays—None.

    Assembly Bill No. 51 having received a constitutional majority, Mr. President pro Tempore declared it passed.

    Bill ordered transmitted to the Assembly.

UNFINISHED BUSINESS

Signing of Bills and Resolutions

    There being no objections, the President pro Tempore and Secretary signed Senate Bills Nos. 62, 243, 453; Assembly Bills Nos. 55, 299, 444.

REMARKS FROM THE FLOOR

    Senator Neal requested that his remarks be entered in the Journal.

    Mr. President pro Tempore, earlier in the session this morning, I heard my good friend and colleague, Senator Rawson, indicated that he was on a debating team in high school. I kind of wondered about that when I heard it. Did he really understand the rules of debating. I only bring that up because he seemed to indicate that he had learned that craft very well. I just wanted him to know that I duly took note of that. Maybe he forgot to apply it the other night.

    I would just like to point out some things to my colleagues. I wish the President of the Senate was here. On the other morning, the President says we got into a little screaming match over the actions being taken on the floor. I just wanted to have it noted, for the record, as to why I was stating the way that I was and my reasons, I think, can be found in Mason’s Manual starting with Rule No. 80 through Rule No. 90. I particularly want to emphasize Rule No. 90, subsection 2. Those of you who want to read that can very well understand what my objections were to voting a bill out without debate.

GUESTS EXTENDED PRIVILEGE OF SENATE FLOOR

    On request of Senator Porter, the privilege of the floor of the Senate Chamber for this day was extended to John Milburn, Christine Milburn, Gerald Czerwinski, Monika Czerwinski, Elmer Marshall, Jo Marshall, Doug Bradford, Irmalee Ross, Ian Ross, Mark Ross, Gary Gray, Steven Gray, Juanita Jensen and Oscar Jensen.

    Senator Raggio moved that the Senate adjourn until Wednesday, May 5, 1999 at 11 a.m.

    Motion carried.

    Senate adjourned at 1 p.m.

Approved:                                                            Lawrence E. Jacobsen

                                                                       President pro Tempore of the Senate

Attest:    Janice L. Thomas

                Secretary of the Senate