Assembly Bill No. 474–Committee on Ways and Means

 

CHAPTER..........

 

AN ACT relating to wild horses; revising provisions governing payment of the expenses of the Commission for the Preservation of Wild Horses from money in the Heil Trust Fund for Wild Horses; 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. NRS 504.450 is hereby amended to read as follows:

    504.450  1.  There is hereby created as a trust fund, the Heil

Trust Fund for Wild Horses. The Fund is a continuing fund without

reversion. All money received from the Heil Trust, and all money

from any other source designated for deposit in the Fund, must be

deposited in that Fund. The Director shall administer the Fund.

    2.  The money in the Fund must be invested as other money of

the State is invested. All interest earned on the deposit or investment

of the money in the Fund must be credited to that Fund.

    3.  The Director shall authorize the expenditure of the interest

and principal of the Fund but the principal of the Fund must not be

reduced to less than $900,000, unless the expenditure is approved by

the Legislature, if it is in session, or the Interim Finance Committee.

Claims against the Fund must be paid as other claims against the

State are paid.

    4.  The expenses of the Commission must be paid from [the

interest earned on the deposit or investment of the money in] the

Fund.

    Sec. 2.  This act becomes effective upon passage and approval.

 

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