Senate Bill No. 498–Committee on Finance

 

CHAPTER..........

 

AN ACT relating to state financial administration; providing for the transfer and use of certain money received from leading investment firms pursuant to certain settlement agreements; 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. Notwithstanding the provisions of NRS 90.851:

    1.  Except as otherwise provided in subsection 2, the State

Controller shall transfer from the Revolving Account for

Investigation, Enforcement and Education created by NRS 90.851 to

the Contingency Fund created by NRS 353.266 any money received

during the 2003-2005 biennium as a result of the settlement

agreement finalized on April 28, 2003, or any other settlement

agreement finalized after that date, between leading investment

firms and the Securities and Exchange Commission, or any resulting

settlement agreements between such leading investment firms and

this state entered into on or after April 28, 2003.

    2.  The provisions of subsection 1 do not apply to any money

received pursuant to an agreement that expressly designates that

money as money for the education of investors.

    3.  Upon the request of the State Public Works Board, the

Interim Finance Committee may transfer to the appropriate account

for the use of the State Public Works Board any money transferred

to the Contingency Fund pursuant to subsection 1. Money

transferred pursuant to this subsection must be used for costs of

construction and other costs associated with the project numbered

and described in the executive budget for the Fiscal Years

2003-2004 and 2004-2005 or otherwise described as project 03-C6,

State Emergency Operations Center.

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

 

²⁰~~~~~⁰³