Signed by Governor Steve Sisolak

Vote Smart's Synopsis:

Vote to pass a bill that authorizes borrowing money for programs already approved by the state legislature for emergency measures.

Highlights:

• Authorizes the State Board of Finance to issue general obligation interim debentures payable from taxes or special obligation interim debentures, which may be in the form of a line of credit, note or bond, for the purpose of paying for the general operations of the State, at any time or from time to time, in a face amount of not more than $150 million if a request for the issuance of such interim debentures is approved by the Interim Finance Committee (Sec. 1-1).

• Specifies if at any time the State Treasurer determines that the cash balance in the State General Fund is insufficient to meet expected future obligations, the State Treasurer shall submit to the Secretary of the Interim Finance Committee (Sec. 1-2):

• A certification of that fact and the amount of the insufficiency; and

• A request for approval of the issuance of general obligation interim debentures in an amount that does not exceed the limitation.

• Requires, within 15 days after the date on which such certification and request are submitted to the Secretary of the Interim Finance Committee, the Interim Finance Committee to consider the request and make a determination regarding whether to approve or disapprove the request (Sec. 1-3).

• Specifies if the Interim Finance Committee does not consider or disapproves a request according to procedure within the 15-day period, the State Board of Finance does not issue any such interim debentures (Sec. 1-4).

• Requires proceeds from the sale of interim debentures to be deposited in the State General Fund (Sec. 1-5).

• Requires securities to be issued without regard to the procedure required by any other such law except as otherwise provided (Sec. 1-7).

• Authorizes the Chair of the Interim Finance Committee to appoint a subcommittee consisting of 6 members of the Committee to review and make recommendations to the Committee on matters of the State Public Works Division of the Department of Administration that require prior approval of the Interim Finance Committee. If the Chair appoints such a subcommittee (Sec. 2-3):

• The Chair shall designate one of the members of the subcommittee to serve as the chair of the subcommittee;

• The subcommittee shall meet throughout the year at the times and places specified by the call of the chair of the subcommittee; and

• The Director or the Director’s designee shall act as the nonvoting recording secretary of the subcommittee.

Full Bill Text