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83rd Session (2025)
Assembly Bill No. 224–Assemblymembers Mosca; DeLong,
D’Silva, Flanagan, Gurr, Hansen, Jackson, Kasama and
Nguyen
CHAPTER..........
AN ACT relating to education; requiring the State Board of Finance
to issue general obligation bonds to make grants to certain
school districts to finance capital improvements; and
providing other matters properly relating thereto.
Legislative Counsel’s Digest:
Existing law creates the Fund to Assist School Districts in Financing Capital
Improvements and requires the Director of the Office of Finance to administer the
Fund. (NRS 387.333) Under existing law, the board of trustees of a school district
is required to submit, with any application for a grant of money from the Fund,
proof that the combined ad valorem tax rate of the county is at the limit imposed by
law and that one of the following additional emergency conditions exists on the
grounds of a school within the school district: (1) at least one building has been
condemned; (2) at least one of the facilities is unsuitable for use due to certain
conditions; or (3) one of the facilities is in such a condition that the costs of
renovating the facility would exceed 40 percent of the cost of constructing a new
facility. (NRS 387.3335) This bill requires the State Board of Finance to issue
$100,000,000 in general obligation bonds for credit to the Fund to Assist School
Districts in Financing Capital Improvements. This bill requires any proceeds of the
bonds to be used by the Director to make grants from the Fund to school districts in
a county whose population is less than 15,000.
EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.
THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. 1. The State Board of Finance shall issue general
obligation bonds of the State of Nevada in a total face amount of not
more than $100,000,000 pursuant to NRS 349.150 to 349.364,
inclusive. The proceeds of the bonds issued pursuant to this section
must be deposited with the State Treasurer for credit to the Fund to
Assist School Districts in Financing Capital Improvements created
pursuant to NRS 387.333 and used by the Director of the Office of
Finance to make grants pursuant to NRS 387.3335 to school
districts in a county whose population is less than 15,000.
2. As used in this section, “proceeds” means amounts received
from the sale of an issue of the general obligation bonds and any
accrued interest thereon.
Sec. 2. This act becomes effective on July 1, 2025.
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