AB 263 — Revises provisions governing private activity bonds. (BDR 30-91)

Summary

AN ACT relating to public obligations; creating the Special Committee on Private Activity Bonds; prescribing the membership, powers and duties of the Committee; requiring the Director of the Department of Business and Industry and certain local governments to annually file certain reports concerning private activity bonds; requiring the Director to prescribe the form and contents of such reports; requiring the Department to annually file certain consolidated reports; and providing other matters properly relating thereto.

Bill Text

• Introduced As Introduced Current pdf

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill establishes the Special Committee on Private Activity Bonds, transferring certain regulatory and reporting responsibilities from the Director of the Department of Business and Industry to the Committee.

• NRS 348A.020

  the volume cap for the Director is, for any calendar year, 50 percent of the state ceiling → the volume cap for the Director for that year, subject to augmentation or diminution in accordance with any regulation adopted pursuant to NRS 348A.040

  The volume cap for the Director's bonds is now determined by the Committee instead of being a fixed percentage of the state ceiling.

• NRS 348A.020

  the volume cap for any local government in this state is, for any calendar year, an amount which bears the same ratio to 50 percent of the state ceiling as the population of that local government bears to the population of the entire state → the volume cap for any local government for that year, subject to augmentation or diminution in accordance with any regulation adopted pursuant to NRS 348A.040

  The local government's volume cap will also be set by the Committee based on regulatory standards, rather than a fixed calculation.

• NRS 348A.040

  The Director → Committee

  The authority to adopt regulations for private activity bonds is transferred from the Director to the new Committee.

• The Special Committee on Private Activity Bonds is hereby created.

  A new committee specifically for managing private activity bonds is established.

• The Committee consists of: Seven voting members: The Director, or his or her designee, who shall serve as Chair of the Committee; The Executive Director of the Office of Economic Development, or his or her designee; One member of the general public appointed by the Governor; One member, who is not a Legislator, appointed by the Majority Leader of the Senate; One member, who is not a Legislator, appointed by the Speaker of the Assembly; One member, who is not a Legislator, appointed by the Minority Leader of the Senate; and One member, who is not a Legislator, appointed by the Minority Leader of the Assembly; and Two nonvoting members: One member appointed by the Nevada League of Cities; and One member appointed by the Nevada Association of Counties.

  The membership structure of the Committee is defined, including voting and non-voting members.

• The Committee shall meet at the call of the Chair as frequently as required to perform its duties, but not less than twice each year.

  The Committee is required to hold a minimum number of meetings annually.

• The Director and each local government that has issued or authorized the issuance of private activity bonds during the immediately preceding calendar year shall file a report with the Department.

  New reporting requirements for the Director and local governments regarding private activity bonds are established.

• The Department shall, not later than March 1 of each year, prepare a report that consolidates the information in the reports filed... and submit the report to the Governor and the Legislature...

  The Department is tasked with consolidating and submitting annual reports based on the filings of the Director and local governments.

• NRS 218D.380

  the provisions of subsection 1 of NRS 218D.380 do not apply to any provision of this act that adds or revises a requirement to submit a report to the Legislature.

  The act is exempt from certain reporting requirement regulations, facilitating its implementation.

Action History

1. April 13, 2019

   (Pursuant to Joint Standing Rule No. 14.3.1, no further action allowed.)

2. March 15, 2019

   From printer. To committee.

3. March 14, 2019

   Read first time. Referred to Committee on Growth and Infrastructure. To printer.

Sponsors

• Teresa Benitez-Thompson · Primary
• Al Kramer · Primary

Subjects