SB 368 — Requires the issuance of bonds for environmental improvement projects in the Lake Tahoe Basin. (BDR S-366)

S.B.Senate Bill No.

368368–Committee SENATEon BGovernment ILLNAffairs O.CHAPTER..........

368–COMMITTEE ON GOVERNMENT A FFAIRS (ON B EHALF OF THE LEGISLATIVE COMMITTEE FOR THE R EVIEW AND OVERSIGHT OF THE TAHOE REGIONAL PLANNING AGENCY AND THE M ARLETTE L AKE W ATER SYSTEM ) M ARCH 25, 2021 ____________ Referred to Committee on Government Affairs SUMMARY—Requires the issuance of bonds for environmental improvement projects in the Lake Tahoe Basin.

(BDR S-366) FISCAL NOTE:

Effect on Local Government:

No.

Effect on the State:

No.

~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

The costs of the Program are apportioned among the Federal Government, the States of Nevada and California and local governments and owners of private property in both states.

(Chapter 514, Statutes of Nevada 1999, at page 2626) In 2009, the Nevada Legislature authorized the issuanceNevada’s share of notthe morecosts thanof $100the millionsecond inphase generalof obligationthe bondsProgram tobeginning payonor for July 1, 2009, and ending on June 30, 2020.

(Chapter 431, Statutes of Nevada 2009, at page 2417) In 2017, the Nevada Legislature extended the deadline for the issuance of the remainder of the general obligation bonds that were authorized in 2009 for the second phase of the Program from June 30, 2020, to June 30, 2030.

(Chapter 32, Statutes of Nevada 2017, at page 137) Issuance of those bonds - *SB368* – 2 – requires the approval of the Legislature or the Interim Finance Committee.

(Chapter 437, Statutes of Nevada 2011, at page 2638) In 2019, the Nevada Legislature required the issuance of not more than $8 million of the $100 million in general obligation bonds authorized in 2009 to provide money to carry out certain environmental improvement projects included in the second phase of the Program.

(Chapter 167, StatutesStatThis of Nevada 2019, at page 891) This bill requires the issuance of not more than $4 million of the $100 million in general obligation bonds authorized in 2009 to provide money to carry out certain environmental improvement projects included in the second phase of the Environmental Improvement Program.

- 81st Session (2021) – 2 – EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

and W HEREAS , In October 1997, Governor Bob Miller, on behalf of the State of Nevada, signed a Memorandum of Agreement between the Federal Interagency Partnership on the Lake Tahoe Ecosystem, the States of Nevada and California, the Washoe Tribe of Nevada and California, the Tahoe Regional Planning Agency and interested local governments, in which the parties affirmed their commitment to the Tahoe Regional Planning Compact, to the sound management and protection of the resources within the Lake Tahoe Basin and the support of a healthy, sustainable economy and to achieve environmental thresholds for Lake Tahoe, and agreed to cooperate to carry out, including, without limitation, providing financialfinWnHEREASup, supportThe for,costs theof Environmentalcarrying Improvementout Program;the Environmentalam;

and W HEREAS , The costs of carrying out the Environmental Improvement Program have been apportioned among the Federal Government, the States of Nevada and California and the local governments and private property owners within both states;

and - *SB368* – 3 – W HEREAS , Section 3 of chapter 431, Statutes of Nevada 2009, at page 2417, authorized the State Board of Finance to issue general obligation bonds of the State of Nevada in a total face amount of not more than $100,000,000 to provide money to carry out the second phase of the Environmental Improvement Program beginning on July 1, 2009, and ending on June 30, 2020;

and - 81st Session (2021) – 3 – W HEREAS , Section 1 of chapter 431, Statutes of Nevada 2009, at page 2416, granted approval to the State Board of Finance to issue $4,420,000 of those general obligation bonds to provide money to carry out certain environmental improvement projects included in the second phase of the Environmental Improvement Program;

and W HEREAS , Section 1 of chapter 167, Statutes of Nevada 2019, at page 891, granted approval to the State Board of Finance to issue an additional $8,000,000 of those general obligation bonds to provide money to carry out certain environmental improvement projects included in the second phase of the Environmental Improvement Program;

Money to carry out the Environmental Improvement Program for the Lake Tahoe Basin established pursuant to section 1 of chapter 514, Statutes of Nevada 1999, at page 2627, must be provided by the issuance by the State Board of Finance of general obligation bonds of the State of Nevada in a total face amount of not more than $4,000,000 pursuant to NRS 349.150 - *SB368* – 4 – to 349.364, inclusive.

- 81st Session (2021) – 4 – 3.

Water quality, erosion control and stream restoration and enhancement projects of the Environmental Improvement Program to be carried out pursuant to grants and project agreements.agreements.m Sec.

Sec.

H~~~~~ 21 - *SB368*81st Session (2021)