AB 424 — Revises provisions relating to the issuance of bonds for environmental improvement projects in the Lake Tahoe Basin. (BDR S-388)

A.B.Assembly Bill No.

424424–Committee ASSEMBLYon BGovernment ILLNAffairs O.CHAPTER..........

424–COMMITTEE ON G OVERNMENT A FFAIRS (ON B EHALF OF THE LEGISLATIVE COMMITTEE FOR THE R EVIEW AND OVERSIGHT OF THE TAHOE REGIONAL PLANNING A GENCY AND THE M ARLETTE L AKE W ATER SYSTEM ) M ARCH 27, 2023 ____________ Referred to Committee on Natural Resources SUMMARY—Revises provisions relating to the issuance of bonds for environmental improvement projects in the Lake Tahoe Basin.

(BDR S-388) 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 1999,California theand Nevadalocal Legislaturegovernments authorizedand theowners issuance of notprivate moreproperty thanin $56.4tes.both states.

In 1999, the Nevada Legislature authorized the issuance of not more than $56.4 million in general obligation bonds to pay for a significant portion of Nevada’s share of the costs of the first phase of the Program.

(Chapter 514, Statutes of NevadaNevaIn 1999, at page 2626) In 2009, the Nevada Legislature authorized the issuance of not more than $100 million in general obligation bonds to pay for Nevada’s share of the costs of the second phase of the Program beginning on July 1, 2009, and ending on June 30, 2020.

(Chapter 431, Statutes of Nevada 2009, at page 2417) Issuance of those,those - *AB424* – 2 – bonds requires the approval of the Legislature or the Interim Finance Committee.

(Id.) 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 secondStatutes phase of theNevada Program2017, fromat Junepage 137) 30, 2020, to June 30, 2030.

(Chapter 32, StaOfOf the $100 million in general obligation bonds authorized to pay for Nevada’s share of the costs of the second phase of the Program, the Nevada Legislature required the issuance of:

chapter 437, Statutes of chapter 215, Statutes of Nevada 2021,2011, at page 1008)2638; Nevada 2019, at page 891;

Sectionschapter 1-3167, ofStatutes this bill require the issuance of notNevada more2019, thanat $13page million891; 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.

SectionschapSections 4-61-3 of this bill allowrequire the useissuance of interestnot accruedmore onthan the$13 proceedsmillion of the $100 million in general obligation bonds requiredauthorized toin be2009 includedto inprovide themoney secondto phasecarry ofout thecertain Program.nvironmentalenvironmental improvement projects Wincluded HEREASin ,the Thesecond Lakephase Tahoeof Basinthe exhibitsEnvironmental uniqueImprovement environmentalProgram. and ecological conditions that are irreplaceable;

andSections W4-6 HEREASof ,this Thisbill Stateallow hasthe ause compellingof interest inaccrued preserving,on protecting,the restoringproceeds of the general obligation bonds required to be issued in 2011, 2019 and enhancing2021 theto naturalcarry environmentout ofenvironmental improvement projects included in the Lakesecond Tahoephase Basin;of the Program.

EXPLANATION – Matter in bolded italics is new;

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

W HEREAS , The Lake Tahoe Basin exhibits unique environmental and ecological conditions that are irreplaceable;

and - 82nd Session (2023) – 2 – W HEREAS , This State has a compelling interest in preserving, protecting, restoring and enhancing the natural environment of the Lake Tahoe Basin;

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 financial support for, the Environmental Improvement Program;

and - *AB424* – 3 – W HEREAS , The cost of carrying out the second phase of the Environmental Improvement Program for the State of Nevada and its political subdivisions is $100,000,000;

and - 82nd Session (2023) – 3 – W HEREAS , Section 1 of chapter 437, Statutes of Nevada 2011, at page 2638, granted approval to the State Board of Finance to issue an additional $12,000,000 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;

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 ProWrHEREASd , Section 1 of chapter 215, Statutes of Nevada 2021, at page 1008, granted approval to the State Board of Finance to issue an additional $4,000,000 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;

and W HEREAS , Section 1 of chapter 215, Statutes of Nevada 2021, at page 1008, granted approval to the State Board of Finance to issue an additional $4,000,000 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;

now, therefore, - *AB424* – 4 – THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

4 Section 1.

- 82nd Session (2023) – 4 – 2.

Protection of sensitive species and improvement of wildlife habitat;hab5.at;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.

and 5.

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.

The Division of State Lands of the State Department of Conservation and Natural Resources may use money authorized pursuant to section 1 of this act for an activity other than an activity listed in section 1 of this act if the Interim Finance Committee engagesapproves insuch thea activity.ritinguse in writing before the Division of State Lands Sec.engages in the activity.

Sec.

- *AB424* – 5 – Sec.

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 StateState99, Board of Finance of general obligation bonds of the State of Nevada in a total face amount of not more than $12,000,000 pursuant to NRS 349.150 to 349.364, inclusive.

(a) Enhancement of recreational opportunities...........................................................$1,037,500 - 82nd Session (2023) – 5 – (b) Continued implementation of forest health, restoration and fuels management projects...................................................................$1,000,000 (c) Protection of sensitive species and improvementimp(d) of wildlife habitat................................$335,000 (d) Control of invasive terrestrial andand.....................$335,000 aquatic species...........................................................$300,000 2.