AB355

Existing law creates in the State Treasury the Fund to Assist School Districts in Financing Capital Improvements and requires that the money in the Fund be used to provide grants to school districts within which certain emergency conditions exist. (NRS 387.333, 387.3335) Existing law additionally creates in the State Treasury the Fund to Assist Rural School Districts in Financing Capital Improvements and requires that the money in the Fund be awarded by the Director of the Office of Finance in the Office of the Governor as grants to school districts in counties whose population is less than 100,000 (currently all counties other than Clark and Washoe Counties) and in which certain taxes have been levied for capital projects of the school district. (NRS 387.3341-387.3344) Sections 1 and 2 of this bill provide that any money remaining in those Funds at the end of a fiscal year does not revert to the State General Fund and requires that the balances in those Funds be carried forward to the next fiscal year. Section 2.5 of this bill authorizes the Director of the Office of Finance to also make a grant from the Fund to Assist Rural School Districts in Financing Capital Improvements to a board of trustees of a school district in a county whose population is less than 100,000, regardless of whether certain taxes for capital projects of the school district have been levied in that county, in an amount that is equal to: (1) any gift, grant or donation made to the school district for a