AB427
AN ACT relating to public financial administration; revising provisions governing the program administered by a corporation for public benefit to provide private equity funding and venture capital investments to certain businesses; revising provisions relating to certain financing information that is required to be provided to certain small businesses by the Office of Economic Development; and providing other matters properly relating thereto. Close title AN ACT relating to public financial administration; revising provisions governing the program administered by a corporation for public benefit to provide private equity funding and venture capital investments to certain businesses; revising provisions relating to certain financing information that is required to be provided to certain small businesses by the Office of Economic Development; and providing other matters properly relating thereto.
Introduction Date
Thursday, March 13, 2025
Primary Sponsor
View 1 Primary Sponsors Close Primary Sponsors Assemblymembe
Public exhibits
3
Support 0 · Opp 0 · Neutral 2
Auditor findings
0
recusal 0 · QPQ 0
AN ACT relating to public financial administration; revising provisions governing the program administered by a corporat
Under existing law, the State of Nevada is prohibited from donating or loaning state money or credit, or subscribing to or being interested in the stock of any company, association or corporation, except a corporation that is formed for educational or charitable purposes. (Nev. Const. Art. 8, § 9) Existing law requires the State Treasurer to form an independent corporation for public benefit, the purpose of which is to act as a limited partner of limited partnerships or a shareholder or member of limited-liability companies that provide private equity funding to businesses that are located in this State or seeking to locate to this State and engage primarily in certain industries. (NRS 355.270) Under existing law, the State Treasurer is prohibited from making certain investments of money in the State Permanent School Fund unless the State Treasurer obtains a judicial determination that such an investment does not violate the prohibition in the Nevada Constitution against the State of Nevada donating or loaning state money or credit, or subscribing to or being interested in the stock of any company, association or corporation, except a corporation that is formed for educational or charitable purposes. (Nev. Const. Art. 8, § 9; NRS 355.060) Upon obtaining a judicial determination that an investment does not violate the Nevada Constitution, existing law authorizes the State Treasurer to transfer up to $75,000,000 from the State Permanent School Fund to the corporation
NELIS exhibits (3 on file)
Neutral (2)
- Statewide Plan Water Health — Assemblymember Steve Yeager (Presentation)
- (unattributed) (Testimony)
Bill text + amendments: view on NELIS →