SB463
AN ACT relating to education; increasing the amount of anticipated annual revenue from certain settlement agreements and civil actions that may be used to pay the costs of administering the Millennium Scholarship Trust Fund; and providing other matters properly relating thereto. Close title AN ACT relating to education; increasing the amount of anticipated annual revenue from certain settlement agreements and civil actions that may be used to pay the costs of administering the Millennium Scholarship Trust Fund; and providing other matters properly relating thereto.
Introduction Date
Monday, May 5, 2025
Primary Sponsor
Senate Committee on Finance
Public exhibits
0
Support 0 · Opp 0 · Neutral 0
Auditor findings
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recusal 0 · QPQ 0
AN ACT relating to education; increasing the amount of anticipated annual revenue from certain settlement agreements and
Existing law establishes the Governor Guinn Millennium Scholarship Program and creates the Millennium Scholarship Trust Fund to fund the Program. Existing law requires the State Treasurer to deposit in the Millennium Scholarship Trust Fund: (1) forty percent of all money received by the State of Nevada pursuant to any settlement entered into by the State and a manufacturer of tobacco products; and (2) forty percent of all money recovered by the State from a judgment in a civil action against a manufacturer of tobacco products. Existing law authorizes up to 3 percent of the anticipated annual revenue to the State from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Millennium Scholarship Trust Fund to be used to pay the costs of administering the Trust Fund. (NRS 396.926) Existing law also creates the Nevada College Savings Trust Fund and an Endowment Account within the Nevada College Savings Trust Fund. (NRS 353B.340) Existing law authorizes money in Endowment Account to be expended for any purpose related to the Governor Guinn Millennium Scholarship Program, including the costs of administering the Program, up to an amount equal to 3 percent of the anticipated annual revenue to the State from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Millennium Scholarship Trust Fund. (NRS 353B.350) Between these two sources, existing law t
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