The legislature's own summary of the bill, or its official long title.
The Environmental Improvement Program was implemented in 1997 to carry out projects to improve the environment in the Lake Tahoe Basin. 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. In 1999, the Nevada Legislature authorized the issuance of not more than $56.4 million in general…
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The Environmental Improvement Program was implemented in 1997 to carry out projects to improve the environment in the Lake Tahoe Basin. 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. 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 Nevada 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. (Section 3 of chapter 431, Statutes of Nevada 2009, at page 2417) Issuance of those 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 second phase of the Program from June 30, 2020, to June 30, 2030. (Chapter 32, Statutes of Nevada 2017, at page 137) Of 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: (1) not more than $4.42 million of those bonds in 2009; (2) not more than $12 million of those bonds in 2011; (3) not more than $8 million of those bonds in 2019; (4) not more than $4 million of those bonds in 2021; and (5) not more than $13 million of those bonds in 2023. (Section 1 of chapter 431, Statutes of Nevada 2009, at page 2416; section 1 of chapter 437, Statutes of Nevada 2011, at page 2638; section 1 of chapter 167, Statutes of Nevada 2019, at page 891; section 1 of chapter 215, Statutes of Nevada 2021, at page 1008; section 1 of chapter 99, Statutes of Nevada 2023, at page 501) This bill requires the issuance of not more than $10.5 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 and allows the use of interest accrued on the proceeds of the general obligation bonds for the Program.