Bill Summary – FastDemocracy

LB17                                                                                 LB17
                                                                               2024
                               LEGISLATURE OF NEBRASKA
                            ONE HUNDRED EIGHTH LEGISLATURE
                                FIRST SPECIAL SESSION
                       LEGISLATIVE BILL 17
       Introduced by Cavanaugh, J., 9; Blood, 3; Cavanaugh, M., 6; Dungan, 26;
                     Hunt, 8; McKinney, 11.
       Read first time July 25, 2024
       Committee:
  A BILL FOR AN ACT relating to the Perkins County Canal Project; to amend
       section 61-305, Revised Statutes Supplement, 2023, as amended by
      Laws 2024, LB164, section 14; and Laws 2024, LB164, section 13; to
      change provisions relating to the credit and transfer of Perkins
       County Canal Project Fund investment earnings and to terminate the
       fund; to transfer unobligated money in the Perkins County Canal
      Project Fund to the Property Tax Credit Cash Fund; to repeal the
       Perkins County Canal Project Act; to harmonize provisions; to repeal
       the original sections;   and to   outright repeal sections   61-301,
      61-302, 61-303, and 61-304, Revised Statutes Cumulative Supplement,
      2022.
  Be it enacted by the people of the State of Nebraska,
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LB17                                                                                             LB17
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      Section 1. Section 61-305, Revised Statutes Supplement, 2023, as
  amended by Laws 2024, LB164, section 14, is amended to read:
       61-305 (1) The Perkins County Canal Project Fund is created. The
   fund shall be administered by the Department of Natural Resources. The
  State Treasurer shall credit to the fund any money transferred by the
  Legislature and such grants, loans, donations, gifts, bequests, or other
  money received from any federal or state agency or public or private
  source for use by    the department for the canal project.     Any fees
  collected for water delivery may be credited to the fund. Any money in
  the Perkins County Canal Project Fund available for investment shall be
  invested by the state investment officer pursuant to the Nebraska Capital
  Expansion Act and the Nebraska State Funds Investment Act. Any investment
  earnings from investment of money in the Perkins County Canal Project
   Fund shall be credited to such fund, except that for fiscal year years
  2023-24,    2024-25,       and    2025-26,    such investment earnings shall be
  transferred credited as provided in section 13 of this act.
      (2)(a) The department shall use the Perkins County Canal Project
  Fund to identify the optimal route and purchase land for and develop,
   construct, manage, and operate the Perkins County Canal as outlined by
   the South Platte River Compact and to contract with an independent firm
   for the purposes of completing a study of such canal. The study shall
   include, but may not be limited to, the following:
       (i) Costs of completion of a canal and adjoining reservoirs as
   outlined in the South Platte River Compact;
      (ii) A timeline for completion of a canal and adjoining reservoirs
  as outlined in the South Platte River Compact;
      (iii) A cost-effectiveness study examining alternatives, including
  alternatives that may reduce environmental or financial impacts; and
       (iv) The impacts of the canal on drinking water supplies for the
   cities of Lincoln and Omaha.
      (b)     The department shall provide the findings of     such study
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  electronically to the Clerk of the Legislature and present the findings
  at     a public hearing held by     the Appropriations Committee of   the
  Legislature on or before December 31, 2022.
         (3) After the transfer of money and interest earnings from the
  Perkins County Canal Project Fund as provided in subdivision (2) of
  section         13    of this act,    the State Treasurer shall transfer any
  unobligated money remaining in the fund to the Property Tax Credit Cash
  Fund on    January       1,    2025,    or as     soon thereafter as     administratively
  possible, and the Perkins County Canal Project Fund shall thereafter
  terminate.
         Sec. 2.          Laws 2024, LB164, section 13, is amended to read:
         Sec. 13. The State Treasurer shall transfer:
         (1)(a) (1) To the Economic Recovery Contingency Fund by October 1,
  2024, and on or before June 30 of each year through June 30, 2026, on
  such dates and in such amounts as directed by the budget administrator of
   the budget division of the Department of Administrative Services, (i) (a)
  the first thirteen million dollars of any interest earned on or after
  July 1, 2024, and on or before June 30, 2026, on federal funds allocated
  to the State of    Nebraska from the federal Coronavirus State Fiscal
   Recovery Fund pursuant to the federal American Rescue Plan Act of 2021,
   42 U.S.C. 802, as amended, (b) the first twelve million dollars of any
   interest earned on or after July 1, 2024, and on or before June 30, 2026,
  from the investment of money in the Perkins County Canal Project Fund
  pursuant to section 61-305, and (ii) (c) the first five million dollars
  of any interest earned on or after July 1, 2024, and on or before June
  30,        2026,     from the investment of   money in    the Nebraska Capital
  Construction Fund from transfers credited to     such fund that are
   designated for the construction of a new state prison pursuant to section
   72-1001; and
          (2) To the Museum Construction and Maintenance Fund on or before
  June 30 of each year through June 30, 2026, on such dates and in such
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LB17                                                                                           LB17
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   amounts as directed by the budget administrator of the budget division of
   the Department of Administrative Services, the next seven million dollars
   of any interest earned after the first twelve million dollars of interest
   earned on or after July 1, 2024, and on or before June 30, 2026, from the
   investment of money in the Perkins County Canal Project Fund pursuant to
   section 61-305; and
       (b) (3) To the Inland Port Authority Fund on or before June 30 of
   each year through June 30, 2026, on such dates and in such amounts as
   directed by   the budget administrator of    the budget division of   the
   Department of Administrative Services, (i) (a) any interest earned after
   the first thirteen million dollars of interest earned on or after July 1,
   2024, and on or before June 30, 2026, on federal funds allocated to the
   State of Nebraska from the federal Coronavirus State Fiscal Recovery Fund
   pursuant to the federal American Rescue Plan Act of 2021, 42 U.S.C. 802,
   as amended, (b) any interest earned after the first nineteen million
   dollars of interest earned on or after July 1, 2024, and on or before
   June 30, 2026, from the investment of money in the Perkins County Canal
   Project Fund pursuant to section 61-305, and (ii) (c) any interest earned
   after the first five million dollars of interest earned on or after July
   1, 2024, and on or before June 30, 2026, from the investment of money in
   the Nebraska Capital Construction Fund from transfers credited to such
   fund that are designated for the construction of a new state prison
   pursuant to section 72-1001; and .
       (2) On January 1, 2025, or as soon thereafter as administratively
   possible, from the Perkins County Canal Project Fund, less any interest
   earnings credited between July 1, 2024, through December 31, 2024, as
   provided by Laws 2024, LB164:
       (a)     Twelve million dollars to   the Economic Recovery Contingency
   Fund;
       (b) Seven million dollars to the Museum Construction and Maintenance
   Fund; and
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LB17                                                                             LB17
                                                                           2024
      (c) Sixteen million four hundred thousand dollars to the Inland Port
  Authority Fund.
       Sec. 3.   Original section 61-305, Revised Statutes Supplement, 2023,
   as amended by Laws 2024, LB164, section 14; and Laws 2024, LB164, section
   13, are repealed.
       Sec. 4.       The following sections are outright repealed: Sections
  61-301,   61-302,    61-303,   and   61-304,   Revised Statutes Cumulative
  Supplement, 2022.
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