This bill amends section 84-612 of the Reissue Revised Statutes of Nebraska, which governs the Cash Reserve Fund. The legislation aims to eliminate obsolete provisions and streamline the transfer processes related to the fund. Notably, it removes several specific transfer mandates, including the transfer of funds to various state funds such as the Governor's Emergency Cash Fund, the Nebraska Capital Construction Fund, and others, which were previously outlined in the law. The bill also introduces a new provision that prohibits transfers from the Cash Reserve Fund to fulfill obligations under the Nebraska Property Tax Incentive Act unless the remaining balance is at least five hundred million dollars.

Additionally, the bill includes new provisions for future transfers from the Cash Reserve Fund, such as a planned transfer of two million four hundred twenty-five thousand dollars to the Nebraska Public Safety Communication System Revolving Fund and a transfer of twenty-five million dollars to the Governor's Emergency Cash Fund by June 30, 2025. It also expresses the Legislature's intent to transfer two hundred million dollars to the General Fund in the fiscal year 2026-27, contingent on the Cash Reserve Fund's balance. Overall, the bill seeks to modernize the management of the Cash Reserve Fund while ensuring fiscal responsibility.

Statutes affected:
Introduced: 84-612