This bill amends sections 69-1317 and 72-2211 of the Revised Statutes Cumulative Supplement, 2024, to modify the provisions regarding the transfer of funds from the Unclaimed Property Trust Fund. Notably, it introduces a new requirement for the State Treasurer to transfer any balance exceeding one million dollars from the Unclaimed Property Trust Fund to the Capitol Restoration Cash Fund before distributing the remaining balance to the permanent school fund. This change will take effect starting in 2025 and will continue until 2034, after which the funds will revert to being allocated solely to the permanent school fund. Additionally, the bill establishes the Unclaimed Property Cash Fund, from which the State Treasurer can deduct costs related to unclaimed property before making deposits to the Capitol Restoration Cash Fund or the General Fund.

Furthermore, the bill creates the Capitol Restoration Cash Fund, which will consist of money received from various sources, including transfers from the Unclaimed Property Trust Fund as directed by the Legislature. The fund is designated for financing projects related to the restoration, preservation, and enhancement of the State Capitol and its grounds. It also allows for the investment of available funds in accordance with the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act. The original sections of the statutes being amended are repealed as part of this legislative update.

Statutes affected:
Introduced: 69-1317, 72-2211