Existing law authorizes, under certain circumstances, the creation of a general improvement district to provide certain governmental services and facilities to the residents of the district. (NRS 318.116) Existing law requires the secretary of the board of a district to keep in a well-bound book a record of all of the board's proceedings, minutes of all meetings, any certificates, contracts, bonds given by employees and all corporate acts. (NRS 318.085) Section 1 of this bill eliminates the requirement to keep this information in a well-bound book but still requires the secretary to keep such information. Section 1 requires the secretary to also keep a record of budgets and any other information or records necessary for carrying out the duties of the board. Existing law requires the treasurer of the board to keep strict and accurate accounts of all money received by and disbursed for and on behalf of the district in permanent records. (NRS 318.085) Section 1 provides that this information includes all audits and financial statements of the district. Section 1 also provides that all records of the board's actions, including, without limitation, minutes, budgets, audits and financial statements, must be: (1) published on the Internet website maintained by the board; or (2) provided to the county in which the district is located for publication on the Internet website of the county. Existing law further sets the maximum compensation of a member of a board of a district to not more than: (1) $6,000 per year; or (2) $9,000 per year if the board of a district has been granted certain powers relating to acquiring sanitary sewer improvements, collection and disposal of garbage and refuse and supply, storage and distribution of water for private and public purposes. (NRS 318.085) Section 1 increases the compensation each member of a board of a district granted such powers may receive from not more than $9,000 per year to not more than $14,500 per year. Existing law gives the board of a district created wholly or in part for acquiring television maintenance facilities certain powers. (NRS 318.1192) Section 3 of this bill requires the board of such a district to submit an annual report to the board of county commissioners of the county in which the district is located that sets forth, without limitation: (1) the budget and expenditures of the district; (2) the status of the equipment of the district; (3) the status of any license held by the district; (4) a recommendation as to whether the continuation of the district is necessary; and (5) any information necessary for the board of county commissioners to review the work of the board and determine whether the board is achieving its statutory purpose. Existing law authorizes certain special districts, including general improvement districts, with annual total expenditures of less than $300,000 to petition the Department of Taxation for exemption from the requirements of the Local Government Budget and Finance Act (NRS 354.470-354.626) for the filing of certain budget documents and audit reports. Existing law further provides that if an exemption is granted by the Department, the special district is exempt from all publication requirements of the Local Government Budget and Finance Act, except that the Department of Taxation by regulation shall require an annual publication of a notice of budget adoption and filing. (NRS 354.475) Section 4 of this bill provides that if a petition filed by a general improvement district is granted by the Department, the board of the general improvement district is exempt from all publication requirements of the Local Government Budget and Finance Act but is required publish the district's budget, financial statements and audits that are required by section 1. Existing law authorizes the Housing Division of the Department of Business and Industry to issue transferable tax credits, which are authorized to be taken against certain state taxes, to the sponsor of a project for the acquisition, development, construction, improvement, expansion, reconstruction or rehabilitation of a qualified low-income housing project, as defined by existing federal law. (NRS 360.860-360.870; 26 U.S.C. § 42(g)) Under existing law, to be issued transferable tax credits, the project sponsor is required to: (1) apply to, and obtain from, the Division a reservation of an amount of transferable tax credits; (2) close the project within a certain period after obtaining a reservation of transferable tax credits by acquiring title to the project site, entering into an agreement with a licensed contractor to construct the project and obtaining certain financing for the project; and (3) submit to the Division a final application for the issuance of transferable tax credits not less than 45 days before the project closes. A project sponsor that is issued transferable tax credits is authorized to transfer the credits to another entity, which may transfer those transferable tax credits to one or more of its subsidiaries or affiliates. (NRS 360.867) Section 5 of this bill: (1) requires, with certain exceptions, a final application for the issuance of transferable tax credits to be submitted not less than 15 days before the closing of the project rather than not less than 45 days before the closing of the project; (2) authorizes a project sponsor to demonstrate the acquisition of the land to close the project by entering into a long-term ground lease for the project site; and (3) authorizes a project sponsor to transfer transferable tax credits to a member or partner of the project sponsor to any other entity, who may then transfer the transferable tax credits to another entity.

Statutes affected:
As Introduced: 318.085
Reprint 1: 318.085
Reprint 2: 318.085
Reprint 3: 318.085, 318.1192, 354.475, 360.867
As Enrolled: 318.085, 318.1192, 354.475, 360.867
BDR: 318.085