Existing law requires the State Treasurer to administer the Nevada College Savings Trust Fund and to establish and administer certain accounts, including an Endowment Account in the State General Fund, to carry out the duties of the State Treasurer with respect to the Nevada College Savings Program. Specifically, existing law requires that the Endowment Account be used for the deposit of any money received by the Nevada College Savings Program that is not received pursuant to a savings trust agreement and which the State Treasurer determines is not necessary for certain administration and marketing activities. (NRS 353B.300, 353B.350) Among other things, existing law authorizes the State Treasurer to expend money from the Endowment Account for purposes related to the Governor Guinn Millennium Scholarship Program, including, without limitation, to cover the costs of administering the Governor Guinn Millennium Scholarship Program, if the expenditure does not exceed an amount equal to 3 percent of the anticipated annual revenue to this State from the settlement agreements with and civil actions against manufacturers of tobacco products anticipated for deposit in the Trust Fund. (NRS 353B.350, 396.926) This bill: (1) increases from 3 to 13 percent the maximum amount that the State Treasurer is authorized to expend from the Endowment Account for the Governor Guinn Millennium Scholarship Program; and (2) specifies that the reference to “Trust Fund” for such expenditures related to the Governor Guinn Millennium Scholarship Program is the Millennium Scholarship Trust Fund.

Statutes affected:
As Introduced: 353B.350
As Enrolled: 353B.350
BDR: 353B.350