Revises provisions relating to public financial administration. (BDR 31-739)

(Reprinted with amendments adopted on April 16, 2025)
FIRST REPRINT A.B. 427

- *AB427_R1*

ASSEMBLY BILL NO. 427–ASSEMBLYMEMBERS
YEAGER; AND DELONG

MARCH 13, 2025
____________

Referred to Committee on Government Affairs

SUMMARY—Revises provisions relating to public financial
administration. (BDR 31-739)

FISCAL NOTE: Effect on Local Government: No.
Effect on the State: Yes.

~

EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

AN ACT relating to public financial administration; revising
provisions governing the program administered by a
corporation for public benefit to provide private equity
funding and venture capital investments to certain
businesses; revising provisions relating to certain
financing information that is required to be provided to
certain small businesses by the Office of Economic
Development; and providing other matters properly
relating thereto.
Legislative Counsel’s Digest:
Under existing law, the State of Nevada is prohibite d from donating or loaning 1
state money or credit, or subscribing to or being interested in the stock of any 2
company, association or corporation, except a corporation that is formed for 3
educational or charitable purposes. (Nev. Const. Art. 8, § 9) Existing law requires 4
the State Treasurer to form an independent corporation for public benefit, the 5
purpose of which is to act as a limited partner of limited partnerships or a 6
shareholder or member of limited -liability companies that provide private equity 7
funding to businesses that are located in this State or seeking to locate to this State 8
and engage primarily in certain industries. (NRS 355.270) Under existing law, the 9
State Treasurer is prohibited from making certain investments of money in the State 10
Permanent School Fund unless the State Treasurer obtains a judicial determination 11
that such an investment does not violate the prohibition in the Nevada Constitution 12
against the State of Nevada donating or loaning state money or credit, or 13
subscribing to or being interested in the stock of any company, association or 14
corporation, except a corporation that is formed for educational or charitable 15
purposes. (Nev. Const. Art. 8, § 9; NRS 355.060) Upon obtaining a judicial 16
determination that an investment does not viola te the Nevada Constitution, existing 17
law authorizes the State Treasurer to transfer up to $75,000,000 from the State 18

– 2 –

- *AB427_R1*
Permanent School Fund to the corporation for public benefit and requires the 19
corporation by agreement to provide more than 50 percent of al l private equity 20
funding to businesses engaged in specified industries that are located or seeking to 21
locate in Nevada. (NRS 355.280) Existing law authorizes the money transferred 22
from the State Permanent School Fund to the corporation for public benefit t o be 23
used to make venture capital investments. (NRS 355.275) 24
Sections 2 and 4 of this bill eliminate the restriction that the businesses in 25
which the corporation for public benefit is authorized to invest engage primarily in 26
certain industries. Section 1 of this bill instead requires that the business be 27
engaged in an industry that is consistent with the State Plan for Economic 28
Development, which the Executive Director of the Office of Economic 29
Development within the Office of the Governor is required to develop under 30
existing law. (NRS 231.053) Section 1 also: (1) clarifies the circumstances in 31
which a business is located or seeking to locate in Nevada; and (2) requires that the 32
businesses be seeking early -stage or middle -stage investments to commence or 33
expand operations. Section 5 of this bill makes a conforming change relating to the 34
revised criteria for eligible businesses. Section 2 also provides that, in addition to 35
the money transferred from the State Permanent School Fund, any other money 36
received by the corporation for public benefit is authorized to be used for venture 37
capital investments. 38
Existing law establishes the board of directors of the corporation for public 39
benefit and requires the board to consist of the Chancellor of the Nevada System of 40
Higher Education, the State Treasurer, five members from the private sector who 41
have at least 10 years of experience in certain fields appointed by the Governor and 42
legislative leadership and certain additional members who are required to be 43
approved by a majority of certain board members. (NRS 355.270) Section 2: (1) 44
replaces the Chancellor of the Nevada System of Higher Education on the board 45
with the Executive Director of the Office of Economic Development; and (2) 46
changes the experience required for the five appointed members from at least 10 47
years of experience in certain fields to demonstrated experience in those fields. 48
Existing law authorizes the corporation for public benefit to place investments 49
through the use or assistance of external asset m anagers or private equity 50
investment firms. (NRS 355.275) Existing law also references the board contracting 51
with venture capital investment firms. (NRS 355.270) Section 3 of this bill: (1) 52
authorizes a corporation for public benefit to invest directly in eligible businesses; 53
and (2) clarifies that the board is authorized to place investments though the use or 54
assistance of venture capital investment firms. Section 3 also requires the 55
corporation for public benefit to ensure that private equity money and ve nture 56
capital investments made directly by the corporation or by external asset managers 57
and private equity or venture capital investment firms are provided in a manner 58
that: (1) ensures diversification among the recipient businesses; (2) gives priority to 59
eligible businesses that meet specified criteria; (3) allows businesses to create new 60
job opportunities; and (4) supports new, emerging and expanding businesses in this 61
State. 62
Existing law authorizes the State Treasurer to adopt regulations which includ e 63
criteria for determining eligibility for and use of private equity funding, subject to 64
certain limitations. (NRS 355.285) Section 5 of this bill expands that specific 65
regulatory authority to also address such criteria for venture capital investments. 66
Sections 6-9 of this bill revise obsolete references to the provisions governing 67
the program administered by the corporation for public benefit to provide private 68
equity funding and venture capital investments to specified businesses. 69
Existing law: (1) prov ides for the certification of eligible businesses as local 70
emerging small businesses by the Office of Economic Development; and (2) 71
requires the Office to provide to such businesses certain information concerning 72
public and private programs to provide fina ncing to small businesses and the 73

– 3 –

- *AB427_R1*
criteria for obtaining financing through such programs. (NRS 231.14055) Section 8 74
of this bill revises the scope of the financing programs concerning which the Office 75
is required to provide information to local emerging sm all businesses to public and 76
private programs that are active or funded, or both, at the time the application for 77
certification of a business is received by the Office. 78

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN
SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

Section 1. Chapter 355 of NRS is hereby amended by adding 1
thereto a new section to read as follows: 2
1. To be eligible to receive private equity funding or a venture 3
capital investment from the corporation for public benefit 4
pursuant to this section and NRS 355.250 to 355.2 85, inclusive, a 5
business must: 6
(a) Have a presence in this State as evidenced by: 7
(1) Being domiciled in this State; 8
(2) Having a headquarters in this State; 9
(3) Having a significant percentage of employees residing 10
in this State; or 11
(4) Being in the process of expanding in this State or 12
locating to this State; 13
(b) Be seeking early -stage investment or middle -stage 14
investment, or both; and 15
(c) Be engaged in an industry that is consistent with the State 16
Plan for Economic Development developed purs uant to 17
NRS 231.053. 18
2. As used in this section: 19
(a) “Early-stage investment” means any investment that is 20
made directly to or on behalf of a business to enable the business 21
to commence operation, including, without limitation, seed 22
funding, start -up f unding, accelerator funding or early -growth 23
funding. 24
(b) “Middle-stage investment” means any investment that is 25
made directly to or on behalf of a business to enable the business 26
to expand its operations. 27
Sec. 2. NRS 355.270 is hereby amended to read as follows: 28
355.270 1. The State Treasurer shall cause to be formed in 29
this State an independent corporation for public benefit, the general 30
purpose of which is to act as a limited partner of limited 31
partnerships or a shareholder or member of limited -liability 32
companies that provide private equity funding or venture capital 33
investments, or both, to businesses [: 34
(a) Located in this State or seeking to locate in this State; and 35

– 4 –

- *AB427_R1*
(b) Engaged primarily in one or more of t he following 1
industries: 2
(1) Health care and life sciences. 3
(2) Cyber security. 4
(3) Homeland security and defense. 5
(4) Alternative energy. 6
(5) Advanced materials and manufacturing. 7
(6) Information technology. 8
(7) Any other industry that the b oard of directors of the 9
corporation for public benefit determines will likely meet the targets 10
for investment returns established by the corporation for public 11
benefit for investments authorized by NRS 355.250 to 355.285, 12
inclusive, and comply with sound fiduciary principles. ] that meet 13
the eligibility requirements set forth in section 1 of this act. 14
2. The corporation for public benefit created pursuant to 15
subsection 1 must have a board of directors consisting of: 16
(a) Five members from the private sect or who have [at least 10 17
years of ] demonstrated experience in the field of investment, 18
finance or banking and who are appointed for a term of 4 years as 19
follows: 20
(1) One member appointed by the Governor; 21
(2) One member appointed by the Senate Majority Leader; 22
(3) One member appointed by the Speaker of the Assembly; 23
(4) One member appointed by the Senate Minority Leader; 24
and 25
(5) One member appointed by the Assembly Minority 26
Leader; 27
(b) The [Chancellor of the Nevada System of Higher Education] 28
Executive Director of the Office of Economic Development within 29
the Office of the Governor or his or her designee; 30
(c) The State Treasurer; and 31
(d) With the approval of a majority of the members of the board 32
of directors described in subparagraphs (1), (2) a nd (3) of paragraph 33
(a), up to 5 additional members who are direct investors in the 34
corporation for public benefit. 35
3. Vacancies in the appointed positions on the board of 36
directors of the corporation for public benefit created pursuant to 37
subsection 1 m ust be filled by the appointing authority for the 38
unexpired term. 39
4. The State Treasurer shall serve as chair of the board of 40
directors of the corporation for public benefit created pursuant to 41
subsection 1. 42
5. The members of the board of directors of the corporation for 43
public benefit must serve without compensation but are entitled to 44
be reimbursed for actual and necessary expenses incurred in the 45

– 5 –

- *AB427_R1*
performance of their duties, including, without limitation, travel 1
expenses. 2
6. A member of the board of directors of the corporation for 3
public benefit created pursuant to subsection 1 must not have an 4
equity interest in any: 5
(a) External asset manager or venture capital or private equity 6
investment firm contracting with the board pursuant to NRS 7
355.275; or 8
(b) Business which receives private equity funding or a venture 9
capital investment pursuant to NRS 355.250 to 355.285, inclusive 10
[.] , and section 1 of this act. 11
7. The board of directors of the corporation for public benefit 12
created pursuant to subsection 1 shall: 13
(a) Comply with the provisions of chapter 281A of NRS. 14
(b) Meet at least quarterly and conduct any meetings of the 15
board of directors in accordance with chapter 241 of NRS. 16
(c) Review the performance of all external asset managers and 17
venture capital and private equity investment firms contracting with 18
the corporation for public benefit pursuant to NRS 355.275. 19
(d) On or before December 1 of each year, provide an annual 20
report to the Governor and the Director of the Legislative Counsel 21
Bureau for transmission to the next session of the Legislature, if the 22
report is submitted in an even -numbered year or to the Legislative 23
Commission, if the report is submitted in an odd -numbered year. 24
The report must include, without limitation: 25
(1) An accounting of all money received and expended by 26
the corporation for public benefit, including, without limitation, any 27
matching grant funds, gifts or donations; and 28
(2) The name and a brief description of all businesses 29
receiving [an] private equity fu nding or a venture capital 30
investment [of money] pursuant to the provisions of NRS 355.250 31
to 355.285, inclusive [.] , and section 1 of this act. 32
Sec. 3. NRS 355.275 is hereby amended to read as follows: 33
355.275 1. The c orporation for public benefit may [place] 34
provide private equity funding or venture capital investments 35
[through the use or assistance of: ] pursuant to NRS 355.250 to 36
355.285, inclusive, and section 1 of this act: 37
(a) Directly to eligible businesses. 38
(b) Pursuant to a contract entered into with: 39
[(a)] (1) External asset managers; [or 40
(b)] (2) Private equity investment firms [.] ; or 41
(3) Venture capital investment firms. 42
2. [Money received pursuant to NRS 355.280 by the ] The 43
corporation for public benefit [may be used to make ] shall ensure 44

– 6 –

- *AB427_R1*
that private equity funding and venture capital investments [.] are 1
provided pursuant to subsection 1 in a manner that: 2
(a) Ensures diversification among the businesses that receive 3
private equity funding or venture capital investments pursuant to 4
NRS 355.250 to 355.285, inclusive, and section 1 of this act. 5
(b) Gives priority to eligible businesses that: 6
(1) Employ residents of this State; 7
(2) Provide jobs that are in demand and pay hi gh wages to 8
residents of this State; 9
(3) Provide health insurance coverage to its employees; and 10
(4) Advance environmental sustainability in accordance 11
with the policies of this State set forth in NRS 445B.380 and 12
704.7820. 13
(c) Allows businesses the ability to create new job 14
opportunities. 15
(d) Supports new, emerging and expanding businesses in this 16
State. 17
Sec. 4. NRS 355.280 is hereby amended to read as follows: 18
355.280 If the State Treasurer obtains the judicial 19
determination required by subsection 3 of NRS 355.060, the State 20
Treasurer may transfer an amount not to exceed $75,000,000 from 21
the State Permanent School Fund to the corporation for public 22
benefit. Such a transfer must be made pursuant to an agreement th at 23
requires the corporation for public benefit to: 24
1. Provide, through the limited partnerships or limited -liability 25
companies described in subsection 1 of NRS 355.270, private equity 26
funding [;] or venture capital investments, or both; and 27
2. Ensure t hat [more than 50 percent of all ] private equity 28
funding and venture capital investments provided by the 29
corporation for public benefit, including, without limitation, private 30
equity funding and venture capital investments provided by a 31
corporation for pub lic benefit to a pooled fund that includes 32
businesses located outside of this State, is provided to businesses [: 33
(a) Located in this State or seeking to locate in this State; and 34
(b) Engaged primarily in one or more of the following 35
industries: 36
(1) Health care and life sciences. 37
(2) Cyber security. 38
(3) Homeland security and defense. 39
(4) Alternative energy. 40
(5) Advanced materials and manufacturing. 41
(6) Information technology. 42
(7) Any other industry that the board of directors of the 43
corporation for public benefit determines will likely meet the targets 44
for investment returns established by the corporation for public 45

– 7 –

- *AB427_R1*
benefit for investments authorized by NRS 355.250 to 355.285, 1
inclusive, and comply with sound fiduciary principles. ] that meet 2
the eligibility requirements set forth in section 1 of this act. 3
Sec. 5. NRS 355.285 is hereby amended to read as follows: 4
355.285 The State Treasurer: 5
1. May adopt such regulations as he or she deems necessary to 6
carry out the provisions of NRS 355.250 to 355.285, inclusive [.] , 7
and section 1 of this act. 8
2. Shall adopt regulations: 9
(a) Requiring the performance of audits and the submission of 10
reports to ensure compliance with the provisions of NRS 355.250 t o 11
355.285, inclusive, and section 1 of this act and the regulations 12
adopted pursuant to this section; 13
(b) Providing for appropriate leveraging of investments to 14
ensure that [investments] private equity funding and venture 15
capital investments provided pursuant to NRS 355.250 to 355.285, 16
inclusive, and section 1 of this act consist of money transferred 17
from the State Permanent School Fund pursuant to NRS 355.280 18
and money from private sources; 19
(c) Establishing a range or cap on servicing fees; 20
(d) Establishing limits on the amount or percentage of 21
investment in a single [venture capital project] business or by a fund 22
manager; and 23
(e) Requiring the return of the corpus of investments after a 24
defined investment period. 25
3. May adopt regulations which include, without limitation, 26
criteria for determining eligibility for and use of private equity 27
funding [,] and venture capital investments, but the corporation for 28
public benefit must have sole authority for the approval of 29
applications for and the management of private equity funding and 30
venture capital investments provided pursuant to NRS 355.250 to 31
355.285, inclusive [.] , and section 1 of this act. 32
4. May, by regulation, establish a Busine ss Leadership 33
Council. The members of the Business Leadership Council must 34
serve without compensation and are subject to the provisions of 35
chapter 281A of NRS. 36
5. Shall provide the corporation for public benefit with such 37
assistance as is necessary to ca rry out the provisions of NRS 38
355.250 to 355.285, inclusive, and section 1 of this act and comply 39
with the regulations adopted pursuant to this section. 40
6. Shall ensure that businesses receiving private equity 41
funding or venture capital investments pursuant to NRS 355.250 to 42
355.285, inclusive, [have a presence in this State as evidenced by: 43
(a) Being domiciled in this State; 44
(b) Having a headquarters in this State; 45

– 8 –

- *AB427_R1*
(c) Having a significant percentage of employees residing in this 1
State; or 2
(d) Being in the process of expanding in this State or relocating 3
to this State. ] and section 1 of this act continue to meet the 4
eligibility requirements set forth in section 1 of this act. 5
Sec. 6. NRS 75A.350 is hereby amended to read as follows: 6
75A.350 1. The Secretary of State shall ensure that the state 7
business portal enables a person who applies through the state 8
business portal for the issuance or renewal of a state business license 9
pursuant to chapter 76 of NRS to indica te whether the applicant is a 10
minority-owned business, a woman -owned business, a veteran -11
owned business or an LGBTQ-owned business. 12
2. If a person who applies through the state business portal for 13
the issuance or renewal of a state business license pursu ant to 14
chapter 76 of NRS indicates that the business is a minority -owned 15
business, a woman-owned business, a veteran-owned business or an 16
LGBTQ-owned business, the Secretary of State shall provide the 17
following information to the person in electronic form through the 18
state business portal: 19
(a) Information concerning programs [to] that provide financing 20
for small businesses. The information must include, without 21
limitation, information concerning: 22
(1) Grants or loans of money from the Catalyst Account 23
created by NRS 231.1573; 24
(2) The issuance of revenue bonds for industrial development 25
pursuant to NRS 349.400 to 349.670, inclusive; 26
(3) The Nevada Collateral Support Program pursuant to 12 27
U.S.C. §§ 5701 et seq.; 28
(4) The Nevada Microenterprise Initiati ve Program pursuant 29
to 12 U.S.C. §§ 5701 et seq.; 30
(5) The Nevada New Markets Jobs Act pursuant to chapter 31
231A of NRS; 32
(6) [The Nevada Silver State Opportunities Fund ] Private 33
equity funding and venture capital investments pursuant to NRS 34
[355.275;] 355.250 to 355.285, inclusive, and section 1 of this act; 35
(7) Loans from the Small Business Administration pursuant 36
to 15 U.S.C. §§ 631 et seq.; and 37
(8) Any other program [to provide] that provides financing 38
for small businesses designated by the Secretary of State. 39
(b) Information concerning the process by which the business 40
may become certified as a disadvantaged business enterprise for the 41
purposes of 49 C.F.R. § 26.5 or a program [to provide] that provides 42
financing for disadvantaged business enterprises. 43
3. The Secretary of State may adopt regulations as he or she 44
deems necessary to carry out the provisions of this section. 45

– 9 –

- *AB427_R1*
4. As used in this section: 1
(a) “LGBTQ” means lesbian, gay, bisexual, transgender, queer 2
or intersex or of any other nonh eterosexual or noncisgender 3
orientation or gender identity or expression. 4
(b) “LGBTQ-owned business” means a business that: 5
(1) Is owned by a natural person who identifies as LGBTQ; 6
or 7
(2) Has at least 51 percent of its ownership interest held by 8
one or more natural persons who identify as LGBTQ. 9
(c) “Veteran” has the meaning ascribed to it in NRS 417.005. 10
(d) “Veteran-owned business” means a business that: 11
(1) Is owned by a natural person who is a veteran; or 12
(2) Has at least 51 percent of its ownership interest held by 13
one or more veterans. 14
Sec. 7. NRS 225.081 is hereby amended to read as follows: 15
225.081 1. The Secretary of State shall include and maintain 16
on the Internet website of the Secretary of State information 17
concerning: 18
(a) Programs [to] that provide financing for small businesses. 19
The information must include, without limitation, information 20
concerning: 21
(1) Grants or loans of money from the Catalyst Account 22
created by NRS 231.1573; 23
(2) The issuance of revenue bonds for industrial development 24
pursuant to NRS 349.400 to 349.670, inclusive; 25
(3) The Nevada Collateral Support Program pursuant to 12 26
U.S.C. §§ 5701 et seq.; 27
(4) The Nevada Microenterprise Initiative Program pursuant 28
to 12 U.S.C. §§ 5701 et seq.; 29
(5) The Nevada New Markets Jobs Act pursuant to chapter 30
231A of NRS; 31
(6) [The Nevada Silver State Opportunities Fund established 32
to make investments ] Private equity funding and venture capital 33
investments pursuant to NRS 355.250 to 355.285, inclusive [;] , and 34
section 1 of this act; 35
(7) Loans from the Small Business Administration pursuant 36
to 15 U.S.C. §§ 631 et seq.; and 37
(8) Any other program [to provide] that provides financing 38
for small businesses designated by the Secretary of State. 39
(b) The process by which the business may become certified as a 40
disadvantaged business enterprise for the purposes of 49 C.F.R. § 41
26.5 or a program [to provide ] that provides financing for 42
disadvantaged business enterprises. 43
2. The Secretary of S tate may adopt regulations as he or she 44
deems necessary to carry out the provisions of this section. 45

– 10 –

- *AB427_R1*
Sec. 8. NRS 231.14055 is hereby amended to read as follows: 1
231.14055 1. A business may apply, on a form prescribed by 2
regulation of the Office, to the Office for certification as a local 3
emerging small business. The application must be accompanied by 4
such proof as the Office requires to demonstrate that the applicant is 5
in compliance with the criteria set forth in NRS 231 .1405 and any 6
regulations adopted pursuant to NRS 231.1408. 7
2. Upon receipt of the application and when satisfied that the 8
applicant meets the requirements set forth in this section, NRS 9
231.1405 and any regulations adopted pursuant to NRS 231.1408, 10
the Office shall: 11
(a) Certify the business as a local emerging small business; and 12
(b) Provide to the business, in written or electronic form, 13
information concerning public and private programs [to] that are 14
active or funded, or both, at the time the applica tion of the 15
business was received and which provide financing for small 16
businesses and the criteria for obtaining financing through such 17
programs. The information must include, without limitation, 18
information concerning: 19
(1) Grants or loans of money from the Catalyst Account 20
created by NRS 231.1573; 21
(2) The issuance of revenue bonds for industrial development 22
pursuant to NRS 349.400 to 349.670, inclusive; 23
(3) The Nevada Collateral Support Program pursuant to 12 24
U.S.C. §§ 5701 et seq.; 25
(4) The Nevada Microenterprise Initiative Program pursuant 26
to 12 U.S.C. §§ 5701 et seq.; 27
(5) The Nevada New Markets Jobs Act pursuant to chapter 28
231A of NRS; 29
(6) [The Nevada Silver State Opportunities Fund ] Private 30
equity funding and venture capital investments pursuant to NRS 31
[355.275;] 355.250 to 355.285, inclusive, and section 1 of this act; 32
(7) Loans from the Small Business Administration pursuant 33
to 15 U.S.C. §§ 631 et seq.; and 34
(8) Any other private program [to provide ] that provides 35
financing for small businesses approved by the Office. 36
3. The Office shall compile a list of the local emerging small 37
businesses certified pursuant to this section and post the list on its 38
Internet website. 39

– 11 –

- *AB427_R1*
Sec. 9. Section 20 of the Regiona l Business Development 1
Advisory Council for Clark County Act, being chapter 7, Statutes of 2
Nevada 2003, 20th Special Session, as last amended by chapter 426, 3
Statutes of Nevada 2017, at page 2863, is hereby amended to read as 4
follows: 5
Sec. 20. 1. The Council shall propose and implement 6
policies, programs and procedures to encourage and promote 7
the use of local businesses owned and operated by 8
disadvantaged persons, particularly in the area of contracting 9
and procurement by public agencies in Clark County. 10
2. On or before November 1 of each year, each public 11
entity which has a representative on the Council pursuant to 12
subsection 1 of section 15 of this act shall prepare and deliver 13
a written report to the Council for the immediately preceding 14
fiscal year which contains: 15
(a) The number of persons employed by the public entity, 16
disaggregated by major ethnic and racial categories, 17
including, without limitation, African -American, Asian, 18
Caucasian, Hispanic and Native American. 19
(b) Expenditures made by the public entity during the 20
immediately preceding fiscal year, disaggregated by 21
discretionary and nondiscretionary expenditures. 22
(c) The percentage of expenditures paid by the public 23
entity to local businesses owned and operated by 24
disadvantaged persons, di saggregated by ethnic and racial 25
categories and by gender. 26
(d) A summary of the efforts and programs used by the 27
public entity to encourage and increase the involvement in 28
contracting by local businesses owned and operated by 29
disadvantaged persons and any efforts or programs used by 30
the public entity to encourage the economic development of 31
local businesses owned and operated by disadvantaged 32
persons. 33
(e) Such other information as the Council determines is 34
necessary to achieve its goals. 35
3. The Council shall encourage each public and private 36
entity which has a representative on the Council pursuant to 37
subsection 2 of section 15 of this act to prepare and deliver to 38
the Council an annual report similar to the report required 39
pursuant to subsection 2. 40
4. The Council shall provide to local businesses owned 41
and operated by disadvantaged persons information, in 42
written or electronic form, concerning public and private 43
programs [to] that provide financing for small businesses and 44

– 12 –

- *AB427_R1*
the criteria for obtaining fi nancing through such programs. 1
The information must include, without limitation: 2
(a) Grants or loans of money from the Catalyst Account 3
created by NRS 231.1573; 4
(b) The issuance of revenue bonds for i ndustrial 5
development pursuant to NRS 349.400 to 349.670, inclusive; 6
(c) The Nevada Collateral Support Program pursuant to 7
12 U.S.C. §§ 5701 et seq.; 8
(d) The Nevada Microenterprise Initiative Program 9
pursuant to 12 U.S.C. §§ 5701 et seq.; 10
(e) The Nevada New Markets Jobs Act pursuant to 11
chapter 231A of NRS; 12
(f) [The Nevada Silver State Opportunities Fund ] Private 13
equity funding and venture capital investments pursuant to 14
NRS [355.275;] 355.250 to 355.285, inclusive, and section 1 15
of this act; 16
(g) Loans from the Small Business Administration 17
pursuant to 15 U.S.C. §§ 631 et seq.; and 18
(h) Any other private lending opportunity for small 19
businesses with which the Council has a working 20
relationship. 21
5. On or before January 15 of each odd -numbered year, 22
the Council shall prepare a report regarding the policies, 23
programs and procedures that the Council proposed and 24
implemented during the immediately preceding 2 years to 25
encourage and promote the use of local businesses owned and 26
operated by disadvantaged persons, using the reports received 27
pursuant to this sectio n, and shall submit the report to the 28
Director of the Legislative Counsel Bureau for transmittal to 29
the next regular session of the Legislature. 30
Sec. 10. 1. This section becomes effective upon passage and 31
approval. 32
2. Sections 1 to 9, inclusive, of this act become effective: 33
(a) Upon passage and approval for the purpose of adopting any 34
regulations and performing any other preparatory administrative 35
tasks that are necessary to carry out the provisions of this act; and 36
(b) On July 1, 2025, for all other purposes. 37

H