Establishes the Nevada Baby Bonds Program. (BDR 18-477)

A.B. 67

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ASSEMBLY BILL NO. 67–COMMITTEE
ON GOVERNMENT AFFAIRS

(ON BEHALF OF THE STATE TREASURER)

PREFILED NOVEMBER 20, 2024
____________

Referred to Committee on Government Affairs

SUMMARY—Establishes the Nevada Baby Bonds Program.
(BDR 18-477)

FISCAL NOTE: Effect on Local Government: No.
Effect on the State: Contains Appropriation not included
in Executive Budget.

~

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

AN ACT relating to the State Treasurer; establishing the Nevada
Baby Bonds Program and the Nevada Baby Bonds Trust
Fund; setting forth the duties and responsibilities of the
State Treasurer in administering the Program and Trust
Fund; authorizing the State Treasurer to adopt regulations
relating to the Program; making an appropriation; and
providing other matters properly relating thereto.
Legislative Counsel’s Digest:
The Nevada Constitution requires the State Treasurer to perform such duties as 1
may be prescribed by law. (Nev. Const. Art. 5, § 22) Section 8 of this bill: (1) 2
establishes the Nevada Baby Bonds Program and the Nevada Baby Bonds Trust 3
Fund; and (2) requires the State Treasurer to administer the Program and Trust 4
Fund. Sections 6 and 7 of this bill, respectively, define the terms “Program” and 5
“Trust Fund.” 6
Section 4 of this bill establishes that a “designated beneficiary” under the 7
Program is a natural person born in this State on or after January 1, 2026, whose 8
birth was subject to medical coverage provided under Medicaid, as defined in 9
section 5 of this bill, or the Children’s Health Insurance Program, as defined in 10
section 3 of this bill. 11
Section 9 of this bill requires the State Treasurer, within the limits of money 12
made available fo r this purpose, to credit $3,200 in the Trust Fund to each 13
designated beneficiary. If the money available in the Trust Fund is insufficient to 14
cover all designated beneficiaries for a particular year, section 9 requires the State 15
Treasurer to: (1) determine the appropriate number of designated beneficiaries for 16

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whom money is available; and (2) select by lottery the designated beneficiaries who 17
will receive a credit of $3,200 in the Trust Fund. 18
Section 9 authorizes a designated beneficiary to submit a claim to the State 19
Treasurer to receive money credited to the designated beneficiary in the Trust Fund 20
if the designated beneficiary: (1) is at least 18 but less than 30 years of age; (2) has 21
been a resident of this State for at least the 12 months immediately preceding the 22
submission of the claim; (3) attests that he or she will use the money for certain 23
purposes; and (4) has successfully completed a course in financial literacy approved 24
by the State Treasurer. 25
Section 10 of this bill requires the State Treasurer to provide an annual 26
statement to each designated beneficiary, which includes certain information. 27
Section 11 of this bill provides that, with certain exceptions, any money 28
deposited into the Trust Fund must not be used to calculate the personal assets of a 29
designated beneficiary for purposes of determining eligibility of the designated 30
beneficiary for: (1) any d isability, medical or other health benefits administered by 31
this State; or (2) any student loan program, student grant program or other student 32
financial aid program administered by this State. 33
Section 12 of this bill: (1) sets forth certain requirements and limitations on the 34
State Treasurer in investing and reinvesting the money in the Trust Fund; and (2) 35
authorizes the State Treasurer to enter into cert ain contracts and procure insurance 36
for the Trust Fund, apply for, accept and expend any gifts, grants and donations and 37
take any other action necessary to carry out the provisions of law related to the 38
Program. 39
Sections 13 and 15 of this bill provide, with certain exceptions, that all 40
information about a de signated beneficiary which is contained in a record or file in 41
the possession, control or custody of the State Treasurer is confidential. 42
Section 14 of this bill authorizes the State Treasurer to adopt any regulations 43
necessary to carry out the provisions of law relating to the Program, including, 44
without limitation, requirements relating to the course in financial literacy for 45
designated beneficiaries required by section 9. 46
Section 16 of this bill makes an appropriation to the Nevada Baby Bonds Trust 47
Fund. 48

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

Section 1. Chapter 226 of NRS is hereby amended by adding 1
thereto the provisions set forth as sections 2 to 14, inclusive, of this 2
act. 3
Sec. 2. As used in sections 2 to 14, inclusive, of this act, 4
unless the context otherwise requires, the words and terms defined 5
in sections 3 to 7, inclusive, of this act have the meanings ascribed 6
to them in those sections. 7
Sec. 3. “Children’s Health Insurance Program” means the 8
program established pursuant to 42 U.S.C. §§ 1397aa to 1397jj, 9
inclusive, to provide health insurance for uninsured children from 10
low-income families in this State. 11
Sec. 4. “Designated beneficiary” means a natural person 12
born in this State on or after January 1, 2026, whose birth was 13

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subject to medical coverage provided under Medicaid or the 1
Children’s Health Insurance Program. 2
Sec. 5. “Medicaid” means the program established pursuant 3
to Title XIX of the Social Security Act, 42 U.S.C. §§ 1396 et seq., 4
to provide assistance for par t or all of the cost of medical care 5
rendered on behalf of indigent persons. 6
Sec. 6. “Program” means the Nevada Baby Bonds Program 7
established by section 8 of this act. 8
Sec. 7. “Trust Fund” means the Nevada Baby Bonds Trust 9
Fund created by section 8 of this act. 10
Sec. 8. 1. The Nevada Baby Bonds Program is hereby 11
established, to be administered by the State Treasurer. 12
2. The Nevada Baby Bonds Trust Fund is hereby created for 13
the purpose of carrying out the Program. The Trust Fund and any 14
account established by the State Treasurer pursuant to subsection 15
3 must be administered by the State Treasurer. 16
3. The State Treasurer may establish such accounts in the 17
Trust Fund as the State Treasurer determines necessary to carry 18
out the duties of the State Treasurer pursuant to sections 2 to 14, 19
inclusive, of this act. 20
4. The Trust Fund is an instrumentality of this State, and its 21
property and income are exempt from all taxation of this State and 22
any political subdivision thereof. 23
5. The Trust Fund consists of: 24
(a) All money from public or private sources appropriated by 25
or made available to this State for the benefit of the Trust Fund; 26
and 27
(b) All earnings on the money in the Trust Fund. 28
6. The money in the Trust Fund: 29
(a) Is not the property of this State and this State has no claim 30
to or interest in such money; and 31
(b) Must not be commingled with any money of this State. 32
7. Any contract entered into by the State Treasurer on behalf 33
of the Trust Fund does not constitute a debt or obligation of this 34
State, and no designated beneficiary is entitled to any money in the 35
Trust Fund except for that money credited to the designated 36
beneficiary pursuant to section 9 of this act. 37
8. The money in the Trust Fund must be preserved, invested 38
and expended solely pursuant to and for the purposes authorized 39
by sections 2 to 14, inclusive, of this act and must not be loaned or 40
otherwise transferred or used by this State for any other purpose. 41
9. The Trust Fund must continue in existence as long as it 42
holds any deposits or has any obligations, or until its existence is 43
terminated by law. Upon termination, any unclaimed assets must 44
revert to the State General Fund. 45

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10. The State Treasurer may use not more than 5 percent of 1
the money appropriated during a fiscal year for the Program to 2
pay administrative costs. 3
Sec. 9. 1. The Department of Health and Human Services 4
shall notify the State Treasurer of the birth of each designated 5
beneficiary. Except as otherwise provided in this subsection, th e 6
State Treasurer shall, within the limits of money made available 7
for this purpose, credit to each designated beneficiary $3,200 in 8
the Trust Fund. If the money available for such purpose is 9
insufficient to cover all designated beneficiaries born for a 10
particular year, the State Treasurer shall: 11
(a) Determine the appropriate number of designated 12
beneficiaries for whom money in the Trust Fund is available; and 13
(b) Select by lottery the designated beneficiaries for that year 14
who will receive a credit of $3,200 in the Trust Fund. 15
2. A designated beneficiary may submit a claim to the State 16
Treasurer to receive money in the Trust Fund credited to the 17
designated beneficiary if the designated beneficiary: 18
(a) Is at least 18 but less than 30 years of age; 19
(b) Has been a resident of this State for at least the 12 months 20
immediately preceding the submission of the claim to the State 21
Treasurer; 22
(c) Attests that he or she will use the money for one or more of 23
the following purposes: 24
(1) Postsecondary education, including, without limitation, 25
vocational education or apprenticeship readiness and training; 26
(2) To purchase a home; 27
(3) To start or purchase a business; or 28
(4) To invest in financial assets or personal capital that 29
provides a long-term gain to the wages or wealth of the designated 30
beneficiary; and 31
(d) Has successfully completed a course in financial literacy 32
approved by the State Treasurer, which must include, without 33
limitation, training on the rights and protections available to 34
consumers when: 35
(1) Receiving or repaying a student loan for postsecondary 36
education; 37
(2) Purchasing a home; 38
(3) Starting or purchasing a business; and 39
(4) Investing in financial assets or personal capital that 40
provides a long-term gain to the wages or wealth of the designated 41
beneficiary. 42
3. The money for which the designated beneficiary may 43
submit a claim pursuant to subsection 2 must include the: 44

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(a) Amount credited to the designated beneficiary pursuant to 1
subsection 1; and 2
(b) Pro rata share of the total net earnings from the investment 3
of the money held in the Trust Fund that the State Treasurer 4
determines is attributable to the designated beneficiary. 5
4. The State Treasurer must credit back to the Trust Fund all 6
money which the designated beneficiary is entitled to claim 7
pursuant to subsection 3 if the designated beneficiary: 8
(a) Dies before he or she is eligible to submit a claim to the 9
State Treasurer pursuant to subsection 2; or 10
(b) Does not submit a claim that meets the requirements set 11
forth in subsection 2 before the designated beneficiary reaches 30 12
years of age. 13
Sec. 10. 1. The State Treasurer shall provide an annual 14
statement to each designated beneficiary who receives a credit in 15
the Trust Fund pursuant to section 9 of this act which must 16
include, without limitation: 17
(a) A statement of the amount credited to the designated 18
beneficiary in the Trust Fund; 19
(b) A projection of the growth of the amount credited to the 20
designated beneficiary in the Trust Fund; 21
(c) Resources and information to promote the financial 22
wellness and literacy of the designated beneficiary; and 23
(d) Any other information about the Program that the State 24
Treasurer determines to be relevant. 25
2. The State Treasurer may request the contact information 26
of any designated beneficiary from a state agency for the purpose 27
of carrying out the provisions of subsection 1. Upon any such 28
request, a stat e agency shall provide the State Treasurer with the 29
contact information of a designated beneficiary. 30
Sec. 11. Except as otherwise provided by federal law, any 31
money deposited into the Trust Fund and credited to a designated 32
beneficiary, and any increase in the values thereof, must not be 33
used to calculate the personal assets of a designated beneficiary 34
for purposes of determining the eligibility of the designated 35
beneficiary for any: 36
1. Disability, medical or other health benefits administered by 37
this State; or 38
2. Student loan program, student grant program or other 39
student financial aid program administered by this State. 40
Sec. 12. 1. The State Treasurer, on behalf of the Trust 41
Fund and for trust purposes, shall: 42
(a) Except as otherwise provided in subsection 2, invest and 43
reinvest the money in the Trust Fund, including, without 44
limitation, in any instrument, obligation, security or property, in 45

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any manner that is reasonable and appropriate in order to achieve 1
the objectives of the Trust Fund, and while exercising the 2
discretion and care of a prudent person in similar circumstances 3
with similar objectives; and 4
(b) Give due consideration to the expected rate of return, risk, 5
term or maturity, diversification of the total investments within the 6
Trust Fund, liquidity, projected disbursements and expenditures 7
and anticipated deposits, contributions and gifts to the Trust 8
Fund. 9
2. The State Treasurer shall not, on behalf of the Trust Fund, 10
invest directly in obligations of the State or any political 11
subdivision thereof or in any investment or other fund 12
administered by the State Treasurer. 13
3. The State Treasurer, on behalf of the Trust Fund and for 14
trust purposes, may: 15
(a) Enter into contracts for the Trust Fund, including, without 16
limitation, contracts for legal, actuarial, accounting, custodial, 17
advisory, management, administrative, advertising, marketing and 18
consulting services, and pay for such contractual services from the 19
earnings on the money in the Trust Fund; 20
(b) Procure insurance for the Trust Fund in connection with 21
the property, assets, activities or deposits of the Trust Fund; 22
(c) Apply for, accept and expend any gifts, grants and 23
donations from any public or private source fo r the purpose of 24
carrying out the provisions of sections 2 to 14, inclusive , of this 25
act; and 26
(d) Take any other action necessary to carry out the provisions 27
of sections 2 to 14, inclusive, of this act, and incidental to the 28
duties imposed on the State Treasurer pursuant to sections 2 to 14, 29
inclusive, of this act. 30
Sec. 13. 1. Except as otherwise provided in subsection 2, all 31
information about a designated beneficiary which is contained in 32
a record or file in the possession, control or custody of the State 33
Treasurer is confidential regardless of the form, location and 34
manner of creation or storage of a record or file containing the 35
information. 36
2. The State Treasurer may only disclose information made 37
confidential pursuant to subsection 1 to a third party if: 38
(a) Such disclosure is necessary for the State Treasurer to 39
carry out his or her duties related to the Program; and 40
(b) The State Treasurer executes a confidentiality agreement 41
with the third party before providing the third party with any 42
confidential information. 43
Sec. 14. The State Treasurer may adopt any regulations 44
necessary for the purposes of carrying out the provisions of 45

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sections 2 to 14, inclusive, of this act, including, without 1
limitation, requirements for the course in financial literacy for 2
designated beneficiaries required pursuant to subsection 2 of 3
section 9 of this act and requirements to ensure a designated 4
beneficiary has successfully completed such a course. 5
Sec. 15. NRS 239.010 is hereby amended to read as follows: 6
239.010 1. Except as otherwi se provided in this section and 7
NRS 1.4683, 1.4687, 1A.110, 3.2203, 41.0397, 41.071, 49.095, 8
49.293, 62D.420, 62D.440, 62E.516, 62E.620, 62H.025, 62H.030, 9
62H.170, 62H.220, 62H.320, 75A.100, 75A.150, 76.160, 78.152, 10
80.113, 81.850, 82.183, 86.246, 86.54615 , 87.515, 87.5413, 11
87A.200, 87A.580, 87A.640, 88.3355, 88.5927, 88.6067, 88A.345, 12
88A.7345, 89.045, 89.251, 90.730, 91.160, 116.757, 116A.270, 13
116B.880, 118B.026, 119.260, 119.265, 119.267, 119.280, 14
119A.280, 119A.653, 119A.677, 119B.370, 119B.382, 120A.64 0, 15
120A.690, 125.130, 125B.140, 126.141, 126.161, 126.163, 126.730, 16
127.007, 127.057, 127.130, 127.140, 127.2817, 128.090, 130.312, 17
130.712, 136.050, 159.044, 159A.044, 164.041, 172.075, 172.245, 18
176.01334, 176.01385, 176.015, 176.0625, 176.09129, 176.156, 19
176A.630, 178.39801, 178.4715, 178.5691, 178.5717, 179.495, 20
179A.070, 179A.165, 179D.160, 180.600, 200.3771, 200.3772, 21
200.5095, 200.604, 202.3662, 205.4651, 209.392, 209.3923, 22
209.3925, 209.419, 209.429, 209.521, 211A.140, 213.010, 213.040, 23
213.095, 213.131, 217.105, 217.110, 217.464, 217.475, 218A.350, 24
218E.625, 218F.150, 218G.130, 218G.240, 218G.350, 218G.615, 25
224.240, 226.462, 226.796, 228.270, 228.450, 228.495, 228.570, 26
231.069, 231.1285, 231.1473, 232.1369, 233.190, 237.300, 27
239.0105, 239.0113, 239.0 14, 239B.026, 239B.030, 239B.040, 28
239B.050, 239C.140, 239C.210, 239C.230, 239C.250, 239C.270, 29
239C.420, 240.007, 241.020, 241.030, 241.039, 242.105, 244.264, 30
244.335, 247.540, 247.545, 247.550, 247.560, 250.087, 250.130, 31
250.140, 250.145, 250.150, 268.095, 268.0978, 268.490, 268.910, 32
269.174, 271A.105, 281.195, 281.805, 281A.350, 281A.680, 33
281A.685, 281A.750, 281A.755, 281A.780, 284.4068, 284.4086, 34
286.110, 286.118, 287.0438, 289.025, 289.080, 289.387, 289.830, 35
293.4855, 293.5002, 293.503, 293.504, 293.558, 293.5757, 293.870, 36
293.906, 293.908, 293.909, 293.910, 293B.135, 293D.510, 331.110, 37
332.061, 332.351, 333.333, 333.335, 338.070, 338.1379, 338.1593, 38
338.1725, 338.1727, 348.420, 349.597, 349.775, 353.205, 39
353A.049, 353A.085, 353A.100, 353C.240, 353D.250, 360.240, 40
360.247, 360.255, 360.755, 361.044, 361.2242, 361.610, 365.138, 41
366.160, 368A.180, 370.257, 370.327, 372A.080, 378.290, 378.300, 42
379.0075, 379.008, 379.1495, 385A.830, 385B.100, 387.626, 43
387.631, 388.1455, 388.259, 388.501, 388.503, 388.513, 388.7 50, 44
388A.247, 388A.249, 391.033, 391.035, 391.0365, 391.120, 45

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- *AB67*
391.925, 392.029, 392.147, 392.264, 392.271, 392.315, 392.317, 1
392.325, 392.327, 392.335, 392.850, 393.045, 394.167, 394.16975, 2
394.1698, 394.447, 394.460, 394.465, 396.1415, 396.1425, 396.143, 3
396.159, 396.3295, 396.405, 396.525, 396.535, 396.9685, 4
398A.115, 408.3885, 408.3886, 408.3888, 408.5484, 412.153, 5
414.280, 416.070, 422.2749, 422.305, 422A.342, 422A.350, 6
425.400, 427A.1236, 427A.872, 427A.940, 432.028, 432.205, 7
432B.175, 432B.280, 432B.29 0, 432B.4018, 432B.407, 432B.430, 8
432B.560, 432B.5902, 432C.140, 432C.150, 433.534, 433A.360, 9
439.4941, 439.4988, 439.5282, 439.840, 439.914, 439A.116, 10
439A.124, 439B.420, 439B.754, 439B.760, 439B.845, 440.170, 11
441A.195, 441A.220, 441A.230, 442.330, 442.39 5, 442.735, 12
442.774, 445A.665, 445B.570, 445B.7773, 449.209, 449.245, 13
449.4315, 449A.112, 450.140, 450B.188, 450B.805, 453.164, 14
453.720, 458.055, 458.280, 459.050, 459.3866, 459.555, 459.7056, 15
459.846, 463.120, 463.15993, 463.240, 463.3403, 463.3407, 16
463.790, 467.1005, 480.535, 480.545, 480.935, 480.940, 481.063, 17
481.091, 481.093, 482.170, 482.368, 482.5536, 483.340, 483.363, 18
483.575, 483.659, 483.800, 484A.469, 484B.830, 484B.833, 19
484E.070, 485.316, 501.344, 503.452, 522.040, 534A.031, 561.285, 20
571.160, 58 4.655, 587.877, 598.0964, 598.098, 598A.110, 21
598A.420, 599B.090, 603.070, 603A.210, 604A.303, 604A.710, 22
604D.500, 604D.600, 612.265, 616B.012, 616B.015, 616B.315, 23
616B.350, 618.341, 618.425, 622.238, 622.310, 623.131, 623A.137, 24
624.110, 624.265, 624.327, 625.425, 625A.185, 628.418, 628B.230, 25
628B.760, 629.043, 629.047, 629.069, 630.133, 630.2671, 26
630.2672, 630.2673, 630.2687, 630.30665, 630.336, 630A.327, 27
630A.555, 631.332, 631.368, 632.121, 632.125, 632.3415, 28
632.3423, 632.405, 633.283, 633.301, 633.427, 633.4715, 633.4716, 29
633.4717, 633.524, 634.055, 634.1303, 634.214, 634A.169, 30
634A.185, 634B.730, 635.111, 635.158, 636.262, 636.342, 637.085, 31
637.145, 637B.192, 637B.288, 638.087, 638.089, 639.183, 32
639.2485, 639.570, 640.075, 640.152, 640A.185, 640A.220, 33
640B.405, 640B.730, 640C.580, 640C.600, 640C.620, 640C.745, 34
640C.760, 640D.135, 640D.190, 640E.225, 640E.340, 641.090, 35
641.221, 641.2215, 641A.191, 641A.217, 641A.262, 641B.170, 36
641B.281, 641B.282, 641C.455, 641C.760, 641D.260, 641D.320, 37
642.524, 643.189, 64 4A.870, 645.180, 645.625, 645A.050, 38
645A.082, 645B.060, 645B.092, 645C.220, 645C.225, 645D.130, 39
645D.135, 645G.510, 645H.320, 645H.330, 647.0945, 647.0947, 40
648.033, 648.197, 649.065, 649.067, 652.126, 652.228, 653.900, 41
654.110, 656.105, 657A.510, 661.115, 665.130, 665.133, 669.275, 42
669.285, 669A.310, 670B.680, 671.365, 671.415, 673.450, 673.480, 43
675.380, 676A.340, 676A.370, 677.243, 678A.470, 678C.710, 44
678C.800, 679B.122, 679B.124, 679B.152, 679B.159, 679B.190, 45

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679B.285, 679B.690, 680A.270, 681A.440, 681B.2 60, 681B.410, 1
681B.540, 683A.0873, 685A.077, 686A.289, 686B.170, 686C.306, 2
687A.060, 687A.115, 687B.404, 687C.010, 688C.230, 688C.480, 3
688C.490, 689A.696, 692A.117, 692C.190, 692C.3507, 692C.3536, 4
692C.3538, 692C.354, 692C.420, 693A.480, 693A.615, 696B.550 , 5
696C.120, 703.196, 704B.325, 706.1725, 706A.230, 710.159, 6
711.600, section 13 of this act, sections 35, 38 and 41 of chapter 7
478, Statutes of Nevada 2011 and section 2 of chapter 391, Statutes 8
of Nevada 2013 and unless otherwise declared by law to be 9
confidential, all public bo oks and public records of a governmental 10
entity must be open at all times during office hours to inspection by 11
any person, and may be fully copied or an abstract or memorandum 12
may be prepared from those public books and public records. Any 13
such copies, abs tracts or memoranda may be used to supply the 14
general public with copies, abstracts or memoranda of the records or 15
may be used in any other way to the advantage of the governmental 16
entity or of the general public. This section does not supersede or in 17
any manner affect the federal laws governing copyrights or enlarge, 18
diminish or affect in any other manner the rights of a person in any 19
written book or record which is copyrighted pursuant to federal law. 20
2. A governmental entity may not reject a book or re cord 21
which is copyrighted solely because it is copyrighted. 22
3. A governmental entity that has legal custody or control of a 23
public book or record shall not deny a request made pursuant to 24
subsection 1 to inspect or copy or receive a copy of a public book or 25
record on the basis that the requested public book or record contains 26
information that is confidential if the governmental entity can 27
redact, delete, conceal or separate, including, without limitation, 28
electronically, the confidential information from the information 29
included in the public book or record that is not otherwise 30
confidential. 31
4. If requested, a governmental entity shall provide a copy of a 32
public record in an electronic format by means of an electronic 33
medium. Nothing in this subsection requires a governmental entity 34
to provide a copy of a public record in an electronic format or by 35
means of an electronic medium if: 36
(a) The public record: 37
(1) Was not created or prepared in an electronic format; and 38
(2) Is not available in an electronic format; or 39
(b) Providing the public record in an electronic format or by 40
means of an electronic medium would: 41
(1) Give access to proprietary software; or 42
(2) Require the production of information that is confidential 43
and that cannot be redacted, de leted, concealed or separated from 44
information that is not otherwise confidential. 45

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5. An officer, employee or agent of a governmental entity who 1
has legal custody or control of a public record: 2
(a) Shall not refuse to provide a copy of that public record in the 3
medium that is requested because the officer, employee or agent has 4
already prepared or would prefer to provide the copy in a different 5
medium. 6
(b) Except as otherwise provided in NRS 239.030, shall, upon 7
request, prepare the copy of the pub lic record and shall not require 8
the person who has requested the copy to prepare the copy himself 9
or herself. 10
Sec. 16. There is hereby appropriated from the State General 11
Fund to the Nevada Baby Bonds Trust Fund created by section 8 of 12
this act the sum of $5,000,000 for the e stablishment of the Nevada 13
Baby Bonds Program pursuant to section 8 of this act. 14
Sec. 17. 1. This section becomes effective upon passage and 15
approval. 16
2. Section 16 of this act becomes effective on July 1, 2025. 17
3. Sections 1 through 15, inclusive, of this act become 18
effective: 19
(a) Upon passage and approval for the purposes of adopting any 20
regulations and performing any other preparatory administrative 21
tasks that are necessary to carry out the provisions of this act; and 22
(b) On January 1, 2026, for all other purposes. 23

H