Two Senate bills to be discussed at NNDA luncheon
A luncheon has been organized by the Northern Nevada Development Authority to discuss two important bills that State Treasurer Kate Marshall has sponsored to help Gov. Brian Sandoval and the 2011 Legislature make economic development and job creation the state’s number one goal.
The luncheon will be from 11 a.m.-1:30 p.m. May 25 at Gold Dust West, 2171 Highway 50 East.
SB75 is an investment vehicle designed to increase funding for K-12 education in the state, while also providing investment dollars for new businesses in Nevada, existing businesses that are expanding, or businesses which agree to relocate to this state.
The bill combines three important goals for Nevada: securing additional funding for K-12 education, promoting economic diversification and creating jobs in new industries in the state.
Under SB75, the Treasurer’s Office would invest up to $50 million of the Permanent School Fund, which is derived from court fees and fines, federal land sales, etc., to create a private equity investment fund but contains no taxpayer dollars.
SB64 creates a Certificate of Deposit Link Deposit Program that allows the state to invest up to $20 million of the state’s general portfolio to qualified Nevada lending institutions at a reduced rate of interest, provided the Nevada lending institution completes loan packages to qualified small business entities at a similarly reduced rate of interest.
The program is patterned after highly successful programs in the states of Missouri and Washington, among others.
Participants also will hear up-to-date information from NNDA Executive Director Rob Hooper about what’s happening on the economic development scene in the Sierra Region.
Cost is $25 for NNDA investors or $40 at the door for guests without reservations. Reservations not canceled at least one day prior to program will be billed $40.