387.1235 - Local funds available for public schools; reserve of net proceeds of minerals. - Nevada Statutes

387.1235  Local funds available for public schools; reserve of net proceeds of minerals.

      1.  Except as otherwise provided in subsection 2, local funds available are the sum of:

      (a) The amount of one-third of the tax collected pursuant to subsection 1 of NRS 387.195 for the school district for the concurrent school year; and

      (b) The proceeds of the local school support tax imposed by chapter 374 of NRS, excluding any amounts required to be remitted pursuant to NRS 360.850 and 360.855. The Department of Taxation shall furnish an estimate of these proceeds to the Superintendent of Public Instruction on or before July 15 for the fiscal year then begun, and the Superintendent shall adjust the final apportionment of the current school year to reflect any difference between the estimate and actual receipts.

      2.  The amount computed under subsection 1 that is attributable to any assessed valuation attributable to the net proceeds of minerals must be held in reserve and may not be considered as local funds available until the succeeding fiscal year.

      (Added to NRS by 1977, 705; A 1979, 1243, 1588; 1983, 1906; 1999, 2925; 2003, 2941; 2005, 2080, 2375; 2007, 1560)